Accounts Payable/Supplier Payment Review

 
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Accounts Payable / Supplier Payment Review
Contract Compliance
Project / Construction Auditing
Risk Assessment

"It has been a pleasure working with the whole [Profit Technologies] team.  The final review report was very detailed and suggested areas of concern where further controls could reduce (errors), profit leaks, and improve internal controls.  The report also provided information regarding industry best practices and emerging trends.... we would highly recommend your services to other companies." 

-Market Analyst, Large Energy Provider

 

Accounts Payable/Supplier Payment Review

Do you know what is slipping through your seemingly accurate Accounts Payable organization?

Incomplete or inaccurate invoicing, billing practices, and shortcomings in ERP detection tools contribute to duplicate payments, overpayments, and other errors. How much can you afford to lose to these undetected errors?

Time and again, we have seen that the aggregate loss can be significant. Through an automated proprietary analysis system, a Supplier Payment Review identifies and recovers overpayments and unused credits or rebates. A comprehensive Supplier Payment Review also provides a detailed analysis that identifies and suggests enhancements to your processes to further reduce erroneous payments and improve efficiency.

A Supplier Payment assessment is non-intrusive and objective and will deliver:

  • Adherence to Sarbanes-Oxley and all applicable regulations
  • Reduced duplicate payments, lost checks, and fraud potential
  • Improved 1099 reporting and reduced IRS B notices
  • Improved spending pattern information
  • Hard dollar recovery of erroneous payments and credits due
  • Root cause analysis and recommendations for process improvements
  • Benchmarking with other comparable AP departments
     

 

Engagement Profile

  • Identification & recovery of erroneous cash disbursements
  • Reconciliation of open credits and unapplied payments on complex statements of accounts
  • Vendor master clean-up
  • Best practice and process improvement recommendations
  • Benchmarking metrics to industry standards