Standard accounts payable audits address common errors in procurement and accounts payable processes, which can result in as much as 5% to 10% of profit being lost. Yet without a plan to stop the leakage, that profit loss will surely continue.
What is the Goal of a PRGX Accounts Payable Recovery Audit?
The goal is to not only find leaks and recoup funds, but to identify the root cause then provide insights and recommendations to address these issues and stop them from recurring in future. PRGX accounts payable recovery audits look for missed discounts, duplicate payments and under-deductions – all worth millions of dollars.
What are Accounts Payable Recovery Services?
Accounts payable recovery services focus on identifying and correcting inefficiencies and errors in the accounts payable process. These services aim to recover lost funds due to overpayments, missed discounts, duplicate payments, and other financial discrepancies that may go unnoticed in everyday operations. By conducting thorough audits, recovery specialists not only recoup funds but also provide insights that help streamline financial processes, ensuring long-term savings and minimizing future errors. Businesses that invest in these services often see significant returns through the identification of millions of dollars in lost profits.
What is AP Audit Recovery?
Accounts payable audit recovery refers to the detailed examination of accounts payable transactions to uncover financial leakages and recover lost funds. These audits meticulously review invoices, payments, and procurement data to find inconsistencies such as overpayments or missed credit opportunities. The goal of an AP audit recovery is not only to reclaim funds but to enhance the accuracy and efficiency of a company’s accounts payable operations. By identifying the root causes of issues, companies can improve their internal processes, reduce future errors, and increase profitability.
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