Originally appeared in K2 Enterprises: August 29, 2020
An Accounts Payable (AP) recovery audit is a lot like exercise. As healthy as it might be for you, the mountain of data to comb through can seem like a herculean task. But, without conducting an audit, businesses risk leaving a great deal of profit on the table by not identifying root cause issues. So, how do you make the most of an Accounts Payable Recovery Audit?
Uncover Leakage Based on Three Pillars
An AP recovery audit helps finance professionals uncover the cause of financial leakage. However, management can sometimes mistakenly view leakage as the “cost of doing business.” But with today’s tools and technology, it does not have to be that way. If a business conducts an AP recovery audit to check off a box, it will miss the insight and analysis needed to change and improve processes in the future.