Accounts Payable Audit Analysis
Executive Insight has been focusing on in-depth analyses of Accounts Payable systems to recover lost funds and to extend these savings into the future by providing the information necessary to prevent future losses.
We are the only AP audit firm that provides a detailed analysis of our findings together with recommendations for implementing procedural changes to help improve the efficiency and accuracy of your accounts payable system.
The Process
Our process is centered on the concept of partnership, which involves communication, cooperation, and self-direction. Executive Insight provides an independent review and analysis of your accounts payable system, which allows your staff to continue working without disruption. We begin with an informative meeting in which we meet key members of your staff, answer questions, and learn about your accounts payable system.
We analyze records of closed years to identify recoverable funds, then take responsibility for negotiating the restoration of your lost profits while promoting your company’s professional image.
We work in the background, maintaining an unobtrusive profile while we follow this procedure:
- A detailed review of your closed vendor files
- Identification of potential discoveries
- Documentation of the discovery
- Verification of discovery with your vendor
- Presentation of discovery with all supporting details
- Recovery in the form of a debit memo, credit memo or vendor check
- Invoice generated for Executive Insight’s fee.
After we complete our review and regain overpaid funds, we provide you with an in-depth analysis of your system in a closing meeting. This is where the value-added components of our process are most noticeable. Although the addition of credited funds to your bottom line is beneficial, our customer have enthusiastically endorsed our closing analysis as the highlight of our process.
Our analysis focuses on the whole process, from check writing to filing to software and procedures. As a result we provide you with tools and information necessary to maintain your accounts payable system’s integrity now and in the years to come.
For more information about our AP Audit Analysis™ please view our FAQ or contact us.