Profit Recovery Systems—Accounts Payable Services
Accounts Payable Review Process
Pre-Review Data Gathering
Our clients complete a brief questionnaire that provides information about their purchasing and accounts payable transaction cycle. We then work with our clients’ information technology staff to obtain downloads of paid history data for the client defined review period. Our audit professionals have extensive experience working with a variety of accounting software packages including SAP, PeopleSoft, Computer Associates, JD Edwards, Oracle, MAPICS and MAS90. We have the capability to analyze on-line, historical accounts payable files in unlimited formats.
Planning Phase
We analyze the historical information obtained from our clients with our proprietary audit software designed to assess and identify potential overpayment errors and suspected at risk transaction types. We also perform various tests to identify potential fraudulent transactions. We then work with our clients to arrange convenient timing for our limited on-site field work. Our methodology is virtually non-intrusive and 95% of our project work is completed at our offices.
The Review
We perform both a computerized and manual analysis of paid history, searching for all potential recovery opportunities. We correspond with vendors as our client’s agent to secure credits or refunds when due. Client involvement in the recovery process is minimal. Once our on-site work is complete, we continue to pursue identified recovery opportunities until they are resolved. We provide frequent status updates to our clients during the review phase.
Summary of Results and Recommendations
We prepare a detailed report of the work performed, errors identified and recoveries obtained. This report also categorizes the types of errors, defines their probable cause and suggests alternative procedures to prevent their occurrence in the future. Additional reporting is driven by our client’s specific needs for additional insight into their existing accounts payable processing environment.
Our Accounts Payable Review Successes
Some examples of amounts we have recovered for our clients:
- A Fortune 500 manufacturer with a national network of manufacturing facilities recovered over $550,000 of overpaid product invoices.
- A large, multi-location manufacturer based in Cleveland recovered over $440,000 of overpaid product and service invoices.
- One division of a large, multi-location manufacturer based in California recovered over $375,000 of overpaid product and service invoices.
- A medium-sized manufacturer recovered over $115,000 of overpaid product invoices.
- A medium-sized distributor based in Pittsburgh recovered over $110,000 of overpaid invoices and sales tax.
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