Accounts Payable Recovery Audit: Leveraging Experienced Auditors and Technology-Based Audit Tools to Maximize Results
We are a small business that is committed to recovering all available funds for your company. Every audit is different – you won’t find us pressuring your team or your vendors to meet unrealistic “revenue goals.”
Services
Accounts Payable Recovery Audit
We maximize recoveries by having our most experienced people analyze client and vendor data.
Our team serves as a partner to your Accounts Payable group. If vendors request assistance with open items, we will work to get them to the correct team or person for help.
Audits are handled 100% off-site.
All vendor contact is handled in a professional and respectful manner.
Audit claims contain complete audit trail to limit review time needed from your staff.
Our Process
The Audit Process
1
Vendor data/spend information
If full AP transaction data can’t be provided due to IT constraints, we can determine a target vendor population based on a simple Excel listing of vendor information and total spend.
2
Full transaction detail/review-only system logon
Additional levels of research can be completed and more complete audit trail for claims can be provided if full transaction detail is available.
3
Vendor
selection
Your team will have the opportunity to review the proposed vendor population for the audit & make adjustments as you see fit.
4
Vendor outreach/data analysis
Through a process of polite persistence, we will work to achieve a very high vendor response rate
5
Claim submission/profit recovery
All claims presented will have been verified as open and available by the vendor in question. Audit trail provided will allow for an immediate correcting entry in your system (or the initiation of a refund check if necessary).
6
Audit
summary
At the conclusion of the audit, we provide you with a summary of the audit results along with recommendations for process improvement.
About Us
Erickson Audit
Our company incorporates significant financial analysis, accounts payable leadership, and audit experience to ensure excellent results for your audit.
Over the last 12 years, our team has performed successful audits for leading manufacturing, technology, transportation, food processing, real estate, healthcare, and home construction companies.
We serve as a helpful and professional extension of your AP team, which leads to long-term client relationships
We utilize all available data to ensure that each claim is fully validated before it is presented to the client for review. This leads to a high approval rate for claims & minimized time spent on the audit by your team.
FAQs
Frequently Asked Questions
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What is the expected duration of the audit?Most audits we perform are completed within approximately 12 weeks.
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What actions are needed from the client?Provide vendor data/spend details (& full transaction detail or review-only system logon if possible), review proposed vendor list, review recovery claims as they are submitted & enter correcting transactions in your system, review audit summary details and process improvement recommendations.
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Do you use artificial intelligence (AI) as part of your audit process?No. We believe that hands on/roll up the sleeves review by very experienced personnel leads to superior audit results. There are hundreds of different vendor statement formats, and all of them can’t be programmed into AI tools. AI saves time for audit firms, but it doesn’t improve the audit results for your company.
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Does junior audit staff perform the majority of the audit work?This is the approach used by many larger audit firms. The problem is that junior staff will be less experienced & may overlook some types of situations that they have not encountered in the past. If a potential recovery item is not flagged for follow-up by the junior resource, then the item in question will not be recovered (& the knowledge of the senior audit staff will be wasted).
Contact Info
Address
Erickson Audit
2506 N Clark St #114
Chicago, IL 60614
Phone: 312-970-9950
Email: info@ericksonaudit.com
Please send the information in the form below to info@ericksonaudit.com & we will get back to you as soon as possible.