What Is Payables Audit and Recovery?
The SFS team uses a proprietary methodology and expert analytics to identify over payments made to your vendors – aka lost profits. Then we recover those funds from the vendors on your behalf.
Did you know the industry average for these types of over payments to vendors is about one tenth of one percent? If your external third party spend is $1B over the 2-3 years audit period, then that could mean $1M in recovered funds. This is a no risk project for you because we don’t get paid until we recover your company’s lost profits. Plus, unlike other profit recovery shops we use our findings to help you fix the root problems so you don’t over pay your vendors again and that means even more savings for you to claim!
Approach and Results
We have deep expertise in traditional post payment recovery audit and an innovative technology-based approach to payment accuracy, thereby laying the ground work for future savings and root cause analysis.
SFS helps you identify, correct and prevent supplier errors across the Procure to Pay (P2P) process. Through proprietary technologies and old fashioned know-how, we pinpoint unrealized revenue. The result is hard dollar returns and operational improvements that directly impact your bottom line by alleviating future overpayments and under realization of available vendor allowances and rebates.
Our recovery audit process utilizes 2-3 years of data to perform a review on the cash disbursements cycle and a judiciously selected supplier list for our contract compliance review. Using the knowledge gathered from/during the recovery audit, we develop a roadmap for you to pursue additional savings opportunities – strategic sourcing, spend management practices, governance, etc.
Our 3 steps project process is designed to be as respectful of and efficient with your time as possible.
- Step 1 Extract necessary data fields from ERP
- Step 2 Cash Disbursement and Contract Compliance review, and Payables Audit
- Step 3 Recovery from vendors
Engaging SFS to conduct our Contract Compliance and Payables Audit is the way to identify immediate savings and leads to a much more targeted and sustainable spend management solution for you.