The following are common reasons received from companies in regards to a possible AP audit. With each item comes our response.

Common Deterrents Financial Recoveries Inc. Response

Possible disruption to our daily operation.

Our process and our presence are self-contained. As long as we have autonomy with regard to our clients' historical disbursement files and to their vendors, we operate independently without disrupting our clients' operational flow. Furthermore, we possess extensive direct AP management experience allowing us to quickly understand our clients' AP environment and its systems.

Too Busy. Do not have the time to accommodate an AP audit right now.

This is a valuable function with potential bottom line increase. The intent of our business is to relieve our clients the burden of performing their own AP audit. Our service allows our client to channel their resources elsewhere while having the assurance that experts with over 40 years combined experience are handling the audit.

We have internal auditors doing a periodic AP audit.

Internal auditors commonly have an average tenure of 2 years before cycling out into other areas in the business. Therefore, their expertise in more in the general sense versus a more focused approach.

Their time is on a schedule with concurrent assignments therefore, limited to only doing a procedural audit.

Concerns about vendor relations.

We value our clients' good standing with their vendors. Therefore, we are sensitive to vendor relations and use a non-threatening approach at all times. We solicit vendor rapport information from our clients prior to the actual contact with their vendors.

We need to speak with other decision -makers about this.

It is important for them to know that there is added value to this process. Our estimate for recoveries is 0.05% of the annual disbursement amount.

We already have an outside AP audit firm performing the function.

Some companies agree that a secondary audit firm is justified since it is at no cost to our clients. Additionally, questions should be posed whether the current audit is meeting expectations. A good measurement is the recovery rate should at least equal the industry average of 0.039%.

We would like to try doing the audit ourselves before bringing an outsider in.

Keep in mind that there are always monies to be recovered and some are time sensitive, which may or may not be readily visible to an inexperienced auditor. More delays equal the decrease in chances of recovering funds that could have added to the bottom line. We are experts in this field and therefore, more focused in the recovery process.

Financial Recoveries, Inc. Profit Recovery and Consulting