Choosing a Firm For Your Next Recovery Audit: What to Look For

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Throughout the past 25+ years we’ve been in business, we’ve determined the key characteristics that set apart a great recovery audit from an ineffective one. Our accounts payable auditors at AP Recovery implement each of these components in our own process to ensure you’re seeing max returns in addition to the invaluable insights your organization needs to move forward.

Before your next recovery audit, look for the following characteristics in your chosen firm:

 

A Person-to-Person Recovery Audit Approach

The common practice of requesting a statement through letter or email is inefficient more than 75% of the time. That’s the reason our accounts payable auditors pick up the phone and have live discussions with your suppliers. We’ve found that real people get real results. Recovery audit contractors must understand the different cultures, terminology, and nuances of a diverse supplier base to truly be effective. We don’t just speak your language, we speak your suppliers’ languages, too. (Our multilingual analysts speak 12 languages and counting!)

Before the audit, make sure the team goes the extra mile to speak to real people.

 

Personalized Responses to Your Organization

Our own approach to recovery audits is simple. It’s designed for you with your goals in mind. Your organization should always feel prioritized during a recovery audit with open lines of communication between your team and the recovery auditing firm. Because we work with over 160 of the Fortune 1000 we know how important this is. It’s not just big business, it’s your business.

Look for trusted professionals that take time to get to know you and your operations.

 

Accurate, Confirmed Claims You Can Count On

Claims are an essential piece of your organization’s recovery audit. Avoid working with firms that put the burden on you and your team to sort through legitimate and illegitimate claims. To save time and resources, our own AP Recovery analysts identify a claim and then work with your supplier to bring you claims that you can count on. We get the supplier to sign off on refunds and credits. Refunds are then processed, and credits are sent to our web portal so our clients can easily track and apply credits against future payments. All the invoices and claims from the current review can be viewed through the portal in real-time so you can manage the audit right at your desk, wherever that may be.

Research how good the firm’s claims are and what kind of stress/burden that will put on your team. Work with a company with a validated and streamlined claims processing system.

 

Powerful Analytics, AI-Powered by Seasoned Recovery Audit Professionals

Technology along with human discovery, common sense, and curiosity ensure better results than anyone thought possible. After live communication to suppliers, our own team continues to dive deep using the best AI technology developed from and for our recovery audits. The tool we’ve created, Knowledge Exchange, allows us to look across all your suppliers and transactions, mapping and recording application habits.

Knowledge Exchange isn’t just a database and audit workflow tool. Built into its core is flexibility, it gives us a single view into your system(s) allowing us to uniquely analyze, compare, identify, research, communicate and recover.

Ensure your recovery audit delivers all the insights you need to improve operations with responsive tools, cutting-edge technology, and seasoned professionals to make the results truly powerful.

 

Dynamic Reporting Tools

There’s so much invaluable information that comes from a recovery audit, but it’s hard to put it to use without the right presentations.

After an audit, you are going to want all the insights about your audit, your claims, and your AP data at your fingertips.That’s why we developed our reporting tools to provide you the flexibility to customize the reports when and how you want them. Whether an executive-level report is required or you want to drill down into the weeds, audit visibility is available by year, quarter, month, business unit, location, type, or root cause…simple to use with powerful results.

Look for customizable reporting that easily tells you what happened, when it happened and why it happened.

 

Learn more about how the right recovery audit can help your organization recover lost profits, and why it should be on the top of your to-do list. 

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