accounts payable recovery audit software

Recovery audit software helps businesses recover money lost to Accounts Payable (AP) billing errors and duplicate payments, monitor fraudulent activity, and cleanse supplier master data to avoid future errors. It analyses past and current transactions to find revenue leakages that could be costing your business money.

What is accounts payable recovery audit software?

Recovery audit software can examine large volumes of transaction data to detect issues that a manual review may miss. It analyses a company’s accounts payable to find processing discrepancies and other errors that result in overpayments. 

Reasons why recovery audit software is significant for businesses

There are several compelling reasons why recovery audit software has become so important for businesses.

  1. It finds money that businesses may have overlooked. Recovery audit software can examine past transactions at scale to find billing errors and overpayments that people may have missed with a simple review. On average, businesses recover 0.1-0.2% of their annual spending through recovery audits. For large companies, that can amount to millions of dollars found.
  2. It streamlines the audit process. With automation and AI-powered analytics, recovery audit software makes the process of conducting audits much more efficient. It can examine transactions and find issues in a fraction of the time it would take people. This allows businesses to perform audits more frequently for continuous recovery opportunities. 
  3. It helps by providing detailed reporting and analytics. Advanced recovery audit software packages generate robust reports showing audit findings, recovery opportunities, trends over time and key performance metrics. This reporting helps management make data-driven decisions.

What does recovery audit software do?

Recovery audit software performs several key functions:

  • Extracts and analyses data from various financial/ERP systems, such as SAP, Oracle Financials, etc., to access past transaction records.
  • Applies complex algorithms and machine learning to detect anomalies, duplicates, calculation errors, and other issues across large volumes of data. 
  • Identifies opportunities for recovery through things like duplicate payments and other billing errors.
  • Interfaces with suppliers to validate identified errors, process refunds, and ensure credits. 
  • Tracks recovery opportunities in a pipeline from identification to resolution. 
  • Generates detailed reports on recovery amounts, top issues found, suppliers with the most errors, etc.
  • Integrates with accounting systems to ensure recovered amounts are properly recorded.
  • Provides analytics to optimise processes and supplier relationships for future cost savings.

Get the best recovery audit services from Audit Partnership.

Audit Partnership offers industry-leading recovery audit services powered by proprietary recovery audit management software. Our latest technology, Capture, helps organisations identify discrepancies, duplicate and erroneous payments, detect errors, and recover lost revenue.

Audit Partnership has recovered millions for clients over the last 20 years. Our experienced team of financial analysts expertly validates findings and works with suppliers to ensure fast resolution. 

Conclusion

In today’s complex business environment, accurately tracking vast amounts of financial transactions in real time across multiple systems presents immense challenges. That’s where leveraging automated recovery audit software and services really pays off. 

When choosing a recovery audit partner, make sure to pick one that leverages the latest technology to deliver maximum recoveries for your business. Recovery Audit Software is a smart investment for any company looking to optimise financial controls and cash flow.

 

Frequently Asked Questions (FAQs) – Accounts Payable Recovery Audit Software

1. What is recovery audit software?

Recovery audit software analyses past transactions to find billing errors, overpayments and opportunities to recover money lost due to discrepancies. 

2. What are the key benefits of using recovery audit software?

It recovers lost money, streamlines the audit process, ensures compliance and provides insightful reporting and analytics.

3. What types of errors can it detect?

Common errors detected include duplicate payments and other billing mistakes across purchases, payables, receivables, etc. 

4. How frequently should recovery audits be conducted?

Regular audits, like quarterly or annual, are recommended for continuous recovery opportunities.