Recovery Audit Services

Impact the Bottom Line with a Recovery Audit

A recovery audit is a best practice that every A/P department should implement. A recovery audit is a service performed by an external organization, such as Technology Insight, to detect and recover duplicate payments, overpayments, payments to wrong vendors, and other open credits that may have been missed through your company’s internal controls and processes. These recoveries have a direct impact on your company’s bottom line. As a contingency fee based service, a recovery audit is a risk-free service whereby the service provider earns its fee as a percentage of the recoveries collected. If no recoveries are collected, there is no fee to pay.

A Recovery Audit Service with Results

Technology Insight’s Recovery Audit Services use our market leading technology combined with audit expertise to deliver the most comprehensive audit and greatest recoveries to your organization. 100% of the audit is performed off-site (typically) to minimize the impact on your A/P resources. Our service can easily accommodate A/P environments that process mid to high invoice volumes – 150,000 to millions of invoices per year, and multiple, disparate A/P systems, including p-card.

With Technology Insight you can be assured the most comprehensive analysis of your accounts payable data for duplicate payments and payments to wrong vendors, as well as a statement request campaign that will reach the greatest number of vendors and generate the most completed statement reviews. The result: the greatest impact to your company’s bottom line. Technology Insight will start to deliver returns within 30 days.

Technology Insight’s Recovery Audit Services include:

• Professionalism & Respect - First and foremost, Technology Insight guarantees your audit will be performed with the highest degree of professionalism and respect in communications with your vendors.
• Minimal Interference - Technology Insight minimizes the disruption to your staff by performing the majority, if not 100%, of its audit off-site.
• Minimal I.T. Needs - Technology Insight provides extraction programs for major systems (SAP, Oracle, PeopleSoft) and detailed extraction directions for other systems to ensure minimal use of I.T. resources.
• Contingency Fee - Technology Insight is paid a % on the money we recover. If we do not recover anything, we do not get paid.
• Web-based Audit Management - Technology Insight presents its recovery results in an intuitive, secure, web-based portal to reduce management needs on your side.
• Summary Reporting - Technology Insight will provide an analysis of its findings to aid your organization in addressing the root cause(s) of your lost profits.

Recovery Audit Services many be used independently or in conjunction with our DataShark A/P solution.