Professionalism & Respect
We guarantee your recovery audit will be performed with the highest degree of professionalism and respect in communications with both you and your vendors.
Capture Lost Revenue and Profits with Minimal Risk and Effort
Recovery Audits are designed with one goal in mind: to reduce, recover, and redeploy lost profits. Our use of technology-focused software combined with personalized refinement is what differentiates us from other solutions.
By incorporating TIC’s DataShark tool into every Recovery Audit performed, you will reap the benefits of complete transparency, quicker recovery, and access to ongoing updates. You may use Recovery Audit Services independently or in conjunction with our DataShark A/P solution.
Contingency Fee Based Structure
We’re paid a percentage on the money we recover. If we’re unable to recover money on your behalf, you won’t owe us a penny.
Migration Path
With our migration path, you can prevent, identify, and recover your own duplicate payments. For a flat fee, we’ll identify and you’ll recover using DataShark A/P.
100% Off-Site Review
Productivity is vital to your success. That’s why, we perform our review off-site to minimize the disruption to your staff and strain on your Accounts Payable department.
Extraction Programs
Whether you useSAP, Oracle, PeopleSoft, or another major accounts payable system, we’ll provide easy extraction directions that ensure minimal use of I.T. resources.
What Makes Recovery Audit Services Different
Technology Insight’s Recovery Audit Services is a foundation of the most advanced technology in the industry. It powers our ability to work with large volumes of data from individual or multiple, disparate systems.
When compared to other service providers, we are able to efficiently perform a deeper, more comprehensive analysis of your data. So what does this mean for you? Increased recoveries within a shorter time frame. Believe it or not, Technology Insight will start to deliver returns within 30 days.
What to expect from Recovery Audit
Identification and recovery of duplicate payments, payments to wrong vendors, and overpayments.
Statement reviews for the identification of open credits not captured through data assessment such as missed discounts, rebates, incentives, incorrect pricing, and more.
Contract compliance reviews to identify recoveries due to missed discounts, rebates, incentives, incorrect pricing, and more.
Vendor master file analysis and detailed reporting to aid in the cleaning and management of the vendor master file, including duplicate vendor identification.
Web-based audit management, where Technology Insight presents its recovery results in an intuitive, secure, web-based portal to reduce management needs on your side.
Detailed root cause analysis and management reporting to help you reduce future lost profits and process breakdown.
Frequently Asked Questions
How long does the AP Recovery Audit project last?
Most audit are completed within 4 months of the start date.
How do you obtain data, and how do I know it will be secure?
- To make things easy, we work directly with your IT team to acquire 2-3 years of Invoice, Payment, Vendor, & GL Data via pre-written extract scripts tailored specifically for your ERP system.
- Data extraction takes approximately 3-4 hours and is then sent in ASCII format via a SFTP process.
- Technology Insight is ISO 27001 certified, so you can rest easy knowing that your data is safe and secure during the whole process, and beyond.
What are some examples of what an AP Audit may uncover?
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Duplicate Payments |
Missed Discounts |
Returns |
Wrong Vendor Payments |
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Unclaimed Property |
Volume Rebates |
Cancelled Invoices |
Unprocessed Credit Memos |
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Incorrect Unit Prices |
Tiered Discount Structures |
GR/IR Issues |
Incorrect Unit Measures |
|
Pricing/Sales Tax Errors |
Shipping Costs |
Trucking Allowances |
Hourly Billing Errors |
What's the price to perform an AP Recovery Audit?
All our audits are contingent fee based, TIC will only bill for actual recoveries where economic value is realized (i.e. Returned check, statement credit, negotiate discount, etc.). Fee is dependent on:
- Scope of Audit Project – Which divisions and for what time period?
- Auditable spend & invoice volume associated with audit scope
- Read-only remote access availability of ERP and Invoice Imaging Systems
Typical contingency fee is between 20-30% of total recoveries.
How much money do these audits typically recover?
The short answer – 0.1% of your spend.
Companies with the best processes in their A/P departments usually average 99.9% accuracy, which means their error rate is around 0.1%. This translates to just one error every thousand transactions — an average most companies would love to maintain. As you can see from the example below, a small number of errors can lead to significant accounts payable losses.
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Example |
Enter Your Data Here |
|
|
Number of invoices processed annually |
125,000 (A) |
|
|
Estimated Number of Payment Errors Multiply (A) * .001 |
125 (B) |
|
|
Average Invoice Size |
$2,500 (C) |
|
|
Estimated Annual Losses due to payment errors (B) * (C) |
$312,500 |
If you’d like to determine a more accurate number on how much your organization could be losing due to errors, you can use our Annual Loss Calculator
Who will be working on the audit?
Technology Insight Team- Everyone working on the project are TIC employees, and consist of:
- Audit Director – Responsible for the overall project. Ensures project is done on time, while maximizing opportunities and recoveries and preserving the integrity of clients’ relationships with their suppliers.
- Audit Associates – Overseen by the Audit Director, have background in Customer Service and Finance as they are used primarily for direct contact with suppliers. Associates work closely with the Project Director to review the supplier statements for open credits, as well as pursue the recovery of the identified overpayments.
- Account Manager – Ensures client satisfaction with the project and also works closely with client to determine if there are any other services/solutions that they could benefit from.
Book Your Assessment
and Free Trial Today
Wondering if you have lingering payment errors or risks? Unsure if your A/P department is operating at peak performance? Get all those answers and more with our fast, comprehensive assessment of your A/P environment — and get a free two-week trial of DataShark as a bonus.