Discrepancies in accounts payable can drain away the hard-won cost savings of enterprise sourcing and procurement teams, and even eat into working capital. This leakage can be substantial, adding up to millions on the bottom line. Cost Recovery & Invoice Auditing services from GEP will help you virtually eliminate this leakage.
We blend advanced data analytics with proactive risk management to help you detect discrepancies in accounts payable, recover costs and prevent future losses. Our holistic approach toward cost recovery ensures that you don’t leave any money on the table.
We help unlocking more value by:
- Identifying discrepancies in accounts payable
- Investigating and detecting root causes of errors
- Recovering overpayments, credits and rebates
- Improving contract compliance and processes
- Preventing future leakages and fraud
Invoice Auditing
Our holistic approach to invoice auditing addresses:
- Debit Balances
- Unrealized Credits
- VAT Adjustments
- Duplicate Payments
- Rebates
- Pricing Errors
- Material Returns
We start by developing a comprehensive audit plan based on your accounts payable data. Our experts analyze the invoices and vendor statements in scope to identify and validate any cost recovery opportunities. We report the root causes of discrepancies and even help you reconcile and make financial recoveries.
It All Adds Up!
While basic cost-cutting programs are important, they are often limited in their reach and impact.
Duplicate payments alone can make up to 0.10 percent of total invoice payments, according to the Institute of Internal Auditors (that’s $1 million on a spend of $1 billion). Stop losing money – contact GEP today!
Based on the audit findings, GEP delivers an action plan that optimizes your contracts and payment terms, improves your procure-to-pay process, increases compliance and prevents future leakage.
We leverage our strong expertise in spend analytics and procure-to-pay management to help you unlock more value from your spend, increase savings and reduce the total cost of ownership.
