Discrepancies in accounts payable can drain away the hard-won cost savings of enterprise sourcing and procurement teams, and even eat into working capital. Cost recovery & invoice auditing services from GEP can virtually eliminate this leakage.
We blend advanced analytics with proactive risk management to detect discrepancies in accounts payable; recover costs; detect root causes of errors; recover overpayments, credits, and rebates; improve contract compliance and processes; and prevent future leakages and fraud.
GEP's Cost Recovery & Savings Tracking Process
Assessment & Planning
- Define & review scope
- Gather data
- Establish guidelines
- Develop audit plan
Implementation
- Analyze data
- Review vendor statements & invoice reports
- Identify errors
- Check and validate reasons for discrepancies
Recovery & Reporting
- Develop claim packages
- Initiate recovery process
- Report recoveries with root cause details
- Recommend improvements
Invoice Auditing
GEP leverages your accounts payable data to analyze invoices and vendor statements, identifying and validating cost recovery opportunities. We report the root causes of discrepancies and assist with reconciliation and recovery. Our holistic approach tackles debit balances, unrealized credits, VAT adjustments, duplicate payments, rebates, pricing errors, and material returns. With deep expertise in spend analytics and procure-to-pay, we help you maximize savings, recover value, and reduce the total cost of ownership.
