AP Statement Audits[xf_one_full first min_height=” vertical_alignment=’xf-align-top’ align=” space=” margin=’0px’ margin_sync=’true’ padding=’0px,30px,15px,30px’ border=” border_color=” radius=’0px’ radius_sync=’true’ background_color=” src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation_type=” animation_duration=’0.5′ animation_delay=’0.5′] [xf_textblock size=” font_color=” color=” animation_type=” animation_duration=’0.5′ animation_delay=’0.5′]
Fully Electronic Statement Audit
eReconcile™ is our best in class statement audit process with complete electronic workflows reducing cycle time from statement solicitation to recovery of identified credits. Statement audits bring significant added value to the overall audit process because they expand review to include vendor data surfacing otherwise undetected open credits. The statement audit is an integrated component of the recovery audit enhancing results and eliminates potential for duplication of claims. For existing clients, no additional data is needed. Credits ready for deduction are delivered with no additional effort by the client required. Statement audits are managed by our Director of Shared Services, Chuck Andrade, a 18 year industry veteran.
No one likes open items and vendors increasingly move open credits into income after about 100 days. Therefore, we time our statement solicitations to identify credits close to the transaction. Each statement audit leverages hosted near real-time procure-to-pay client transaction data. Open credits are identified on a scheduled 90 day cycle and then verified with vendors prior to final validation using client paid history. Root cause analysis is provided as part of overall management reporting. We leverage industry vendor knowledge for optimum vendor response and ensure professional vendor relationship management. We provide vendors a portal for ease of statement submission and to update master file details. This both increases response rates and provides an efficient, ongoing method to improve master file accuracy with updated information. Where desired we provide a separate portal for vendor self-service Accounts Payable and Accounts Receivable transaction research and incorporate a ticket system for any further help needed. This improves service to suppliers and reduces associated client effort and expense.
Here are a few examples of statement audit identification of open credits that would otherwise remain undetected and lost:
- Rebates: there is a program agreed to by both client and vendor whereby the vendor calculates quantities and generates related credit memos and waits for the client to deduct. These are often missed by the client and eventually taken into income by the vendor.
- Common Area Maintenance – There are advance cost allocations and related billings that eventually trued up typically at year end with credits issued that real estate departments often fail to take into revenue.
- Returns – Return authorizations are submitted and vendor issues credit based on quantity and pricing that is missed or incorrectly deducted by client.
If you would you like online, real time reporting and delivery of fully validated credits ready for deduction and to reduce vendor correspondence labor and cleanse your vendor master file we can help!
The following graphic depicts the statement audit electronic workflow that shortens the cycle time from statement solicitation to recovery of identified open credits:[/xf_textblock] [xf_textblock size=” font_color=” color=” animation_type=” animation_duration=’0.5′ animation_delay=’0.5′]