Accounts Payable Audits
Reduce financial risks and control costs
We recover losses for you
Every day, billions of transactions are carried out by companies around the world. A very small portion of these transactions go wrong. These errors are caused by people, technology, or a combination of both.
An Accounts Payable Audit is an independent review of your financial data from the accounts payable ledger. It examines how AP transactions are recorded and whether this provides an accurate picture of the company's operations.
Cost Savings helps you gain insight into potential errors that have been made and recovers these losses for you.
Common errors include:
- Duplicate payments
- Overpayments
- Payments to an incorrect vendor
- Missed payment discounts
- Incorrectly posted VAT
Recovering undue payments does not help you prevent them in the future. We analyze the root causes, provide you with insight, and offer tools to resolve these issues.
Balance reconciliations
In addition to analyzing your payments, we also review the outstanding balances with your vendors.
Our experience shows that insufficient time is often devoted to reconciling these balances because it is a difficult and labor-intensive process. Taking enough time for this can often be a problem.
In a perfect situation, the outstanding balances of you and your vendor should be equal. Our experience shows that this is not the case. We provide you with insight into these differences by requesting the so-called statements of account.
After requesting them, we compare the outstanding balances of the vendors with yours and highlight any discrepancies.
We ensure that unknown credit balances are followed up and collected, so you don't miss out on any profits.
We love to help!
Heb je nog specifieke vragen of wil je meer details over een bepaald aspect?
Go to
Vendor Master Services
Spend Management
About us
Contact
Contact
Contact us for tailored advice
Methodology
Data Analysis
STEP 1
Receiving Data
Cost Savings receives a data dump from your ERP system and converts this data so that we can perform our analyses on it.
STEP 2
Data Analysis
Cost Savings analyzes your data using various self-learning algorithms to detect potential erroneous payments, missed payment discounts, incorrectly posted VAT, and more. We start the process of creating dossiers so that you have insight into the claims we intend to communicate with your vendors.
STEP 3
Follow-up on Claims
After your verification, we will approach your vendors via email and phone calls. We do this in a non-aggressive manner to avoid damaging your customer-vendor relationship. We investigate whether the claim is justified and collect the claim if it is.
STEP 4
Collection of Claims
When the claim is valid, Cost Savings will collect it for you. We do this either through a bank transfer to one of your bank account numbers or by obtaining written approval from your vendor for offsetting.
Upon your confirmation of the claim, Cost Savings will invoice the agreed fee.
STEP 5
Reporting
Cost Savings aims to have (bi-)weekly update meetings with you. Upon completion of the project, you will receive a report with the project's conclusions and recommendations to prevent similar errors in the future.
Methodology
Balance reconciliations
STEP 1
Receiving Data
Cost Savings receives a data dump from your ERP system and converts this data so we can make a vendor selection.
STEP 2
Vendor Selection
Cost Savings selects a range of your vendors based on dynamic criteria. You then have the opportunity to review this selection.
STEP 3
Requesting and Analyzing Statement of Accounts
After your verification, we will approach your vendors via email and phone calls. We analyze the received statement of accounts and follow up with vendors who have questions or have not yet responded.
STEP 4
Follow-up on and Collection of Claims
Cost Savings will discuss the potential claims with your vendors and collect them if they are valid. We do this either through a bank transfer to one of your bank account numbers or by obtaining written approval from your vendor for offsetting. Upon your confirmation of the claim, Cost Savings will invoice the agreed fee.
STEP 5
Reporting
Cost Savings aims to have (bi-)weekly update meetings with you. Upon completion of the project, you will receive a report with the project's conclusions and recommendations to prevent similar errors in the future.
FAQ
Frequently Asked Questions
How much time will it take when Cost Savings conducts an audit?
The workload is entirely with Cost Savings. After the contract is signed, CS will contact a contact person designated by you for the data transfer. When the data has been received by Cost Savings and the data analysis has been performed, we will schedule a kick-off meeting. After the kick-off meeting, we will perform the audit according to our steps (see Accounts Payable Audit). We ask for 0.5 - 1 hour every 2 weeks to go through the claims. Once a month/quarter a physical meeting for an interim report and finally a final report. This can be adjusted in consultation with you.
In short:
- Data submission, 4 hours, one-time
- Approve/reject claims and administrative follow-up 0.5 - 1 hour every 2 weeks
- Interim reporting 1 - 1.5 hours on-site/remote
- Final report 1 - 1.5 hours on location / remote
What is no-cure no pay?
Cost Savings charges a fee when a claim is found, approved, and ultimately processed administratively. Cost Savings only invoices when the funds are in the accounts of our clients or the settlement has taken place.
What do I need for an accounts payable audit?
What do you base your success fee on?
Our success fee is based on the total scope and complexity of the project.
Voor het verrijken en opschonen van uw leveranciersbestand rekenen wij vaste tarieven. Deze zal per ‘leverancier’ berekend worden.
For more information, please fill out our Contact form in.
Is my data safe?
We highly value the protection of your data. To ensure your information remains secure, we have implemented various security measures:
- Data encryption: All your data is encrypted.
- Secure servers: Our data is stored on Amazon Web Services (AWS) servers and located in data centers within Europe with strict security protocols, including physical and digital security.
- Access control: Only authorized personnel have access to your data, and this is done based on 'need-to-know' principles.
- Regular Audits: We regularly conduct security audits and checks to ensure that our security measures are effective and remain up-to-date.
- Privacy policy: We respect your privacy and process your data in accordance with our privacy statement.
- Certificate of Conduct: Upon request, we can provide a Certificate of Conduct (VOG) from our consultants if desired*
*Costs are covered by the customer.
