How can organizations benefit from auditing their Accounts Payable?
In the world of accounts payable, millions of dollars are lost by companies / organizations simply running their business each year. Why? Companies process invoices each day, the impact of even a marginal error can be substantial.
Why Audit?
One of the best ways to ensure pay-ables are processed appropriately and costs are controlled is to conduct periodic reviews of your company’s accounts payable expense data. This allows companies and processors to work together to ensure expenses are paid accurately and mistakes are corrected.
How Can SOFT GRC Help?
We understand how lost profits can occur. Whether it is a wide array of human, computer, or vendor errors, contract noncompliance or simple miscommunication, we will find the sources and eliminate lost profits.
Our approach is different from most firms. We do not use the common approach of utilizing a sampling methodology of paid invoices. Instead, SOFT GRC performs a comprehensive review of ALL paid invoices using our electronic capabilities. We are confident that a Comprehensive Electronic Invoice Audit (CEIA) is superior to sampling.
Electronic Analysis
Conducting a review of your organization’s account pay-ables is much more than a technology exercise. SOFT GRC has the experience and industry knowledge to help you effectively review 100% of your accounts payable history. We will review vendor payments, identify overpayments, and assist your company in evaluating the performance of your accounts payable department.
SOFT GRC analyzes the electronic records of invoices and payment history through numerous queries using our customized computer programs. We identify all matches that have possibility of error, review the supporting physical documents, research to determine if an error occurred and present the information to our client with a recommended action plan.
Typically, our audit procedures include:
- Potential duplicate payment and overpayments
- Discounts and credits not taken
- Failure to use credits or rebates
- Payments in incorrect currency
- Volume pricing/allotment
- Vendor data quality
- Purchase order data quality
- Control base analysis
- Unauthorized users
- User activity transactions
- Analytical analysis
- Nights, weekends & holidays
- Digital/frequency based analysis
- Value & dollar volume summary
- Benford analysis
- Potentially irregular activity
- Vendor master
- Purchase order
SOFT GRC
We are an Advisory Services and Professional Development LLC strictly focused on providing quality advice and training to all levels of GRC and Accounting and Finance. We have an extensive library of training seminars and can create a seminar to cater to your needs. We also have an experienced consulting team with the abilities and know how to fill your needs.