CTMI
CTMI  
   
   
 
   
 

Accounts Payable Audit

Overpayment audit, duplicate payment audit, Accounts payable audit, Accounts payable savings, Accounts payable recovery
Accounts payable audit, Accounts payable savings, Accounts payable recovery

While companies with strong internal control processes, advanced accounting software and technology are able to prevent most duplicate payments from occurring, industry benchmarks project overpayments on average to approximate 0.1% of total disbursement dollars.  Our experience exceeds industry benchmarks with disbursement volume, vendor/supplier counts, internal controls and complexity of the accounts payable process all being relevant factors.

Why are overpayments increasing?

  • Doing more with less.  Accounts payable groups are lean, which can result in rush disbursements and work-arounds.
  • Corporate mergers and acquisitions.  System integrations, multiple payable processing functions operating simultaneously, employee integration, layoffs, etc.
  • Accounting software conversions & upgrades.  ERP systems reduce, but do not eliminate errors. 
  • Staffing.  Employee turnover resulting in the increase use of temporary staff.

How can CTMI help?

Overpayment Reviews

CTMI can perform multi-year overpayment reviews.  Our four step audit process leverages our proprietary technology and has been refined to the point where only minimal internal resources are required.  We are often viewed as an extension of our client’s Finance and Accounting departments becoming a valued resource early on.  Given our contingency-based business model, clients leverage our expertise to recover savings, identify new and innovative business practices, and validate the effectiveness of internal controls

PLAN > We begin with a scope of work and fact finding exercise. We design an audit plan specifically for each client’s business with historical transaction data obtained for assessment. Clients stay fully informed of our progress throughout the engagement.

 MEASURE

 > We perform a comprehensive data mining exercise using our proprietary software to identify suspected overpayments.  Our auditors scrutinize source documents, vendor contracts, etc. searching for errors such as discrepancies between purchase orders and invoices, overpaid sales tax and other items that “just don’t add up.”
RECOVER > We validate each claim with the vendor in a professional manner, explaining the nature of the overpayment in detail, sharing any necessary supporting documentation. The method for recovering the overpayment is agreed, and each claim is confirmed prior to submission. We do not believe in deducting the overpayment without vendor approval.
IMPROVE > Our consultants are subject matter experts in accounts payable processing and internal controls.  We discuss the types and causes of errors identified with our clients and any applicable identified control weaknesses or process improvement recommendations are communicated throughout our engagements.

We recognize that a recovery audit is only as good as the individual(s) performing the work. We employ only experienced accounts payable professionals with practical management and consulting experience. 

Vendor Administration

Maintaining accurate and up-to-date vendor master file records is critical to any business.  Inaccurate or incomplete records can result in greater risk to the enterprise, duplicate payments, missed volume discounts and unfavorable payment terms and regulatory non-compliance.

CTMI’s vendor master file services include comprehensive reviews of client vendor master file records customized to the client’s particular situation.  Our services include:

  • Identify and remove duplicate and inactive vendors  
  • Identify and consolidate multiple remit-to addresses 
  • Audit and reconcile significant vendor contracts, billing, terms and services
  • Standardize name and address conventions
  • Acquire company vendor master file reconciliation and system integration

Accounts Payable Automation

Automation of the accounts payable function can save you time and money.  CTMI offers (through our partnership network) a full range of Accounts Payable transformation services.  These include:

  • front-end OCR operations (mailroom, invoice scanning and data capture, data enhancement, and EDI gateway services)
  • hosted workflow solution for invoice communication/resolution, payment services, fully managed Accounts Payable services and more

     


Accounts payable audit, Duplicate payment audit, Overpayment Audit, Expense Management

Accounts payable Recovery, Accounts Payable Audit, Accounts Payable Expense Management

CTMI will audit your Accounts Payable for overspending, duplicate payments and overpayments

 
 
 
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