Third Party Supplier Audits Recovery Audits Explained
Businesses in all sectors can suffer financial losses due to the complexity of administration. This could be from not collecting money owed to you from your suppliers or inadvertently paying suppliers too much for the goods and services you buy from them.
What is Recovery Audit?
Transactional errors, throughout the Procure to Pay cycle, can happen and most will be picked up by your own internal controls. However a small number of errors will remain unchallenged.
Profit Connect identify these unchallenged items, recover the money you have lost and provide valuable insights to improve internal controls reducing the likelihood of future errors.
Why engage Profit Connect?
Albert Einstein observed “we can not solve our problems with the same thinking we used when we created them”
Profit Connect provide an independent recovery audit, reviewing all transactions (not just a sample), using highly qualified and experienced teams, to find the process gaps that have resulted in lost profit. Our teams are motivated and trained to deliver the highest net value to our clients.
Business areas covered
Profit Connect cover the full spectrum of procurement spend. We cover:
- Your accounts payable transactions
- Your contracts and agreements with suppliers
- Indirect tax, including VAT and property tax
- Property rental and service charge costs
- Utilities and telecoms
- Marketing costs
- IT costs
Our full scope recovery audit services cover all areas of third party spend and income, tailored to your business. Each project is meticulously planned, priorities set and agreed so that everything is covered over the life of the project. Meaning we can achieve highest net value every time.