One of the most common audits used in a business is the accounts payable recovery audit. During this process, an auditor will attempt to locate over-payments and unrealized credits. The presence of these two issues can have a severe negative effect on a company’s bottom line. Learn more about Accounts Payable Recovery and how it can protect your business.
The Reasons For Taking Action
If you don’t pay attention to accounts payable recovery, you are losing out. Your company could be bleeding money without even realizing it. There are a few situations in which you should seriously consider such an audit. If you have experienced staff changes, you may need to perform a recovery audit. Also, if you have undergone technology upgrades an audit may be necessary. Finally, if your company has recently merged with another it is important to review the financials.
The Recovery Audit Process
There are some detailed steps that are taken during an audit. The first step is to perform a careful review of the available electronic data. Next, the auditor should carry out a statement reconciliation to look for inaccuracies and to identify available credits. The next step is to carry out a manual review of financial records. Finally, the auditing team will need to determine whether any unclaimed property has been reported by state agencies.
Protecting Your Business
As you can see, your company may be leaving money on the table. The only way to resolve the situation is to complete a recovery audit. Get started on the process as soon as possible to keep your business afloat.
To learn more about your options for accounts payable issues, contact Belmero byvisiting https://www.belmero.com/.
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