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Every client is assigned one of our senior executives who are responsible
for the project, including maintaining positive client and vendor relations.
All claims are thoroughly documented and approved by the vendor before
submission to our clients. At the conclusion of our cost recovery project,
we provide each client with a comprehensive management report, which documents
our findings as well as opportunities to minimize errors moving forward.
Typical progression for an accounts payable review: (Approximate Time for completion: 4-6 months)
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Electronic Payment Analysis
In this process, we analyze the electronic records of invoices and
payment history through a minimum of 18 different queries using our
customized computer program. We identify all matches that have the
slightest possibility of error, review the supporting physical documents,
and then dismiss if no error occurred or present the information to the
vendor for approval of refund or credit deduction.
Claim types resulting from this phase:
 Duplicate Payments
Wrong Payments
Unapplied Deposits
Abandoned Property
Manual "Box" Audit
This aspect of a cost recovery audit can only be done when filing is
alphabetical by vendor thereby providing invoice and corresponding check
remittance together. This type of audit can catch errors that the
electronic process cannot, such as tax, various discounts, deposits,
and incorrect vendors being paid.
Claim types resulting from this phase:
Sales and Use Tax
Discounts
Allowances
Rebates
Duplicate Payments
Overpayments
Wrong Payments
Unapplied Payments
Freight
Vendor Statement Reconciliation
Along with our clients, we also feel it is important to maintain a
respected professional relationship with your vendors as well. Many
of whom we work with on a day-to-day basis. We will select 200-800
vendors to contact and review your statement of account or aging report.
We then analyze and/or reconcile the statement in an attempt to recover
unrecorded credits.
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We have perfected our claims process in that ALL of our claims are Pre-Approved by your vendors before we submit
them to you, as a recovery. We present our claims as "questions" or "queries" asking your vendor to confirm our
findings or provide supportive documentation showing the corrective actions that have taken place. We then will
either present to you in writing that a vendor has authorized a deduction to be processed and applied towards open
invoices, or we will obtain a refund check if you have no other open invoices to apply the credit against. At no
point will we authorize a vendor to apply the funds to offset open invoices on your behalf. The financial decisions
are to be made by your institution and we simply obtain the necessary authorization that a credit is available for
deduction. Your staff will not be bothered to pull documentation or provide any research and you can be assured that
any recoveries submitted have been authorized directly by your vendor.
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