Statement Reconciliation

We know the importance of maintaining a respectful and professional relationship with all of your vendors. During this process, we strategically identify anywhere from 500 up to as many as 5000 vendors based on your historical vendor disbursements. We will create a master vendor list with specific account detailed information to contact your vendors and request a statement of account or aging reports for reconciliation. Once statements are received, we then analyze and reconcile the statements against your paid history and aging report (trial balance) looking for any unrecorded credit items, but equally important, also validating your current recorded liabilities to eliminate the possibility future error payments from occurring.

Electronic Data Review

In this process, we analyze our client’s electronic data and payment history through 22 separate and unique reports using our propriety software. We identify all matches having the slightest possibility of being an error, creating a list of items to be reviewed for possible errors. We then review the supporting documentation, and dismiss if no error occurred or present the supportive information to your vendors as a “query” if we feel there has been an error identified.

Manual / Paper Audit

This aspect of a cost recovery audit can generally only be completed when there are paper records available. During this process, we manually review and validate the check remittance details to match the vendor invoices being paid. This part of a review can also be an area that yields the greatest recoveries as potential errors identified are not always found through the Electronic Data Analysis or recorded to your vendor Statements of Account. If our client utilizes a scanned imaging system, we would select specific vendors where previously we’ve seen issues and would manually review the payment history for possible recovery opportunities.

Unclaimed Property / Escheatment Review

We also review escheatment and abandoned property that are being held by individual states belonging to you. Each state is different and property could be held in any or all of the 50 states. We know where to look and how to processes submissions to recover funds from individual states. Each individual state has their own set of regulations regarding “finders” fees and commission rates which would be a separate agreement if included as part of the cost recovery review.

Contract Compliance and Pricing Audit

This is where we accumulate, process, and analyze procurement/payment line item detail data for selected vendors and/or distributors. All collected data will be analyzed to determine if the contract price has been correctly established in the systems of both our clients as well as the vendor. We will analyze the invoice price actually paid (over typically a 2 to 3-year period) and research deviations/fluctuations to the standard contract price established.