Everyone wins by getting it right sooner!
Recovery auditing is so last year — literally. ATG’s advanced data assimilation and cloud based audit applications replace legacy recovery audits with monthly, near real-time error detection and correction. Claims take on the appearance of normal adjustments — easier for both clients and suppliers to process. Clients realize accelerated recovery that improves working capital. Suppliers no longer suffer the expense of researching claims from closed fiscal years. Everyone can focus on today’s business rather than last year’s claims.
Given this trend, ATG made a very significant technology investment over the course of several years to enable a new process known as RecoverNOW™ — ongoing monthly error detection and correction of amounts owing from vendors such that claims are presented close to the transaction and timed to not interfere with any internal processes. Normal client preference is for error detection to be 60 days in arrears to allow time for internal processes.
General Areas of an accounts payable audit:
- Disbursement errors – duplicate, erroneous payments and discount errors
- Open vendor credits: Quarterly vendor statement solicitation, reviews and credit identification and vendor validation
- Contract compliance reviews: wrong price, tiered price, missed rebates and allowances, accounting for returns, price protection, volume purchase agreements, etc.
- Escheatment – making sure we find it before the state takes it
- Taxes paid on exempt items
How it Works
The RecoverNOW™ process includes the set-up of systematic procure to pay transaction data transmission to ATG on a daily, weekly, and monthly basis. Data is assimilated as frequently as monthly and appended to a client specific data warehouse for access by eRecover, the web audit tool. The same hosted data can be repurposed to other applications including TradeView™ Analytics, eReconcile and Vendor Portals.
Below is a depiction of the near-real time data feeds, assimilation and data warehouse methodology that supports regularly conducting audits as frequent as monthly.
Watch the RecoverNOW™ video below.