Accounts Payable (AP) recovery audit services focus on analyzing a company's AP transactions to identify and recover funds that were erroneously paid out. These services scrutinize past payments to detect issues such as duplicate payments, overpayments, missed discounts, unclaimed credit notes, and errors in payment terms. The primary aim is to recover these lost funds and return them to the business. Additionally, AP recovery audits provide insights into the root causes of these discrepancies. By identifying these underlying issues, businesses can improve their internal controls, enhance the efficiency of their AP processes, streamline vendor relationships and reduce the likelihood of similar financial errors occurring in the future. These audits are crucial for maintaining financial integrity and can lead to significant cost savings for organizations.
Supplier risk management solutions are advanced technology platforms designed to facilitate comprehensive supplier risk management activities. These platforms not only aid in the identification and continuous monitoring of potential risks, such as financial instability, geopolitical concerns, and compliance challenges, but also enable a thorough analysis of their holistic impact. Furthermore, they support the coordination of both operational and strategic responses to mitigate these risks effectively. Integral to end-to-end supply chain risk management, supplier risk management aims to assist organizations in mitigating prioritized risks across the entire supply ecosystem — encompassing both physical and digital domains.