Accounts Payable Recovery Audit



There are many reasons why a company may want to consider having an accounts payable recovery audit done. Not only is it a good way to find money that may be due to you, but it is a nice way to find out other problems that may be happening in your accounting system. People do make mistakes and an audit will help to find those problems in the process of making sure that all policies are being followed correctly.
The main reasons that a company will go through this process is one of the following reasons:



They may feel that they have overpayments that they need to recover from a company. Finding out just how those overpayments happened and fixing it so it will not happen again. Find solutions that can be put into place to stop any problem with overpayments happening in the future. Getting these things accomplished and still being transparent to day to day operations that need to be done.

Normally when having an accounts payable audit completed you will be dealing with an outside company. They will be a third party that will help you discover where the problems may lie and figure out how they can be fixed quickly and for good.

Some of the normal categories where they will seek out places to recover money from are the following items. Errors that may have happened in pricing, overpayment of those sales taxes, payments that were made twice or sent to the wrong vendor. If you had rebates that you did not take and still have the ability to recover the money, good that were returned but you never got a refund on the amount, and even freight charges that were figured incorrectly. Plus they may look into other options like discounts that are due but have not been taken yet, trade ins that you can make and save more money, warranty items and the repair cost, and finally unrealized credits.