The Nation’s Preeminent Expert

Thorough (through and through)

Why choose an Auditrax review over those done by other A/P audit firms? Quite simply – The Human Factor

Our professional recovery auditors are experienced in identifying a variety of overpayment errors.  Through forensic analysis and foremost auditing techniques, we provide a more accurate review of procure-to-pay transactions than the vast majority of other firms, at highly competitive, contingency-based rates.

The A/P audit industry has gravitated toward a “hands off” remote statement review for its customers, which typically yields a quick, but less than maximal, recovery without major effort. While we use the statement review as part of our complete process, those claims historically lead to only 15% of Auditrax recoveries. The remaining 85% come from the on-site, hands-on procedures, and broader scope that constitutes our Procure-to-Pay Audit Package.

So what are the crucial differences between a general A/P audit and our Procure-to-Pay audit? Among them, reviews of over 20 areas to ensure all overpayments are identified, a comprehensive analysis of the electronic data download,  and a “box audit” (or individual e-invoice audit) which yields far more information than the electronic analysis alone. Taken as a whole, it’s not hard to see how our process often yields 5-10 times the average recovered revenue compared with that of other firms.

  • Discounts Taken
  • Tax Charges
  • Contract Compliance
  • Telecom Billings
  • Vendor Returns
  • Vendor Programs
  • Supply Purchasing
  • Pricing Rebates
  • Omitted Cash Discounts
  • Price Discrepancies
  • Duplicate Payments
  • Trade Discounts
  • Allowances
  • Credits Not Taken
  • Cash Discounts
  • Statement Credits
  • Vendor Master Review
  • Freight Rate
  • Quality Discounts
  • Cost Price Differences
  • Sales & Use Tax
  • Contractual Misbillings
  • IT Cost Optimization
  • Traffic Compliance

Revenue Recovery

Erroneous payments identified, our auditors gather supporting documentation proving the validity of the claim. The vendor is provided with the information we’ve gathered and a request to work with us on resolving the overpayment(s) is submitted.

Use of our audit team to recover funds enables our clients to avoid adding to the workload of staff members. It also ensures that our billing only represents the amount collected after the check or credit memo has been received. With contingency-based billing, clients are only obligated to pay a percentage of what comes back to their business.

Error Identification and Prevention Summary

Profit+ Audit Reports summarize the errors made during the period audited, identify the root cause of the errors, and make actionable recommendations to prevent these same errors in the future. The audit “wrap-up” meeting typically includes the Accounts Payable staff and financial management team, along with C-Suite leadership. This allows all members of the organization to learn about the problems identified and begin implementing process improvements immediately post-audit.

I would like to commend the Auditrax audit team that worked with us. The project was successful due to their knowledge, professionalism, and being self-sufficient. And the benchmarking report was also very helpful. I recommend them highly.

AP Manager253 Bed Health System

Auditrax was successful at finding us thousands of dollars, which compared favorably to companies utilized in the past, where no dollars were recovered. In addition, the engagement was completed seamlessly with very little staff time on our side, which was an added benefit. The results were superior and the professionalism was top notch.

Controller240 Bed hospital, division of a $50 Billion Healthcare System

Auditrax performed a recovery audit for our organization, and returned  more money than we expected.  The process took very little of our time, as promised.  The staff was professional, responsive, and pleasant to deal with.  I would certainly recommend them highly.

Director of Financial Services36 Bed Hospital