Engineering

Best in-class auditing discovers over payments of £100,000

An engineering sector company that has many sites and a decentralised Accounts Payable function. They use different payment systems and had acquired new companies as they grew organically.

The client had in excess of 8000 suppliers with hundreds of millions in spend, and big transaction volumes. The organisation lacked resource, software and the specific skills required to conduct a detailed audit of their payments systems.

The company had interviewed a few companies that provide this service in the marketplace. By using our experience of the accounts payable audit market we advised the client on how to conduct a non-intrusive accounts payable review that would include forensically analysing their payment systems for duplicate and over-payments as well as missed statement credits and unrecovered VAT.

Following our audit we recovered in excess of £100,000 which equated to a bottom line turnover figure of nearly half a million. In addition the client received benchmarking information of where they sit against ‘best in class’ for transactional processing. A report consisting of recommendations for future transaction assurance was delivered back to the client in a workshop style environmental.