Are You Leaving Money on the Table?
Top-performing procure-to-pay teams rely on supplier statement audits as a time-honored best practice. And they find it’s well worth the effort. According to our APEX Analytix audit experts, the typical statement review can uncover millions in credits that were never applied or refunded.
How do credits get missed? Common triggers include merchandise returns and markdowns, cancelled orders, rebates, unapplied cash discounts, freight allowances, forgotten deposits and credit memos mistakenly paid as invoices.
The potential losses can be significant. One example: A company in the energy industry recently uncovered $2 million in statement errors during a review of just eight of its suppliers.