Conducting a regular accounts payable audit is considered a top best practice for companies. A comprehensive AP audit helps identify and rectify inefficiencies, overpayments, and errors that can lead to significant financial losses. Regular audits also provide insights into spending patterns and vendor relationships, allowing for better negotiation and cost-saving opportunities. By implementing an accounts payable audit, companies not only safeguard their assets, but also foster a culture of accountability and continuous improvement.

Engaging Broniec Associates is one of the most effective ways to optimize your procure-to-pay function. Our accounts payable audit goes beyond surface-level assessments. Broniec’s audit teams are expertly trained in all categories of overpayments, allowing us to uncover opportunities other firms might miss. Basic audits often fall short and lead to higher costs in the long run. Our comprehensive approach ensures the most accurate assessment available.

The Broniec Audit is backed by over 50 years of experience in accounts payable recovery audits.

1. Data Analysis: Using our proprietary AUDITMAX® software, we conduct a detailed analysis to pinpoint transactions likely to contain overpayments. AUDITMAX uses AI and fuzzy logic programming to merge, standardize, and generate reports for auditor review.

2. Transaction Review: Not all overpayments can be identified through exception reports. A significant portion of our auditors’ time is dedicated to pulling and reviewing actual invoices and related documents. We believe the human touch is a critical differentiator in the success of an audit when paired with AI.

3. Supplier Statement Review: We examine supplier statements to identify discrepancies such as missing invoices, incorrect amounts, or timing differences. This process helps ensure accurate financial reporting and maintains good vendor relationships.

4. Quality Assurance Re-Review: Once the audit is complete, our QA team conducts a comprehensive re-review to ensure every detail was meticulously examined, maximizing recoveries achieved during the audit process. This rigorous step is a Broniec exclusive, reinforcing our commitment to delivering exceptional results.

5. Recovery of Funds: Our audit teams work to not only diligently identify overpayments, but also to recover those funds for clients. Once the claims are approved and confirmed, we contact suppliers to initiate a refund. We recover funds refunds, credits, or adjustments to future payments.

6. Audit Reporting: At the conclusion of each audit, we provide a final report detailing the types of overpayments identified and offer recommendations to prevent future occurrences. This contributes significantly to enhancing the efficiency of your internal processes and aligns with best practices in accounts payable.

Maximizing your company’s efficiency is a continual process that requires vigilance and expert insights. By partnering with Broniec Associates, you gain access to a comprehensive accounts payable audit that not only identifies overpayments but also offers actionable recommendations to strengthen your internal controls. Our unique approach, blending advanced technology with hands-on expertise, ensures every potential recovery is thoroughly explored. With a proven track record and a commitment to excellence, we empower our clients to enhance their financial operations and achieve lasting success.

Let us help you unlock new efficiencies and optimize your procure-to-pay function. Let’s talk, contact us today to schedule a meeting.