Recovery Audit

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How is Recovery Auditing Just Like Halloween?

It is that time of year again... Halloween! In just a couple weeks, millions of children between the ages of 3 and 13 (and well beyond) will be dressing up as their favorite monster or princess or who-knows-what and scouring their respective neighborhoods to maximize their candy accumulation. During my youth, my friends and I [...]

By | October 13th, 2016|Categories: Recovery Audit|Tags: , , |0 Comments

Processes & Controls Surrounding Supplier Data

Blog Series:  Lavante Guide to Optimizing Supplier Statement Auditing This is the second in a four part blog series by Lavante's Josh Morrison.  In this series Josh lends his insights from over twenty years of experience as a Procure-to-Pay expert.  Blog#2 –Processes & Controls Surrounding Supplier Data Accounts Payable Recovery Audit has been around for [...]

Financial Impacts of Statement Auditing

Blog Series:  Lavante Guide to Optimizing Supplier Statement Auditing by Josh Morrison In this four part blog series, Josh Morrison of Lavante lends his insights from over twenty years of experience working as: a global head in the P2P suite for a multi-billion dollar enterprise; a highly regarded industry consultant; and a Senior Solution Expert [...]

Garbage in, Garbage out: The Importance of a Clean VMF

When it comes to eating healthy, one adage stands above all else: "You are what you eat." As a kid, it manfests as health class trying to preach the virtues of salads right before the lunch room serves you fried chicken and mashed potatoes. As adults, the never ending battle between our taste buds and [...]

Great Blog Post on AP Now & Tomorrow

You can count on Mary Schaeffer to make complex things simple and to make simple things profound. She posted a great article on her blog this week related to Credit Memos and why so many credit memos go unrealized.  This is a nice discussion adding a little more oomph into her one-woman crusade for making the [...]

Profit Recovery & Easter?

What do Profit Recovery Firms and The Easter Bunny have in common? When I was young on Easter morning my parents used to hide plastic eggs around the house with little surprises in them. Some eggs had candy. Some eggs contained dental floss in them (I didn’t care for those eggs so much) and some [...]

Seven Tips to Avoid the Impact of Bad Supplier Data

Bad data can be at the root of many finance and accounts payable challenges. And there are many ways vendor data can be processed that cause duplicate vendor files to be set up. Consider the various ways that a company names can be constructed.  The screen shot below how the Lavante Contact solution has located [...]

Building a Case for Vendor File Mangement

Over the years of doing webinars about Vendor File Management, I have been shocked by how much feedback these presentations have generated.  One of the most intriguing topics from these webinars was how to build a case for a vendor file management program.  Although it may require time on your part, the most effective way [...]

By | September 2nd, 2014|Categories: Recovery Audit, Supplier Information Management|Tags: , , , |0 Comments

Inaccurate Vendor Data Impacts Multiple Departments and Can Jeopardize Critical Corporate Initiatives

Without current, accurate vendor data, a long list of corporate initiatives can be rendered unmanageable or even impossible to execute. From procure-to-pay, supplier diversity and tax compliance to strategic sourcing and social responsibility, supplier data touches multiple processes and can have a dramatic impact on priorities throughout an organization. In my professional career, first as [...]

Vendor Statement Audit – A Best Practice for AP Departments (Part 2 of 2)

In part one of this blog we discussed how the traditional approach to vendor statement auditing recovers only up to $100,000 per every $1B audited annual whereas a proper statement audit should recover 5-10X that amount.  In this blog I would like to discuss how and why Lavante is able to hit those much higher numbers. Lavante [...]