Vendor Statement Audit

/Vendor Statement Audit

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 [...]

Inaccurate Vendor Data Can Make Critical Corporate Initiatives Seem Foggy

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, vendor data touches multiple processes and can have a dramatic impact on priorities throughout an organization. Over the past few year, my [...]

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 [...]

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 [...]

Vendor Statement Audit – A Best Practice for AP Departments (Part 1 of 2)

Since the beginning of the recovery audit industry, traditional firms have focused their attention on client AP data to perform recovery reviews.  Statement auditing (the practice of collecting and reviewing supplier AR records) required a different process than a client-side review.  Due to manual labor and outreach requirements, traditional firms review only a small subset [...]

Recovery Auditing Misconception #4

Recovery Auditing Misconception #4:   I don't have the time or resources to support this process The Short Answer: It takes very little of your time or resources to support a Lavante recovery audit.  All you need do is send a basic vendor file and dedicate one employee for typically an hour per week. How is [...]

Recovery Auditing Misconception #3 of 4

Recovery Auditing Misconception #3:  Profit Recovery is not a current Priority and I can afford to wait. The Short Answer You may not be aware of it, but credits age and disappear over time. Once gone, they can’t be recovered. Our results show that delaying Lavante’s review could cost your company $62,500 per month for every [...]

Recovery Auditing Misconceptions #2 of 4

Recovery Auditing Misconceptions #2 of 4:  I already have a recovery auditor so I cannot use Lavante now. The Short Answer The Lavante Profit Recovery product is complementary to alternative recovery solutions.  Whether you are currently engaged with another provider, wrapping up an engagement, or planning to engage in the near future, Lavante’s unique offering [...]