AP Industry

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Exploring Fraud in the P2P Environment

All Companies Suffer from Fraud Companies of all sizes across all industries are at risk of fraud from internal and external sources.  One asset in particular that suffers significantly from the risk of fraud is the master vendor file.  For most companies, the population of vendors and suppliers is so massive, complex, and multi-faceted that [...]

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 [...]

Days Credits Outstanding – a new metric for managing cash flow

Days Sales Outstanding (DSO) and Days Payables Outstanding (DPO) are important, widely used metrics to manage working capital.  Financial managers monitor these statistics very closely and regard them as key performance indicators as they work to maximize overall cash flow as well as transactional efficiency.   Through our audit work communicating with extremely large numbers of [...]

By | August 24th, 2014|Categories: AP Industry|Tags: , , , , , |0 Comments

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 [...]

Recovery Auditing Misconceptions #1 of 4

Recovery Auditing Misconception #1 of 4:  There aren't enough recoveries to justify the effort The short answer: You don’t know what you don’t know. Especially if you don’t, or can’t look. Often, companies that we speak with have been underwhelmed by the volume of recoveries that traditional profit recovery firms have identified in the past, [...]

AP Now and Tomorrow’s Mary Schaeffer Joins Lavante for Emerging Master Vendor File Practices and Issues Webinar

AP Now and Tomorrow's Mary Schaeffer Joins Lavante for Emerging Master Vendor File Practices and Issues Webinar