Statement Audit Services
recover credits hidden on your supplier’s books and prevent them in the future
apexanalytix Statement Audit Services
Benefit from AI-Assisted Reviews That Uncover More Hidden Credts and Do It Faster
apexanalytix supplier statement audits are designed to uncover outstanding credits that haven’t yet been applied or refunded. Think about the thousands of vendors your company buys from globally and you’ll have a feel for the value a statement audit can deliver. The potential recoveries can be significant.
How do credits get missed? Common triggers include merchandise returns and markdowns, canceled orders, forgotten deposits, credit memos mistakenly paid as invoices, and unapplied rebates, discounts or freight allowances.
With our technology-powered, best practices-based approach, apexanalytix helps you uncover more hidden credits and do it faster than ever before. We begin with predictive analytics developed through the application of machine learning and over 10 million communications with suppliers to the Global 2000 each year. Claim Likelihood Scores focus activity on suppliers most likely to have open credits. We’ve also automated supplier statement requests to replace cumbersome, manual outreach with automated email and auto-dial campaigns.
To further reduce the time to value, much of our reconciliation process is touchless, as well. We use software to extract transaction data from your procure-to-pay systems, compare it to supplier statements submitted online, and flag any unapplied discounts for follow-up.
Expert auditors and recovery specialists ensure nothing slips through the cracks. They communicate directly with suppliers to ensure maximum compliance and negotiate positive outcomes.
The result is the highest stick rates in the industry and more commercial AP recovery audits than any other provider in the world.
Our Technology Advantage
- Cognitive artificial intelligence technology capabilities are integrated into our supplier statement audit processes by a team of data scientists.
- Predictive analytics identify vendors most likely to have outstanding credits on their books – helping us focus our efforts and achieve rapid results.
- Scripts allow us to extract data automatically from any standard or homegrown payment platform.
- Integration with our smartvm® of over 20 million-plus suppliers with contacts, automated skip-tracing, integrated dialing and microtargeting to accelerate supplier outreach.
- The apexanalytix Audit View portal for 24/7 access to real-time audit data and results.
Our Process Advantage
- A Global Center of Excellence focused on carefully honed, consistent processes that help you get more out of your audit engagement.
- A 99%-plus “claim stick rate” thanks to our multistep validation process.
- An end-of-audit Management Assessment Report that includes the root causes of errors and recommendations for preventing future losses.
The apexanalytix advantage
- Protecting $6.4 trillion in annual spend globally.
- More than 10 million supplier interactions annually.
- A specialized team of vendor statement analysts, supplier relations specialists and project managers.
- Fluency in 20 languages, covering 98% of global trade.
Broaden your recoveries with comprehensive global audit services
- Accounts payable audits and supplier statement audits to help you find and recoup duplicate payments, missed discounts, uncaptured vendor statement credits and more. Learn more.
- Retail merchandise audit services that shorten audit cycle times and help you recover overpayments across all aspects of your retail operations – from accounts payable, pricing and promotions to vendor allowances, freight, inventory and deal terms. Learn more.
- Pricing and contract compliance audits that explore your direct and indirect spend to ensure negotiated prices and terms are making their way to your bottom line. Learn more.
- Pre-escheatment and unclaimed property recovery to help you recover unclaimed property, avoid fines and keep funds from being escheated to government authorities. Learn more.
- An audit of taxes paid on goods and services to help you recover any overpayments, identify your potential exposure and prepare a rigorous, fact-based defense for tax authorities.Learn more.