Improving Profitability Through Audit Recoveries
Global Food and Beverage
With revenues of more than $14 billion, this company produces foods marketed in more than 180 countries around the globe. It has been ranked among the “best global brands” and is a champion for foods that can help families thrive.
"I enjoyed being updated on the progress of the audit. apexanalytix has a great team and provides a valuable service to our company."
– Director, Disbursements
The company uses multiple payment systems to make billions in annual disbursements to a broad range of local and regional vendors – providing an environment where payment errors are tough to identify and to correct.
The company turned to apexanalytix to audit more than $20 billion in North American disbursements for duplicate payments, unclaimed credits and other issues. Using firststrike® audit technology, apexanalytix experts analyzed nearly 6 million invoices. They also conducted statement reviews of nearly 4,000 vendors.
Auditors returned profits to the company’s bottom line and positioned the company for a reduction in future losses:
• Recovered more than $2.5 million in overpayments and missed credits.
• Determined the top three causes of duplicate payments were disbursements made on multiple payment systems, inconsistent invoice coding and inconsistent invoice amounts.
• Determined that cancelled invoices and returns were two of the most common triggers for unclaimed statement credits.
• Provided benchmark data to indicate how the firm’s audit findings stack up against other industry peers.
• Made recommendations for process improvements and technology adoption to protect future disbursements from costly errors.