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Improving Profitability Through Audit Recoveries

Improving Profitability Through Audit Recoveries

Global Food and Beverage

Overview

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

Challenge

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.

Solution

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.

Results

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.

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