Skip links

apexrecovery®

How General Mills Puts Cash on the Table with AP Reviews

General Mills’ recoveries are well below the industry average because of good process controls. But a recovery audit still makes financial sense.

Date:
Time:

January 12, 2021

1:00pm EDT

Speakers:

• Mark Brousseau, President at Brousseau & Associates

• Jeff Heinrich, Senior Global Process Specialist – Accounts Payable and Expense Reporting at General Mills

• Phil Beane, Senior Vice President, Global Field Operations at apexanalytix

Jeff Heinrich, Global Process Lead for P2P at General Mills, is a champion of procure-to-pay best practices. General Mills continuously refines SAP to catch duplicate payments then the AP team runs an internal review as a secondary pass. The company also relies on apexanalytix to complete a 90-day rolling statement audit and an annual duplicate check analysis to find anything that has fallen through the cracks.

General Mills’ recoveries are well below the industry average because of good process controls. But a recovery audit still makes financial sense. The last review returned nearly half a million in duplicate recoveries and $1.75 million in statement recoveries, adding valuable working capital to the business and pinpointing problem areas.

Listen to the interview with Jeff to learn:

• The four-step process to identify duplicate payments and statement credits

• The business case for an objective third-party rolling statement review versus adding headcount for an internal recovery audit

• Common reasons for duplicate and statement recoveries (e.g., no PO, unidentified volume rebates, return credits)

• Expansion of the AP review to other countries and why

• How feedback from the audit is great training material for their AP processing team

Using a Recovery Audit to Fuel Continuous Improvements

Case Study

Using a Recovery Audit to Fuel Continuous Improvements

Healthcare




Using Technology-Enabled Audit Services to Recover and Prevent Costly Losses

Case Study

Using Technology-Enabled Audit Services to Recover and Prevent Costly Losses

Global Food and Beverage

We use cookies on this site to enhance your user experience.
By clicking any link on this page you are giving your consent for us to set cookies. No, give me more info.