Capture credits for improved profitability
Top-performing financial services teams rely on regular vendor statement reviews to help them uncover credits that have never been applied or paid. It is a best practice that can make a significant impact on your company’s bottom line. In fact, our auditors tell us that supplier credits typically represent 70 percent or more of all audit recoveries.
How do credits get missed? Common triggers include merchandise returns and markdowns, canceled orders, rebates, unapplied cash discounts, freight allowances, forgotten deposits and even credit memos mistakenly paid as invoices. The potential losses can be significant. Think about the thousands of suppliers your company buys from globally and you’ll have a feel for the potential value a statement audit can deliver.
Conducting an effective statement audit is part science and part art. The “science” involves using the right technology, processes and analytics. The “art” involves communicating effectively to preserve valuable supplier relationships. You’ll find that APEX Analytix excels at both.
The APEX Analytix Advantage
- APEX Analytix FirstStrike® analytics to consolidate and analyze data from disparate purchasing and disbursement systems.
- Predictive models that allow us to forecast uncaptured credits and which suppliers they are likely to come from – helping us focus our efforts and achieve rapid results.
- Global centers of excellence to hone consistent, repeatable processes and help you get more out of your audit engagement.
- Highly skilled auditors experienced in the precise industries and regions where you do business, with fluency in more than 20 languages.
- Client relationship officers who are skilled in pursuing recoveries from valued suppliers crucial to your business.
- Online access to your statement review via our FirstStrike® Audit View portal. You can get a big picture look at results or take a deep dive into the details, all in real time.
- Root cause analysis of the findings we uncover and comprehensive recommendations for process improvements that can reduce future losses globally.