How To Choose The Right AP Recovery Audit Partner

Businesses often face situations where they lose profitability and are not quite sure how it happened. The cause can typically relate to the inability to pinpoint weaknesses that led to the loss. This is where an accounts payable recovery audit can play a vital role. It helps businesses to reclaim lost income and identify weaknesses in accounts payable processes.

However, it is important to choose your accounts payable recovery audit partner wisely. The right partner can significantly impact your bottom line by maximizing recoveries and offering valuable insights for process improvement. Here are some key aspects you should keep in mind while choosing the best accounts payable recovery audit partner for your business:

1. The Best Audit Partner Should Understand the Why:
An expert accounts payable recovery audit partner doesn’t just scan for errors – they understand why those errors occur. Look for a partner who will delve deep into the root causes of erroneous payments, such as vendor master errors, inconsistent procedures, or misaligned ERPs. They must also check the AP processes thoroughly and review the internal controls carefully to understand company dynamics. This understanding helps them to identify the root causes of loss, reducing false positives, and uncovering more overlooked income.

2. Experience & Industry Knowledge
The right accounts payable recovery audit partner should have relevant experience and qualification. Check whether the partner has considerable experience in the industry you operate in. The audit partner should have knowledge about the AP processes and industry-related challenges so that they may be able to undertake the recovery audit process efficiently.

3. Knows How to Use Technology and Processes
The audit partner should utilize technology to maximize the amount of time their team can spend on analysis.  The best accounts payable recovery audits combine advanced technology with streamlined processes. Choose a partner that knows data analytics, data mining techniques, and how to use the automated software to analyze payments quickly and accurately. Automated technology  can detect errors on a large scale, minimizing the risk of manual oversight. If the audit partners solely rely on manual methods, they will likely miss errors and waste time.

4. Choose an Independent Audit Partner
Audit processes should be transparent and fair. Choose a partner that maintains strong integrity and clear communication. They should offer a centralized audit portal, providing real-time visibility into flagged accounts, recovery progress, and outstanding issues. This level of visibility and transparency develops trust between the company and the audit partner and allows for proactive management of processes and partnerships.

5. Maintain Relationships:
A recovery audit shouldn’t strain your vendor relationships. Look for a partner that understands the importance of maintaining positive vendor interactions, even when recovering funds. Ensure that any communications made with vendors are reviewed and approved by your team to avoid any misunderstandings or negative perceptions.

6. Repute and Track Record
Maximizing the recovery is your objective so look for the audit partner that has a good track record of recovering overpayments and identifying process weaknesses. You can do it by reviewing their client’s testimonials and by getting information about their past projects from various sources. 

7. Customization & Flexibility
Choose an audit partner who can provide services according to your specific needs. They must be flexible in terms of audit scope, reporting formats, and frequency of audits. No accounts payable system is perfect, which is why regular audits are crucial. Consider scheduling an accounts payable recovery audit at least once every two years to ensure that no money is left on the table. A reliable partner will perform an audit  for your firm that will not only recover funds but also help in identifying and addressing any overlooked issues that cause leakage.

8. Preventative Technology Solutions
When selecting an Accounts Payable recovery audit partner, it’s important to choose one that goes beyond just identifying past errors. A truly valuable partner should offer preventative technology solutions that help detect duplicate invoices before they are paid, not just after the fact.

While historical reviews are important for recovering lost funds, the ultimate goal should be to prevent overpayments altogether. By integrating real-time duplicate detection tools that analyze invoice data across vendors, payment systems, and time periods, your A/P team can catch issues before they impact your bottom line. This proactive approach not only reduces financial leakage but also strengthens internal controls and improves audit readiness.