What the Right Statement Auditor can do for Your Company?
The majority of purchasing errors, which include suppliers, simply fix themselves in a time period ranging from 90 to 120 days. However, after this period you have less than a 2% chance that you’ll identify them yourself. That’s why a statement auditor working on this task is an invaluable helping hand for your AP department. Yet, there’s a catch. You need to make sure that you’ve picked the right statement auditor for your company. Not all firms have the same capabilities, and not all firms can deliver the same results.
Keys to Choosing the Right Statement Auditor
#1 – The right statement auditor uses the right kind of technology and automatized systems, which allow them to process high volumes of supplier data
#2 – Pick the deep diver, who will make sure that your process reaches the widest supplier population, which is the best possible guarantee you’ll recover more dollars back to your business
#3 – Keep the process flowing, your right statement auditor has to make sure that the entire statement auditing process is uninterrupted and supported with up-to-date data from start to finish
#4 – The right statement auditor needs to give you the full transparency of his process and results, which means that you have to have the real-time feedback at any given moment
#5 – The effective and successful statement auditing process isn’t supposed to be intrusive for your company’s daily operations, which is a thing definitely worth remembering when you’re making a choice of your next statement auditor
#6 – Finding and recovering dollars is the main, but not the only objective of statement auditing, which also have to timely identify processing errors before they become serious issues
Benefits Derived from Statement Auditing
Modern statement auditing strongly differentiates itself from the traditional statement auditing thanks to its comprehensive, automated, and continuous character of processes involved. Thanks to this major difference you can expect the following benefits while trying to recover as many dollars as possible for your company.
- More vendors your reach – more dollars you recover. It’s really as simple as that. The catch is to use the latest technologies and automatized systems in order to achieve this.
- How do you know that the right statement auditor works for you? Well, vendor recovery dollars start appearing almost immediately. Quick results are definitely one of the most appreciated benefits here.
- Ongoing recoveries are the logical and expected results of continuous statement auditing, which is an ongoing process, rather than a one-time project.
- The continuous work and statement auditor’s ongoing involvement improve and cleanse the supplier data all the time.
- The right statement auditor spreads his proactive approach outside his field of activity helping your company to efficiently process any potential issues with suppliers, including future reconciliation problems
The right statement auditor can certainly do a lot of positive things for your company. Yet, you need to follow these key points in order to make sure you’ve found the right now. In addition, this list of benefits can be used as a check-list of statement auditor’s efficiency. At the end of the long auditing day, it will all come down to the number of recovered dollars for your company.