Statement Audits – Uncover Lost Money within the Vendor Master File

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tatement Audits – Uncover Lost Money within the Vendor Master File

Statement Audits – Uncover Lost Money within the Vendor Master File

Statement Audits – The Untapped Potential for Your Business. Statement auditing isn’t a new concept. It has been a part of the audit industry for quite some time. However, its traditional and manual processing nature limited wider use and true potential. Thanks to the unparalleled development of technology and fully automatized processes over the last decade, we’ve been given a unique chance of rediscovering and reinventing the statement auditing (SA).


Statement Audits Challenges v Opportunities


It comes without saying that each and any large-scale supplier simply has to deal with the overwhelming communication requests closely associated with the numerous subjects of its complex supply structure. In this sense, an automated statement auditing process can really turn out to be an invaluable helping hand. Thoughtfully structured and automatized auditing process can improve efficiency and ensure proper handling of immense supplier data. In addition, you can expect significant improvements when it comes to collecting and managing suppliers-related incoming information. Once successfully implemented and executed, the automatized statement auditing system can become an entirely new profitable opportunity for your business.

It’s worth mentioning that you don’t have to worry that an inevitable transition process from traditional to the modern comprehensive Statement Audit process is going to be both time and money consuming. These two auditing types are complementary in their essence. You don’t have to necessarily opt for one of them, but you’re also free to combine the most suitable elements. On the one side, you can use the traditional approach to focus more on the company’s discrepancies when it comes to audit records. On the other side, you can reach the impressive number of your suppliers’ records with the help of modern and automatized SA. Successful combining of these two can easily double the recovery dollars for your business.


Is Comprehensive Statement Auditing the Best Practice?


Traditional auditing has survived thanks to its ability to significantly recover your opportunities. Now, thanks to the latest technologies and automatization processes, you can reach and process suppliers-related data at a much greater scale. As a result, your business can expect a significantly higher rate of statement claims. At the same time, auditing professionals should rest assured that Statement Audits will not only recover more dollars for their companies on a regular basis but also be less intrusive and demanding as wrongfully expected. Is the comprehensive statement auditing the best practice for your business? The answer itself just couldn’t be clearer and more obvious. This is a genuine win-win; you simply can’t afford to neglect. You don’t have to make painful choices between traditional recover and modern statement auditing processes. They’re fully complementary in their nature. If you manage to combine them successfully, you’ll get the full review, which includes both auditing data and records associated with all of your suppliers. As soon as you start doubling your recovery dollars, you’ll realize how invaluable this approach really is. If you’re looking for a fresh new auditing initiative to increase your recovery rate and overcome the inefficiency of the current recovery audit system, then comprehensive statement auditing is definitely the best practice your business can possibly get.




Joe Flynn is a Silicon Valley Entrepreneur who created Lavante, Inc. Lavante was started with the vision using Machine Learning, Natural Language Processing and advanced Data Extraction techniques to transform the traditionally manual-based Account Payable Recovery industry. Lavante Was acquired by PRGX Inc. in November 2017. Joe is currently working on a new venture using Artificial Intelligence and Machine learning to transform trade partner communications across the entire supply chain.