Do You Really Need Accounts Payable Audit Software/Recovery Audit Software?

"Does your business really need accounts payable audit software or recovery audit software?"

Good question says Ray Dorney Director - Rockford Associates Limited.

 

Accounts Payable Software

Does your business really need accounts payable audit software or recovery audit software?

On first viewing you would have to say yes. Why is that? Because anything that can strategically assist and eradicate overpayments at a preventative level had to be right for the business and overall organisational spend, or at least that is how I used to feel about it. Surely prevention is better than the cure?

Ray why does the past tense “used to feel about it” come into your thought process with recovery of overpayments or at minimum what do you feel has changed during say the last 3 to 4 years?

 

Rockford Audit Practitioners nationally serve;

• Commercial Businesses

• Charities

• NHS Trusts

• Housing Associations

• Local Government

• Further Education

 

We rely upon the relationships developed with these clients as they upon Rockford’s honesty and integrity of the professional business relationship.

As a Professional Salesperson with thirty years’ experience delivering managed services, enterprise software as an Application Service Provider (ASP) consulting and ancillary services I gradually came to accept my first impressions of Accounts Payable Audit Software could be wrong. Initially, I felt these kinds of preventative software to be a great thing however always kept an open mind as I knew longevity would prevail and Clients experiences would ultimately answer our questions on purchase of Recovery Audit Software.

Logically who on earth wants to keep “reinventing the wheel” by the purchase of Accounts Payable Audit Software for duplicate payments when controls already exist within many of the Financial applications used by Clients? Ray goes onto say, “I can recall the days when Clients used all possible means to prevent unnecessary capital expenditure of external software, installation, maintenance, training, upgrades and ongoing licence support costs associated with external software. It was even difficult to make a justified business case for support on an Enterprise on ASP type basis”.

Credible and longstanding Rockford Clients including many FT100 businesses have consistently reiterated Recovery Audit Software purchased continually failed to meet expectations the Chief Financial Officer or Finance Director had placed upon the internal Account Payable Team who try to work with these products on a daily, weekly or monthly basis.

No Accounts Payable Manager or AP Team Leader wants to say to the CFO or FD that the Duplicate Payment Software purchased is failing to pick up all overpayments or that the Accounts Payable Audit Software & Solution provided failed to deliver the same fiscal benefits as the traditional Rockford contingency fee based Accounts Payable recovery audit.

Logically who on earth wants to keep “reinventing the wheel” by the purchase of Accounts Payable Audit Software for duplicate payments when controls already exist within many of the Financial applications used by Clients? Ray goes onto say, “I can recall the days when Clients used all possible means to prevent unnecessary capital expenditure of external software, installation, maintenance, training, upgrades and ongoing licence support costs associated with external software. It was even difficult to make a justified business case for support on an Enterprise on ASP type basis”.

Today’s AP Department has changed as has the world of enterprise software and ERP however enterprise software is not a new revelation to the world. What has changed is the way the “presentation” of Recovery Audit Software or Forensic Types of Software have been positioned to the CFO and FD thus presenting an impossible “panacea” to all the problems associated with Accounts Payable Recovery Audits.

Rockford’s AP Audit Practitioners will continue to explore the case Do You Really Need Accounts Payable Audit Software/Recovery Audit Software? based on feedback from Clients and those who purchased Accounts Payable Audit Software/Recovery Audit Software during last three years.

 

So why choose Rockford?

Rockford Associates Limited has recently published its Post Audit Review (PAR) findings for its core Accounts Payable Audit service. Reviews are conducted Independently of the Audit Practitioner who delivered the works encouraging Clients to freely express their honest feedback and opinion. (see below)

• 100% of Clients agreed AP Audits were not disruptive

• 91% of Clients agreed another audit would be likely

• 100% of Clients would recommend Rockford’s AP Audit service to another party

Commenting on the findings, Ray Dorney said “The feedback is pretty impressive and moreover it is good we have proven Client analysis to allay the fears and concerns of potential future Clients who are perhaps missing out on the monetary and validation benefits associated with contingency fee based AP Audits”.

For some expert help in identifying areas where your suppliers may be misreporting figures or contributing to overpayments contact Rockford Associates for a confidential and no obligation initial consultation.