Our core offering is the analysis of payment records to aid the identification of purchase ledger overpayments and their subsequent recovery from suppliers; additional services include the recovery of unclaimed or under-claimed VAT and a supplier contract compliance review.
Rockford adopt a multi-faceted audit approach with a view to maximising recoveries for our clients.
Our Accounts Payable audit consists of a review of historic payment transaction data. We use our proprietary in-house forensic software to uncover overpayments resulting from:
Goods or services being paid for twice
Payments being made to the wrong supplier;
Payments being made in the wrong currency;
The by-passing of existing software duplicate checks;
The same invoice being paid across different Accounts Payable systems, countries, divisions or ledgers
Credit notes being paid as invoices
Our software produces over 50 audit reports, each looking to identify overpayments using different criteria and algorithms. Where applicable, our software will look for overpayments across data from different entities, countries, divisions and systems within our client organisations. This can be of particular value where a client has been subject to organisational change or have changed their Accounts Payable software.
We will also identify and investigate those suppliers who, from our previous experience with other clients, are most likely to have hidden or removed overpayments.
Rockford examine your accounts payable transactions to identify any unclaimed or under claimed UK and International VAT. We will liaise with your VAT team and prepare a claim schedule including copy VAT invoices for each recovery item and provide all the necessary assistance in submitting a claim to HMRC.
We carry out our VAT review at the same time as our other services. VAT can be reclaimed for a period going back 4 years prior to the current date. As for all our other services, we only invoice when monies are agreed and recovered.
This is an important part of our audit process and is proven to lead to significant recoveries. Based on the volume and value of transactions (and as agreed with a client), we will circularise a client's suppliers to identify hidden overpayments in the form of credit notes paid as invoices, unallocated cash and missed credits.
To maximise the value of this exercise, we use email (wherever possible), letters and phone calls to achieve a high response rate.
Suppliers often use this exercise to notify our clients of changes to contact details or payment procedures and often to advise of remittance email addresses. We feed this information back to our clients to allow them to update their supplier master database.
Our audit will also, where applicable, include a review of potential recovery resulting from non-compliance with contracts, specifically in relation to:
Settlement discounts, pricing, over-riders and returns;