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.

2. 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.
3. 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.
4. 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.
5. 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.
6. 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. Compliance & Integrity
Make sure that the audit partner adheres to strict ethical standards and compliance requirements. The audit firm must have qualifications and certifications like SAS 70 or SSAE 18, which confirm their commitment to data security and integrity.

9. Fee Structure

People often wonder why fees for audits are so high. Becoming compliant can be expensive, not just in terms of the time and effort involved, but also in terms of money. Price is something you need to think about, and there are several factors that affect audit fees:

1. Time needed to complete the audit

2. How complex the audit scope is

3. The size of the audit scope

4. If there are any travel requirements to different locations

5. The level of risk involved

It might seem fine to choose the cheapest option, but as the saying goes, “Sometimes you get what you pay for.” Opting for a cheaper service could mean not getting the quality of service you expect in the short term. Moreover, if you have to bring in a more qualified team at the last minute to complete an assessment, it could end up costing you even more in the long run.

Finding a balance between competitive pricing and value is crucial. When looking at audit firms, try to find one that is transparent about their total price, and see if there are any cost savings for multiple assessments. This way, you can get the best value for your money.

By considering these factors and choosing a recovery audit partner that aligns with your business goals and values, you can maximize recoveries, strengthen vendor relationships, and improve overall accounts payable processes.

If you haven’t chosen an audit partner yet, please contact us to review your situation. AP Impact is a professional, reliable accounts payable recovery audit partner that can optimize your financial stability while also delivering distinctive services that add value to your operations.