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 2% chance that you’ll identify them yourself. That’s why a statement auditor working on this ask is an invaluable helping hand for your AP department. Yet, there’s a catch. How to make sure that you’ve picked the right statement auditor for your company?
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.