Accounts Payable Review
Accounts Payable departments operate in a complex environment with both intra-corporate and external factors impacting their performance. Herrod and Associates recognizes that you have distinct needs and varying capabilities to support a post-payment transaction analysis. In spite of these differences, one overriding factor is constant: today’s business climate demands that all assets perform at their maximum efficiency, and the A/P Department is no exception.
Herrod and Associates can provide you with a comprehensive examination of the A/P function. This detailed look will recover revenues lost to vendor overpayments, incorrect payments, and contractual misinterpretations. Our experienced team will also analyze the root causes of these inaccurate payments and provide substantive recommendations for process and procedural improvements, which can prevent the reoccurrence of these errors. Herrod and Associates will help ensure your payable processes are functioning at peak efficiency.
We will provide written and electronic reporting data to support our analysis, detailing each discrepancy, why it happened, the vendor’s recognition of overpayment, and recommended actions for preventing future discrepancies. Your Herrod and Associates team will search for discrepancies in areas that include:
• Vendor master file
• Purchasing
• Receiving
• Returns
• Capital expenditures
• Tax and regulatory issues
• Contracts
• Internal controls
A Herrod and Associates review will provide:
• Contract compliance assessment
• A self-funding review of contracting procedures and accuracy
• Minimal client staff involvement
• Detailed report of findings
• Recommendations for improvements in processes and procedures
Herrod and Associates conducts a wide variety of reviews, including:
• Material suppliers
• Service suppliers
• Sales and use tax
• Construction contractors
• Business ethics
• Validate Insurance coverage