The processing of high volumes of payment transactions, complexity in systems and diverse purchasing arrangements can result in various forms of processing error. Although the majority of errors are rectified, even well managed organisations will have some level of cash leakage arising. Existing options to identify and recover transaction errors involve using third party recovery audit specialists or the internal audit function.
Enabling the capability to perform ‘self-audits’ within the P2P function have proven difficult due to the lack of resources, time and the availability/application of suitable data interrogation tools for internal use.
SpendGuardian™ Self-Audit delivers a continuous audit process enabling our clients to define audit scope and frequency to match internal resources and avoid traditional recovery audit fees.
Payment errors can be detected and resolved quickly to improve cashflow and minimise supplier relationship issues.
The SpendGuardian™ Self-Audit service provides powerful data analysis and reporting tools to detect a wide range of transaction errors such as duplicate payments, VAT errors, pricing and discount anomalies, fraudulent trends/patterns and data quality issues.
The comprehensive reporting suite contains standard and customisable reports via a secure hosted web portal.