Recovering unseen losses

Welcome to SP Recovery Audit. We are a small, independent consultancy group who specialise in detailed Accounts Payable reviews and Recovery Audit.

Sometimes Accounts Payable is overlooked in the bigger picture of company image and profitability but it is the Accounts Payable ledger that manages the company’s purse strings, so it is important that this department works effectively and efficiently to ensure the maximising of company profits.

In the current economic climate ‘every penny counts’ and a regular audit of your Accounts Payable is an extremely cost effective way to discover where processing errors may have led to overpayments or duplicate payments to suppliers. For instance, if third party supplier statements are not reconciled on a regular basis then there is a possibility that processing errors can remain undetected and the supplier is overpaid.

SP Recovery Audit can undertake an in-depth review of your Accounts Payable, identifying problem areas and enabling the recovery of overpayments made to your suppliers. We provide a thorough review of your Accounts Payables processes and procedures and we can also review your Credit Control or Income processes.

Our services are tailor-made to each client’s needs. If you’d like more information or would like to discuss your requirements with us in more detail please contact us.

"Not only did Shelagh sort out our AP she devised and implemented several procedures including Supplier statement reconciliations and invoice registrations checks which tightened up our controls".

Financial Controller
Forensics and Diagnostics

Examples of recent cases

On behalf of a local authority we reviewed homecare agency staff invoices against both the signed timesheets and original contracts. On a sample of three months worth of invoices we found that five out of the six main agencies were overcharging on hours and rates. We contacted the agencies and credit notes were issued.

On another contract we discovered within just a couple of days that there had been overpayments made to one supplier to the tune of £60K.

And on another contract we even found duplicated supplier payments lurking in general ledger suspense accounts!