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Cost Recovery: Improve Your Bottom Line without Cutting Costs
3/19/2009

Times are tough, so what do you do? Cut costs, right? Which usually translates to slashed budgets and reduced headcount. While this may improve your bottom line, it's usually short-lived and tends to lead to additional errors within the accounts payable process. So what's the alternative? Cost Recovery. It can improve your bottom line without sacrificing personnel or mindless reductions in budgets. It also looks for errors and fraud within general payment processes, as well as, specific reviews of vendor categories such as freight, telecom, advertising, and health care spend. Cost Recovery reviews also act as "free testing" for purposes of Sarbanes-Oxley. Find out how your organization can benefit from Cost Recovery without cutting costs. In this practical web-cast, you'll learn how to:Utilize Cost Recovery Auditing to Improve Your Bottom Line
  • Learn the areas you should be investigating
  • Secrets of recovery auditing stars: Often overlooked areas that can bring savings
  • Why recovery auditing can increase your organization's profits
  • Learn key steps to overcome obstacles to starting cost recovery efforts
Improve AP Practices through Cost Recovery Auditing
  • Identify duplicate payments, errors, over and under payments
  • Learn how to eliminate redundant vendors and missed discounts
  • Develop strategies for catching and correcting problems in your payment processes
Implement of Recovery Auditing Practices
  • Understand the first steps of recovery auditing
  • Assess your organization's needs (Understand how to assess your supplier universe for recoveries and risk rank the range of opportunities)
  • Internal vs. external auditing ? the decision process
  • When should you perform a cost recovery audit
Integration with Sarbanes-Oxley
  • Be able to integrate Cost Recovery into the SOX process and work-papers
  • Appreciate the benefits to be gained from cost recovery audits including paying for the S-Ox effort



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Author: Charlie Bross

For more information about the author: http://HRTrainingCenter.com

This article is relevant to the following keyword(s): 'accounts payable, ap, cost recovery, audits'

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