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Recovery auditing can be very beneficial when there is a significant or impactful change in an organization for several reasons:
During times of significant change, such as mergers, acquisitions or organizational restructuring, financial leakage can occur. This leakage may result from duplicate payments, overpayments, pricing errors, unclaimed credits or contract non-compliance. A recovery audit helps identify these discrepancies and recover the funds, contributing to improved financial health during a period of change.
Auditing helps identify these financial discrepancies and recover the funds, contributing to improved financial health during a period of change. This allows you to receive proper cost recovery.
During periods of change, companies may face resource constraints, increased workloads or a lack of focus on routine financial processes. This can lead to inefficiencies and oversight in accounts payable, accounts receivable and other financial operations. An AP recovery audit helps streamline processes, improve data accuracy and identify opportunities for process improvements, thereby enhancing operational efficiency.
Major changes often require significant investments or financial resources. Recovering previously unidentified overpayments or duplicate payments through a recovery audit can inject cash back into the company, improving cash flow during a time when financial resources may be stretched.
Change can be disruptive and create uncertainty within an organization. Conducting a recovery audit sends a message that the company is committed to maintaining financial controls and ensuring the integrity of its financial processes. Auditing demonstrates a proactive approach to addressing potential financial risks and can help build trust and confidence among stakeholders during times of change.
A recovery audit can yield valuable insights into financial trends, patterns and risks within the company. By analyzing recovered funds, identifying root causes of discrepancies and evaluating process inefficiencies, management can make informed decisions regarding cost savings, process improvements and risk mitigation strategies during times of change.
A recovery audit should be conducted by an experienced seasoned recovery audit firm. By leveraging their expertise, companies can effectively navigate the financial challenges associated with major changes and safeguard their financial health and vendor relationships. Get in touch with an Illumis Expert.
Working for Illumis for 21 years, Brush has been instrumental in the growth of the company. Brush served as Vice President at Illumis before stepping into the role of President / CEO and has been involved in all aspects of the company’s business throughout his career.
Brush’s approach to his role centers on the motto of Illumis, Bright Ideas for Better Profits. Known for his loyalty, team building, and tough but fair expectations, he empowers employees to deliver, therefore fostering a company culture that ensures customers can count on people.