5 Reasons Why Your Business Needs an Invoice Audit Recovery Strategy

If you have a business, there’s a chance that you could be losing money without even realizing it. That’s right. Lost revenue could be flying under your radar.

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Let’s take a closer look at 5 reasons why your business needs an invoice audit recovery strategy. 

1. It Can Help You Reclaim Lost Funds 

If your business sells products, it’s important to have a good parcel auditing system in place. Billions of dollars in eligible refunds aren’t claimed every year by businesses that use delivery companies like FedEx and UPS. 

An invoice audit recovery program reviews and analyzes shipping invoices for invalid charges, billing inaccuracies, and other issues that may have caused your small business to lose money during a sale. Going forward, an invoice audit recovery program will help prevent these problems from recurring. 

2. It Will Help You Catch Duplicate Payments

Duplicate payments happen sometimes. They can happen on the business side of things or on the customer’s end. Although most customers will catch a duplicate payment, this isn’t always the case. 

One of the benefits of recovery audits is that they’ll catch any duplicate payments that have occurred. If you’ve made any duplicate payments to vendors, this can help you get the refund you deserve. You can also provide refunds to any customers who may have overpaid. Remember that the key to a successful business is maintaining customer loyalty. Ensuring that your customer’s satisfaction is met is a great way to do that.

3. It Will Help Identify Any AP Flaws

A good invoice audit recovery system can help you detect and identify any weaknesses in your accounts payable (AP) system. As you probably already know, the AP process consists of three steps: purchasing the order, receiving the order, and paying the invoice.

Unfortunately, things don’t always go that smoothly. There are a number of types of errors that can be caught by an invoice audit recovery system. For example, you might be automatically ordering products from a vendor who’s changed the price of a product—and the price hasn’t been adjusted, costing you bundles of extra money. Another example is that you might be auto-paying for items and not actually receiving the deliveries. 

4. It Can Help Your Business Perform More Efficiently 

Regardless of what type of business you own, an invoice audit recovery can help you perform more efficiently. Whether you’re a supplier or a manufacturer, having a system in place can ensure all of your business processes are running smoothly and efficiently. 

5. It May Change Your Entire Invoice System 

A recovery audit can detect major invoice problems, including missed invoices or inconsistent invoices. It will also pick up on other errors that could be seriously hurting your business’s profitability. Once you’ve gone through a recovery audit, the way you send invoices could change — for the better. A better invoice system can help prevent your company from missing out on future profits. 

Should You Hire a Company or Invest in Software? 

Although you can hire a company to do a manual invoice audit recovery for your business, this can take a lot of time and will cost you a lot of money. Your best option is to invest in a good invoice audit recovery software program.

Most business owners understand the importance of having a good invoice audit recovery strategy. That being said, this is something that many businesses allow to fall by the wayside when it comes to running their business. But without a system in place, you can end up losing a lot of money and not recognizing important errors in the long run. 

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