Reduce the risk of errors and fraud in your supplier and procurement processes.
Every day, your company is making agreements and setting up deals with suppliers. These decisions can take many forms – alterations and extensions to terms under existing contracts, credit notes for substandard goods and services, new procurement deals with established suppliers, a handshake on a brand new relationship … but these arrangements do not always turn out as planned.
68% of businesses have errors in supplier invoices leaving them open to risk and fraud. Errors including missed or unallocated supplier credits, invoice processing errors and duplicate or inaccurate payments can lead to huge consequences for your business.
Mistakes and failings by suppliers can be costly to your business, but many companies do not have the process checks or controls in place to identify where errors are occurring. Recent research shows that businesses only check 52% of invoices for duplication, errors and fraud.
Recovery Audit is the key to improvement.
Our VAT Recovery Audit is driven by the struggles companies have in dealing with the complexity and evolving nature of VAT regulations.
Recovery Audits remove the doubts that exist around supplier relationships and provoke significant improvements in the process through the findings that our investigations uncover. In addition, our Recovery Audit is proven to uncover savings for clients worth an average of 0.5% of their total supplier spends.
Our experience enables us to facilitate a forensic review of both your Procurement and Finance functions in a manner that pays for itself several times over. Our significant experience means we know where to look in your process for Accounts Payables and Receivables to quickly identify issues. Some of the most common errors we uncover include missed or unallocated supplier credits, invoice processing errors and duplicate/inaccurate payments.
Work with Taxback International
Taxback International create and perform a range of tailored end to end, forensic audits and compliance services to identify process gaps and recover overpaid VAT to minimise the risk of regulatory issues and penalties for your business. We then work with clients to understand how the errors occurred to minimise the risk of future errors.