Recovery Audit and Fraud Management

As Accounts Payable specialists we can help return lost profits by finding hidden errors and anomalies that have been paid inadvertently to suppliers by our clients. We not only return these lost profits but we advise on process improvements and provide a suite of financial reporting tools that facilitates best practice. 

We provide high-quality professional consulting services managed by experienced and qualified managers and associates. Our experience covers all types of organizations and many within the Dow and FTSE 

Most companies are now looking seriously to counter the intense competitive pressures in their markets over the coming years. We provide unique and dynamic services to help clients develop world-class performance capability.

e-docs UK objective is to provide a high level of professional service in the field of disbursement analysis that is accompanied by a globally unique reporting and benchmarking system that has been developed and can be customised to meet the unique requirements of each Client. It is our belief that no other company offers this bespoke service.

Recovery Audit

Our approach to Historical Cost Recovery is non-intrusive. After receiving a data download of your accounts payable, we identify, among other things, duplicate payments, over-payments and VAT discrepancies, covering both direct and indirect costs. We then recover this money on your behalf, acting as a ghost department of your accounts payable team. The service does not involve you or your staff in any work and our fees are contingency based. In other words we work on a “no win—no fee” basis. 

We

• Audit accounts payable transaction and processes in accordance with requirements
• Recovery from supplier undertaken by e-docs UK Data Services
• Provide transaction analysis and supplier profile reports
• Deliver detailed reports on findings and recommendations on process improvements
• Increase current earning and enhance shareholder value 

Contract Compliance

e-docs UK completes a detailed examination of all key contracts/agreements and charges to identify any errors or weaknesses.Where appropriate we will compile comprehensive claims to be submitted to a Client’s suppliers.

We provide the Client with a report on their internal processes around contract compliance, identify ways in which these can be strengthened.

Examples of Procurement Discrepancies Identified 

Identify errors due to:- 

• Unclaimed Supplier Rebates
• Advertising and Promotional Allowances
• Pricing discrepancies
• Quantity discrepancies
• Media Advertising
• Contract Supplier Agreements
• Maintenance Contracts 

Fraud Management

Fraud costs the world economy approximately $500billion annually, This covers all types of organisations, government and private and all types of fraud.

It is well understood that it is difficult to prevent determined fraudsters, particularly where collusion is involved. With this in mind there are three golden rules that organisations should follow to minimise the risk of fraud occurring in the first place, or subsequently detect fraud that has happened.

• Ensure internal controls are robust and reviewed frequently and there is a structured approach to corporate governance with well documented and communicated Codes of Conduct particularly relating to whistleblowing.
• Ensure that your employees are who they say they are, follow up on references, validate educational qualifications and verify work histories.
• The third rule below is where e-docs UK are specialists and can assist any organisation.
• Use data mining to uncover unusual trends, patterns or similarities that fit the profile of potentially fraudulent transactions.
   

Benchmarking

e-docs UK has developed a number of benchmarking reports and solutions that it has built over many years in the recovery audit industry. Our philosophy is that the only true benchmark for a Client is against themselves. e-docs UK service will assist Client’s by allowing year on year comparisons in respect of data processed, suppliers used, volumes and values of transactions.

Benchmarking is usually carried out by individual companies. However, it may be carried out collaboratively by groups of companies (eg subsidiaries of a multinational in different countries).

e-docs UK will work with a Client to identify problem areas - Because benchmarking can be applied to any business process or function, a range of research techniques may be required. They include: informal conversations with customers, employees, or suppliers; surveys, questionnaires, reengineering analysis, process mapping, quality control variance reports, or financial ratio analysis.