Audit Recovery is a necessity for companies looking to maximize recoveries within their organization. Here at Flextecs, we focus on providing real-time auditing to find erroneous payments in the current year. This approach reduces costs by focusing on continuous preventative live auditing services and tools.
There are three scenarios where an audit recovery solution is performed.
- Traditional External Audit: A Primary or Secondary Post Audit
- Category Specific: Freight Audit, DSD Audit
- Internal Audit: Customizable Tools and Process Improvements
Flextecs was founded in 2006 and is comprised of recognized, global leaders in the recovery audit industry who have developed many of the best practices in use today. Its executive team is actively involved with all client interactions as a result of a unique, flat hierarchy and nimble approach. This structure allows for well-trained teams to solve problems without strict management oversite.The Flextecs global delivery model, a first in the audit recovery industry, exemplifies that we are able to have the right resources in the right place.
Flextecs is redefining the traditional post-audit recovery marketplace by offering solutions that leverage audit expertise, collaborative recovery models, and a commitment to root cause identification. The common link driving this approach is John M. Cook, who created and founded the largest recovery firm in the world. Under his guidance, Flextecs leverages the experience of building the traditional post-audit model by redefining a new set of offerings that benefit our clients immediately. By combining our intellectual knowledge and support software with a highly seasoned team, Flextecs is especially positioned to meet and exceed the changing needs of our clients.
Process – Our processes are aimed at recovering money closer to the transaction, thereby reducing supplier tensions, finding cash in the current year and enabling better financial planning. By working literally round-the-clock (a natural result of our global delivery model), we are able to find more money in a much shorter timeframe. Flextecs’s solutions can adapt to any environment by providing traditional post-audit framework with the goal of capturing claim dollars in the current year. Flextecs eliminates the requirement to wait for results by augmenting internal efforts to capture errors on a real-time basis and reduce the cost of recovering those monies.
Technology & Tools – Leveraging an extensive technology background, Flextecs has developed a rich portfolio of recovery audit tools that allow the client to examine large amounts of data in numerous ways. Applying the latest in software development technology, such as Rapid Application Development, Flextecs can customize audit tools to fit the client’s needs in days, not months. Drawing upon our team’s deep expertise in recovery auditing and leveraging our IT Services organization, Flextecs has developed robust proprietary audit tools and other supporting technology such as, Electronic Statement Review, Email Capture – DocSource™ and Web-hosted Document Management Solutions. This robust set of audit tools provides the following global routines for our audit staff. Some examples of the categories we review and provide ad-hoc reporting during the audit process are listed below:
- Vendor and Invoice Detail Inquiry
- Vendor Volume Summaries
- Standard & Customized Dupe Reports
- Discount/Allowance/Anticipation Exceptions
- Freight Exceptions (Routing Guide Compliance, If Applicable)
- Other Special Invoice Level Reports as Defined
- Contract Exceptions
- Item Price Variance Reports
- Missed Allowances (Off Invoice, Bill-back, etc.)
- Contract with No PO