AP Micro Review

Did you know that 3.6% of vendor invoices contain errors, 2.5% of vendor checks are re-issued, and 1.6% of accounts payable payments contain errors?

The percentages may looks small, but multiply that by the millions or billions of expenses paid annually and it’s easy to see where small AP mistakes can have major impact on the bottom line.  In fact, our experience shows that everyone is leaving money on the table somewhere.

An AP Micro Review with Vitex uncovers duplicate payments, overpayments, and other opportunities to recover hard dollars.  But it doesn’t stop with knowing where your money went – our professionals have the business savvy to go recoup those losses without tarnishing your working relationships. We will also look at several areas of financial control including procedures, sales tax review, spending analysis, purchasing cards and payment efficiencies to identify areas for process improvement that will help minimize future AP errors.

Vitex has been providing AP Micro Reviews to the finance organization of some of the nation’s largest banks and corporations for more than a decade.  Even better, we do it risk-free.  We will analyze your payment history at no cost, and then we share in the reward based strictly on recovered hard dollars.   If you have no errors, we will thank you for the opportunity and let you get back to business.  However, that hasn’t happened yet.

Our proprietary software and rule-based algorithms identify anomalies that even your audit department will overlook. And then our experts do an amazing job at recovery. It has been our experience that every organization, even those with best practice accounts payable systems, realizes a positive return from our AP Micro Review process.   In fact, the Vitex AP Micro Review typically returns savings of $1 million for every $500 million of annual operating expenditures, excluding payroll and related benefit costs.

Your team only spends a couple hours a month providing status reports & validation reviews and our team does the rest.  Where else can you get a large bottom line impact with so little of your time investment?