Despite the regulations, systems and ratios, when it comes right down to it, the success of your bank is all about revenue versus expense. Everything is a delicate balance between increasing revenue and minimizing expense. Yet there are always trade-offs.
Or are there?
Vitex has made it our business to help banks realize pure bottom line impact with little to no business risk. We can help you add dollars to your balance sheet with our distinct expense management services:
Accounts Payable Auditing
Did you know…
- Over 4% of vendor invoices contain errors,
- Nearly 3% of vendor checks are re-issued,
- And about 2% of accounts payable payments contain errors?
It’s true, but the good news is that Vitex offers an Accounts Payable Audit, where experienced financial professionals review your organization’s accounts payable procedures and internal auditing processes for profit recovery. Through accounts payable best practices, we will uncover duplicate payments, overpayments and more to claim hard dollars.
Profit Recovery & Risk Reduction
And it doesn’t stop with knowing where your money went – our professionals have the business savvy to recoup those losses without damaging 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 accounts payable errors. The percentages may look small, but multiply that by the millions or billions of expenses paid annually, and it’s easy to see where small accounts payable mistakes can have major impact on the bottom line. In fact, our experience shows that everyone is leaving money on the table somewhere.
Risk Free Auditing
Vitex has been providing accounts payable audits for 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 Audit process. In fact, Vitex 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 per month providing status reports and validation reviews. Our team does the rest. Where else can you get a large bottom line impact for so little time invested?