Purchase Ledger Audits

Our approach is not only to recover historical error payments made through the investigation of transaction-level purchase ledger data, but also to work collaboratively with our clients to reduce the risk of reoccurrence and to measure improvements in processing accuracy.

From a simple download of historic accounts payable data, Meridian’s Recovery Audit service undertakes a series of tests, using a number of sophisticated computer algorithms. These identify a list of ‘suspicious’ transactions that our team of auditors would investigate.

Meridian has a simple and flexible approach towards undertaking an accounts payable transactions review, analysing data at invoice level, to identify

  • Duplicated transactions and error payments
  • Credit notes (not on your accounting system) and misallocations
  • Debit balances on your ledger
  • Under-recovered VAT

We provide a fully managed service, seeking to optimise the value of recoveries, by adopting a thorough approach to all aspects of potential recovery. Our methodology is designed to ensure we call for minimal input or resource from our clients’ staff when we undertake a review.

Value Add Process Improvement Report – Within the management report, produced at the end of the assignment, will be a process improvement report outlining areas that will enhance the efficiency of payment processing, or further reduce costs.

We are the most successful provider on three government frameworks

  • Spend and Recovery Services (SARS) framework RM3820 (and its predecessor RM1037), issued by Crown Commercial Services where we have recovered more than any other provider combined (90% plus) – circa £15m
  • AGMA the (Association of Greater Manchester Authorities), where we took over from previous supplier and recovered more than 10-fold the amount they achieved over the same period (circa £5m)
  • The NHS’s Accounts and Reconciliation framework (we are the most successful provider under this framework) recovering over £3m.

Our fees are calculated as a percentage of recoveries actually achieved. This ‘no recovery, no fee’ approach means that you can engage us without risk.

Our team would be delighted to discuss realistic figures on the basis of your specific requirements on request.

Click here to contact us about our recovery audit 

Process Summary

This is an outsourced service in that Meridian undertake ALL work (including recovery of funds from suppliers). Please note, clients receive the refund payments, not Meridian.

Our clients benefit from our leading-edge technology applications and proven methodology. We have a simple four- stage process:

1

Planning

We meet to agree scope and timing of the assignment

2

Data Analysis

We verify, analyse and process the data provided from your systems.

3

Validation & Recovery

We investigate potential overpayments, validate actual overpayments, obtain your approval to progress a claim and obtain recovery of monies owed. We will also initiate the statement work and the VAT audit at this time.

4

Review

As we approach completion of the project, we would arrange a review meeting to discuss all outstanding items, pass over the “value add reports” and invite feedback on the service we have provided.

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