Recovery Audit - Public

Accounts Payable Recovery Audit

Oxygen’s Recovery Audit powered by FISCAL is a software engineered accounts payable audit, focused purely on recovering revenues caused through trade creditor and supplier file error.

Using sophisticated forensic tools (NXG Forensics) to enable a swift and targeted audit with the opportunity to go back over multiple years, FISCAL’s auditing has safeguarded hundreds of millions of transactions and is now relied on by over 90 Councils and many NHS Trusts.

Maximise revenue recovery

Audits include finding erroneous payments including overpayments, fraud and P-Card checks, and sum recovery.

Trusted process and experts

AP audit reviewed by specialists, vendor invoice payment errors prioritised & validated, and false positives removed.

Success-based fees

Fees are contingent on the value of savings delivered, keeping you in control.

Reclaiming c.£200k In A Typical Recovery Audit

The speed and scale of the work within average public sector accounts payable department can make finding time to look for recoverable mispayments and other anomalies almost impossible.

Oxygen Finance already helps accounts payable teams streamline and improve their purchase to pay processes and procedures.

Now, we’ve teamed up with FISCAL Technologies to provide accounts payable audits designed to find overpayments, duplicate payments, fraud and other issues, and crucially, recover the sums found.

FISCAL Technologies is a world-leading provider of forensic solutions and auditors services that empower purchase-to-pay and accounting teams across the globe to protect organisational spend.

Recovery Audits involve reviewing AP transactions to find duplicate payments and overpayments, fraud checks, outstanding credits, P-Card audit, trend analysis, statement reconciliation, compliance issue checks, opportunity ranking and recovery of identified sums. NXG reports are reviewed in full by FISCAL’s Specialised Services Team.

Errors are prioritised & validated against your ERP records, and false positives removed. After confirming validated overpayments for sign-off, you’ll receive a weekly report detailing the savings delivered.

Projects are structured to require minimum upfront effort by clients, with short, weekly check-ins to review progress after the first fortnight. What’s more, our fees are contingent on the value of savings delivered, keeping you in control and providing peace of mind.

Testimonials

Sheffield City Council

“We already use preventative software which has successfully prevented a high value of potential overpayments, so we were unsure that a Recovery Audit would generate savings.

We decided to proceed to act as an additional control check, ensure that any lost Council funds were recovered, and because the cost is directly linked to the value recovered it was risk free.

Thankfully, the effort from our side was minimal and the value of funds recovered provided a worthy return.”

Sean Torpey, Accounts Payable Manager, Finance and Commercial Services, Sheffield City Council

Let’s Talk

Get in touch for your demonstration of how a Recovery Audit can help local councils identify and recover £000’s in overpayments.

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