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.
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.
Sheffield City Council, Recovery Audit
“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
Barnsley Metropolitan Borough Council, Early Payment
“As council budgets get tighter, we have to look for ways to innovate and deliver better services for less. Going with Oxygen Finance was an ‘outside of the box’ solution – but it is really working for the local economy and the council. It’s helped us establish better relationships with local businesses – this is the real added value that all local authorities should be looking for”
Neil Copley, Service Director for Finance
Cumbria County Council, Early Payment
Balancing the budget for local authorities is more acute than ever before. Councils now need to develop new income channels which are both sustainable and supportive of the local economy.
“We engaged with Oxygen Finance, as we were looking for innovative ideas to save money for the council, due to being set very high savings targets that required our department to make efficiency savings.
Oxygen Finance brought to bear their expertise, experience and a suite of tools which have enabled us to get the programme up and running in a relatively short time. The programme is now embedded into our ways of working and is complementary to our other procurement and commissioning priorities.”
Conway Stewart – Senior Manager, Commissioning, Procurement & Contract Management
Get in touch for your demonstration of how a Recovery Audit can help local councils identify and recover £000’s in overpayments.Talk to us
Helping councils streamline and improve their accounts payable processes
Over £1bn Paid Early to Small & Micro Businesses – FreePay Celebrates Five Years
FreePay is five years old this summer, with over £1bn paid early to small businesses for free…Discover More
Implementing Technology Integration With Oracle Cloud ERP
Working with Oracle, Oxygen built a connector that connects Oracle Cloud ERP with our Early Payment Solution.Download