Accounts Payable Audit Recovery: Taking Advantage Of Managed Services For Maximum Benefits
Accounts Payable Audit Recovery
The world of business accounting can become overwhelming quickly, particularly when audit recovery is required. While it is often thought of as an arduous process, taking advantage of the right managed services provider can yield optimal results. Executives looking to fully benefit from the assistance of managed services in the area of accounts payable audit recovery can take advantage of the following solutions.
Step 1: Identifying NeedsThe first step in the process of taking advantage of managed services for accounting audits involves an individual or business entity accurately assessing their needs. This assessment can include evaluating the scope of audit requirements, as well as identifying any internal resources that may be available to assist with the task. Knowing the exact complexities of what needs to be audited, as well as their potential timeline and budget, will provide necessary foundation for the managed services provider to build upon.
Step 2: Choosing the Right Managed Services ProviderOnce the assessment is complete, the executive can then begin the process of narrowing down the available managed services providers to find the one that is best suited for their particular needs. The right provider should be well versed in the specific accounting regulations that apply to the audit in question, as well as any applicable tax laws or industry-specific trends that could potentially be applicable. It can be beneficial to ask potential service providers for referrals from past clients, which can provide thorough understanding of their track record and professionalism.
Step 3: Establishing Goals and TimelinesPrior to commencing the managed services engagement, both parties should take the time to evaluate and finalize the goals and expected outcomes for the audit. This should include any milestones for completion and any additional resources that may be required to provide the level of documentation necessary for successful audit. This is also the stage of the process in which any regular communication with the managed services provider should be agreed upon, allowing for the timely exchange of information between both sides.
Step 4: Gathering DocumentationOnce the goals and timelines are established, the business entity or individual should begin gathering together the necessary documentation. This should include all relevant financials, internal accounting records, and any other information that may be relevant to the audit. It is essential that the managed services provider be kept abreast of all changes or updates to the financial documents so they can ensure the accuracy of their audit.
Step 5: Finalize Findings and WorkflowsThe managed services provider will then use the documentation provided to conduct their audit and finalize the results, which should be provided in timely fashion. Any changes to the workflow or processes suggested by the audit ishould be implemented by the appropriate individuals or departments. Additionally, the business entity or individual should ensure that all records and findings from the audit are securely stored for future compliance efforts.
Conclusion Managed services for accounts payable audit recovery can provide business entity with an effective and efficient solution that can maximize the potential benefits of the process. By following the five steps outlined in this article, finance executives and other individuals utilizing managed services can rest assured that their audit is in capable hands. Through their knowledge and expertise, managed services providers can provide the level of professionalism and expertise necessary to ensure successful audit and optimum outcomes.
