It is estimated that a majority of recovery audits fail to thoroughly identify erroneous payments within an organization’s procure-to-pay process. In most scenarios, audits do not scrutinize both pre- and post-pay activities and process incomplete data. Also, traditional audit management software do not have the capability to identify all possible scenarios that create payment errors. A strong payment recovery program is not just about audits and recovering money lost through wrong and erroneous payments. It also introduces controls to prevent errors upfront and identifies potential pitfalls. Here are 6 ways to make recovery programs comprehensive, self-sustaining, and capable of providing quick pay backs.

1. THE FINANCE & ACCOUNTING (F&A) SERIES
6 ways to strengthen payment recovery
@Infosys_bpo #FAO
programs

2. THE FINANCE & ACCOUNTING (F&A) SERIES
6 ways to strengthen payment recovery programs
A strong payment recovery program is not just about audits and
recovering money lost through wrong and erroneous payments. It
also introduces controls to prevent errors upfront and identifies
potential pitfalls. Here are 6 ways to make recovery programs
@Infosys_bpo #FAO
comprehensive, self-sustaining, and capable of
providing quick pay backs.

3. 1
THE FINANCE & ACCOUNTING (F&A) SERIES
@Infosys_bpo #FAO
6 ways to strengthen payment recovery programs
Understand and
evangelize the
benefits of
recovering payments
by treating it as a
revenue source
2
Sign strict
confidentiality
agreements with
vendors and make
them more
accountable for
results
GET THE RIGHT
OUTLOOK
MONITOR RECOVERY
PARTNERS

4. 3
THE FINANCE & ACCOUNTING (F&A) SERIES
@Infosys_bpo #FAO
6 ways to strengthen payment recovery programs
Ensure the recovery
process focuses on
both pre-pay and
post-pay activities,
with appropriate
controls at each
stage to avoid wrong
payments
4
Develop custom
algorithms and logic
that thoroughly
check possible
causes of payment
errors upfront
EXAMINE THE ENTIRE
SOURCE-TO-PAY
PROCESS
AUTOMATE TO
DECREASE ERRORS

5. 5
THE FINANCE & ACCOUNTING (F&A) SERIES
@Infosys_bpo #FAO
6 ways to strengthen payment recovery programs
Detect potential
errors – missed cash
discounts, pricing
and currency errors,
incorrect vendor
details, and more
6
The audit should
include
understanding
processes,
identifying cash
leakage points,
recovering approved
and outstanding
claims, and finding
improvement areas
IDENTIFY
CONTINGENCIES
CONDUCT A
COMPREHENSIVE
RECOVERY AUDIT

6. THE FINANCE & ACCOUNTING (F&A) SERIES
@Infosys_bpo #FAO
6 ways to strengthen payment recovery programs
FIND OUT MORE
Blog post
READ
White Paper
READ
Infographic
VIEW
Network with industry leaders at InfosysBPO.com/community
InfosysBPO.com/BPOFutureForward