Despite considerable investment in preventive controls, organizations continue to struggle to understand and manage Financial Leakage. Due to compliance, complexity, and continuous change, it is difficult for organizations to detect the extent of Financial Leakage embedded in the process.
When cost recovery audits are based on aged transactions, it is very difficult to analyze why Financial Leakage occurs and to close the control gaps. Findings are often irrelevant to the current day to day practices. However, by uncovering or exposing “Dark Data” within the cost cycle we are able to provide true visibility to the Financial Leakage. SpendMend delivers greater Spend Visibility, operational efficiencies and exposes the control gaps providing a Path to Prevention.
SpendMend's innovative process appears to leave no stone unturned and has identified and recovered significant dollars.
The SpendMend Client Portal allows me to review claims whenever I want – 24 hours a day – on my schedule; and without receiving stacks of paper, which makes the distance between our offices no problem
Not only did failures in a previous audit firm’s process result in lower recovery, but also some of the ‘claimed’ recovery dollars had to be paid back to vendors due to rejections. SpendMend has worked with vendors to ensure accurate, valid, approved claims; with better results.
SpendMend is a non-intrusive asset and great to work with; they build relationships with their clients and truly understand the Procure-to-Pay process.