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Questions & Answers
Artesium’s Recovery Auditing Solutions are designed to recover funds for you from external suppliers by auditing historical payments which you have made and by auditing the financial terms and conditions of contracts which you have entered into. This service is performed by Artesium without any fixed charges to your business.
Artesium’s Recovery Auditing Solutions include disbursement audits, accounts payable audits, duplicate payment audits, overpayment audits, VAT recovery audits, contract compliance audits and Shared Service Centre audits.
How are fees calculated?
Artesium’s Recovery Auditing fees are calculated on a No Recovery – No Fee basis, usually as a percentage of recoveries. Artesium works on a gainshare basis.
When are fees calculated?
Fees are calculated when amounts have been recovered. A recovery is made when you have received an economic benefit – usually a deduction from a remittance to a supplier or cleared funds from a supplier.
How long does a recovery audit take?
This is a function of a number of variables, including the volume of transactions, the number of locations, scope of the audit, accessibility of archived documents and the number of anomalies and exceptions to investigate. A recovery audit will generally take a minimum of two to three months and usually longer for a substantial business with a large volume of transactions.
What is the typical total value of recoveries?
The total value of recoveries depends on a number of factors, including the nature of the client’s business, P2P processes and the level of change during the period being audited. In general terms, the total value of recoveries can be between 0.02% and 0.05% of the total invoice value, although sometimes this can be higher or lower.
Can Artesium provide references from existing clients?
References can be provided by prior arrangement. Details of clients are not disclosed on this website for reasons of confidentiality.
Can Artesium audit disbursements other than accounts payable?
Artesium has extensive experience of processing and auditing disbursements data which has not been generated by a conventional accounts payable system.
Does Artesium provide analyses of our disbursements data?
Artesium’s DAART® report provides more than 30 interactive reports on your disbursements data. Bespoke reports to meet your requirements can also be provided.
