Invoice Analysis & Validation
We provide reliable invoice analysis services that empower your organisation to make informed financial decisions, streamline operations and maximise the value derived from supplier engagements.
Invoice analysis and validation play a crucial role in ensuring financial accuracy, compliance and operational efficiency within your organisation, helping you to effectively manage your financial transactions and maintain healthy supplier relationships. The goal of invoice analysis and validation is to prevent errors, discrepancies and fraudulent activities, ultimately safeguarding the financial interests of your organisation. We conduct a thorough analysis, so your business can detect any discrepancies, resolve issues in a timely manner and maintain accurate financial records.
We understand the significant impact of Vendor Invoice Error Rate (VIER) on organisations. Studies reveal that, on average, there is a one percent error rate, leading to avoidable inaccuracies that cost businesses up to £500,000 annually. These errors should have been identified during invoice analysis, highlighting the importance of accurate invoice payment. Whilst it's reasonable for suppliers to expect payment for their products and services, it is crucial to ensure accuracy before approving payment. Even the slightest errors can have far-reaching consequences, including wasted time, financial losses, strained relationships, budgeting errors and potential legal complications.
Navigating through invoice analysis can pose significant challenges, especially when clients face variable charges. These charges frequently involve usage-based calculations outlined in contracts, such as tariffs for mobile devices. While these tariffs are specified in contracts, examining them against the raw billing data files can be challenging due to the complexity of the files and the intricate coding they contain. Analysing such extensive data, often consisting of millions of records, presents a complex landscape where organisations often find themselves paying invoices without conducting a thorough analysis beforehand.
Our consultancy offers a comprehensive and customised analysis and reporting service tailored to your specific needs. We go beyond using generic tools as we strive to maximise the value we add to your business. Our expertise includes managing third-party spend, optimising price breaks and leveraging contractual levers. We achieve this through meticulous maintenance and review of essential documentation, including contracts, purchase orders, costs, usage data, deliveries and invoices.
By analysing these factors and understanding market demand, we can effectively forecast and assist you in efficient budgeting. Additionally, our analysis helps determine the reasonableness and manageability of prices charged for products and services, considering market dynamics and advancements in technology. We aim to ensure that your suppliers remain competitive while offering cutting-edge solutions.
But our analysis doesn't stop at comparing your raw billing data against the contract. We delve deeper into data analytics to identify strategies that can save you even more money. Our ultimate goal is to provide you with actionable insights and cost-saving opportunities based on thorough analysis and understanding of your business needs.
Through our analysis, we provide error-free reporting and help organisations avoid overpaying for services due to inaccuracies. This knowledge empowers organisations to budget confidently, understanding their costs better and enabling them to maintain focused relationships and optimise services, ultimately enhancing the customer experience.