Choosing a Recovery Audit Firm: What to Look For — Illumis recovery audit firm and business intelligence in finance

Choosing a Firm for Your Next Recovery Audit: What to Look For

Before your next recovery audit, look for these characteristics that set apart a great recovery audit from an ineffective one.
Before your next recovery audit, look for the following characteristics in your chosen firm:

A Person-to-Person Recovery Audit Approach

The common practice of requesting a statement through letter or email is inefficient more than 75% of the time. That’s the reason our accounts payable auditors pick up the phone and have live discussions with your suppliers. We’ve found that real people get real results. Recovery audit contractors must understand the different cultures, terminology, and nuances of a diverse supplier base to truly be effective. We don’t just speak your language, we speak your suppliers’ languages, too. (Our multilingual analysts speak 17 languages and counting!)

 

Before the audit, make sure the team goes the extra mile to speak to real people.

Personalized Responses to Your Organization

Our own approach to recovery audits is simple. It’s designed for you with your goals in mind. Your organization should always feel prioritized during a recovery audit with open lines of communication between your team and the recovery auditing firm. Because we work with over 70 of the Fortune 500 companies and a multitude of the Global 2000 companies, we know how important this is. It’s not just big business, it’s your business.

 

Look for trusted professionals that take time to get to know you and your operations.

Accurate, Confirmed Claims You Can Count On

Claims are an essential piece of your organization’s recovery audit. Avoid working with firms that put the burden on you and your team to sort through legitimate and illegitimate claims. To save time and resources, our own Illumis analysts identify a claim and then work with your supplier to bring you claims that you can count on. We get the supplier to sign off on refunds and credits. Refunds are then processed, and credits are sent to our web portal so our clients can easily track and apply credits against future payments. All the invoices and claims from the current review can be viewed through the portal in real-time so you can manage the audit right at your desk, wherever that may be.

 

Research how good the firm’s claims are and what kind of stress/burden that will put on your team. Work with a company with a validated and streamlined claims processing system.

Intelligent Analytics Powered by Seasoned Recovery Audit Professionals

Technology along with human discovery, common sense, and curiosity ensure better results than anyone thought possible. After live communication to suppliers, our own team continues to dive deep using the best business intelligence technology developed from and for our recovery audits. Meet IQ. IQ allows us to look across all your suppliers and transactions, mapping and recording application habits.

 

Our analysts have, at their fingertips, an audit workflow tool called Knowlege Exchange. It allows them to have a single view into your system(s) which gives us the unique ability to analyze, compare, identify, research, communicate and recover.

 

Ensure your recovery audit delivers all the insights you need to improve operations with responsive tools, cutting-edge technology, and seasoned professionals to make the results truly powerful.

Interactive Reporting Tools

There’s so much invaluable information that comes from a recovery audit, but it’s hard to put it to use without the right presentations. After an audit, you are going to want all the insights about your audit, your claims, and your AP data at your fingertips. That’s why we developed our reporting tools to provide you the flexibility to customize the reports when and how you want them. Whether an executive-level report is required or you want to drill down into the weeds, audit visibility is available by year, quarter, month, business unit, location, type, or root cause…simple to use with powerful results.


Look for customizable reporting that easily tells you what happened, when it happened and why it happened.

Tony Brush

President / CEO

Working for Illumis for 21 years, Brush has been instrumental in the growth of the company. Brush served as Vice President at Illumis before stepping into the role of President / CEO and has been involved in all aspects of the company’s business throughout his career.

 

Brush’s approach to his role centers on the motto of Illumis, Bright Ideas for Better Profits. Known for his loyalty, team building, and tough but fair expectations, he empowers employees to deliver, therefore fostering a company culture that ensures customers can count on people.