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It happens to everyone: unpaid invoices slip through the cracks, discounts and allowances are not applied, items with errors age out of visibility, duplicate invoices are pushed through…in short, no one is perfect but 99.9% is pretty darn close.
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Recovery auditing helps you find and correct those pieces that keep your business from running at maximum efficiency. Many recovery audit contractors rely on mass mailing methods and artificial intelligence to request statements and find inconsistencies, but we take a human approach. While duplicate filings are easy to find with an automated program, they only account for 20-30% of available recoveries. At Illumis, our team works in conjunction with our software solutions to locate the other 70% of recovery potential.
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Our analysts dig deeper, go further, uncover more, and most importantly, they have live discussions with your suppliers. They understand the nuances of a diverse supplier base, from business practices to language differences, and they deliver exceptional service for every client, every day.
A SaaS solution that combines analytics and data visualization to help you easily find answers and take action on opportunities hidden in your data. IBIS™ is a suite of applications that work together to solve problems.
We identify relationships between vendors so you can clean, validate and standardize your vendor master. This report scores each vendor group allowing you to direct your internal resources where the greatest corporate impact can be realized.
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Our exclusive IQ identifies “non-matching” duplicates allowing you to see and uncover more than traditional match-based tests. By finding errors early, they can not only be prevented but others can be identified and recovered before they age.
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You will see a meaningful display and analysis of payment terms offered by your vendors. You can then answer: Am I using the best terms available? Am I taking all the discounts I qualify for? Ensuring that you use the most profitable.Â
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We execute a range of tests across suppliers, employees, and payable data to identify suspect activity. Each vendor is scored based on thresholds and points assigned. You can visualize risk to ensure your profit is protected now and in the future.
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Watch
Your vendor master is compared to government watchlists and provides a list of potential matches. This gives your organization continuous protection and compliance. Â
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The intuitive system enables you to easily select, extract and view data across divisions, locations, ERP systems, and more, effectively answering not only “who” and “what,” but “why” and “what if.” Knowledge is power. Power can impact. We intend to arm you with the information you need to make impactful decisions.Â
An Illumis Advisory audit assures that your vendor relationships are operating as efficiently as possible, while identifying leakage and highlighting potential risk areas.
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Cost Savings
Verifying bills received from suppliers can help to improve cash flow by identifying overbillings and implementing best practices to address them going forward.
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Improved trust and business relationsÂ
Performing contract compliance audits and working with other companies to fix any issues – big or small – can establish trust with partners and build long-term relationships.
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Find areas of non-compliance/Billing accuracy
Non-compliance comes in big and small forms. A deep-dive is often required to confirm billing inaccuracies. Inaccurate billing is rarely intentional. Instead, it is small mistakes that can add up. An audit could take a deep dive into confirming invoice amounts and determining if you have overpaid.
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A better understanding of internal controls
How do you ensure a contract is being upheld? Are there steps in place to identify and rectify non-compliance, especially in its subtle forms? The findings from an Advisory audit can help to shed light on internal blind spots and allow for process improvements.
There’s always room to improve how you manage contracts. Audits can offer data-driven guidance on upgrading internal processes and controls.
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Our proven difference; our people, our proven process, our interactive reporting, our intelligent technology, our industry expertise and so many more but most important; we listen and we deliver.
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We listen to our clients and create solutions for their most pressing challenges. Our services allow clients to make faster, more accurate decisions; achieve more profitable relationships with suppliers; comply with governmental regulations; and gain better overall control. At Illumis, we deliver recovery solutions, advisory services, business intelligence solutions and best of all; an exceptional client experience.
The bottom line is a better bottom line. Today and in the future. Our clients can count on increased profits, improved processes, valuable reporting and an operation that is running effectively and efficiently.
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Don’t put it off another day. If time is money, then it’s time we talk. Call us today at 877-884-3775.
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.
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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.