Rockford Associates is the leading independent go-to annual Accounts Payable Recovery Audit Specialist
Since 2001 we have conducted over 750 audits and returned over £100 Million to the Profit and Loss Accounts of both Public and Private sector clients. All work is delivered entirely at our risk, it is contingency fee based, self-financing and requires no budget.
Scrutiny of taxpayers spends is magnified like never before. Third Party Supplier spends must be underpinned with good systems, robust processes, comply with best practice, transparency, good governance and moreover value for money.
We inspire Clients to refrain from “marking their own homework”. Accounts Payable Audits are easy to implement, require minimal time investment and are delivered remotely with minimum disruption to internal productive staff. They provide multiple benefits including cash returns, peace of mind and an independent and positive validation that your Accounts Payable Systems and Processes are working well.
Longstanding Clients include Councils, NHS Trusts, Housing Associations, Universities, Leading Charities and Government Departments.
Crown Commercial Service – Debt Resolution Services (DRS) Framework Agreement. Ref: RM6226 – Spend Analysis and Recovery Services
Rockford Associates is a specialist service provider with the Crown Commercial Service’s (CCS) ‘Debt Resolution Services (DRS) Framework Agreement RM6226 which incorporates and builds upon the success of its predecessor CCS Spend Analysis and Recovery Services framework, Ref: RM3820.
The new four-year iteration of the framework means public sector organisations across the UK can access effective ongoing forensic analysis services, to recover historical overcharges or over-payments from their supply chain on an annal basis. Recoveries can be achieved quickly and simply via the Framework with minimal internal resource
The Framework and CCS will provide support, guidance and ease of access to these services for the public sector, in order to ensure our customers optimise the results from the Framework and recover as many inaccurate payments, pricing errors or missed contractual benefits as possible
Rockford Associates – Client Survey
95% – Rated Very Professional
93% – Agreed of Value
100% – Agreed Non-Disruptive
93% – Agreed another audit likely
100% – Would recommend service to others
Recovery Audit Services
Our core offering is the analysis of payment records to aid the identification of purchase ledger overpayments and their subsequent recovery from suppliers; additional services include the recovery of unclaimed or under-claimed VAT and a supplier contract compliance review.
Rockford adopt a multi-faceted audit approach with a view to maximising recoveries for our clients.
Our Accounts Payable audit consists of a review of historic payment transaction data. We use our proprietary in-house forensic software to uncover overpayments resulting from:
- Goods or services being paid for twice
- Payments being made to the wrong supplier;
- Payments being made in the wrong currency;
- The by-passing of existing software duplicate checks;
- The same invoice being paid across different Accounts Payable systems, countries, divisions or ledgers
- Credit notes being paid as invoices
Our Pathfinder data mining software produces analytic audit reports, each looking to identify overpayments using different criteria and algorithms. The software will look for overpayments across data from different entities, countries, divisions and systems within our client organisations. This can be of particular value where clients may have changed Financial software or has been subject to organisational changes including mergers, acquisitions, transitioned to Shared Service Centres (SSC’s) or Electronic Payment Systems. We will also identify and investigate those suppliers who, from our previous experience with other clients, are most likely to have hidden or removed overpayments.
How We Work
Our auditors are highly experienced, self-sufficient and moreover a motivated “fresh pair of eyes” They undertake a wide range of recovery work from identification and verification of potential overpayments and savings through to final recovery of funds with minimal disruption and disturbance to our clients.
In preparation for an audit, we request historic accounts payable data from our clients. Rockford has a detailed knowledge of the underlying data structure of all leading and legacy financial system software. Our Data Team are therefore able to offer precise knowledge and support, making the data extract exercise for our clients a simple and quick extract-only task.
We will then process our client data through our proprietary software, preparing the reports from which our auditors can prepare for an audit.
Preparation & Remote Set Up
Before our Auditors commence work, we will analyse our in-house audit reports and identify those potential overpayments to be investigated during the audit recovery stage. Our auditor will also prepare a Supplier Circularisation ready for client approval. We will request a Client email address be attributed to our Auditor with relevant “Read Only” access to Finance System and copy, scanned invoice images.
Following successful preparation and remote set up, our auditor will commence the recovery audit, action the supplier circularisation and start to investigate potential overpayments and VAT recoveries by review of relevant vouchers.
The auditor will undertake all work necessary in contacting suppliers to confirm and agree any potential recoveries. All agreed recoveries will be fully documented and progressed through to recovery.
Our auditor will hold weekly meetings with our client to report on progress of the audit and recoveries.
Review & Reports
At the end of an audit, we will present our Supplier Master and Transaction Analysis reports and our Findings and Recommendations report (see below).
Supplier Master Reports
A series of reports designed to assist clients in data cleansing their Supplier Master File by identifying duplicated or incomplete supplier information, common causes for overpayments. The reports also have potential to identify fraudulent supplier accounts.
Transaction Analysis Reports
A series of reports showing detailed Management KPI’s, Benchmarking and Spend statistics.
Specifically, these reports provide detailed analysis of invoices and payments (by size, volume and type), supplier spend and processing efficiency.
Findings and Recommendations Report
- Summary of recoveries by error type
- Detailed Internal Control report to help prevent recurrence of these errors
- Recommendations for potential future savings and cost management
- Recommendations for process improvements to enhance future payment or invoicing controls
- Complete listing of recoveries made
Our auditor will also handover a complete documented recovery schedule with full supporting documentation and agree with our client the procedure for any unresolved items.
Post Audit Review & ISO 9001 Quality Standard
As part of Rockford’s ongoing commitment to ISO 9001 Quality Standards we conduct Post Audit Review for each accounts payable audit delivered. These form the basis of Client surveys.
Data Security & Cyber Essentials Plus
Rockford is a professional team of recovery auditors and consider security of your transaction data and our own systems paramount. To this end, we hold full Cyber Essentials Plus accreditation.
Social Value & The Living Wage Foundation
Rockford believes in its business making a reasonable contribution to Social Value and voluntarily donates a percentage of invoiced fees to a social value cause or charity of Client choice. In line, with best practice, Rockford is also a voluntary member of The Living Wage Foundation, Federation of Small Business, The Good Business Charter and Prompt Payment Code.