Recovery audit of
There are a number of instances when it might be wise to review your past business payments. When the organisation has made system changes, it might be a good idea to compare payment flows both before and after the change to make sure no errors have occurred. Or when it’s time for an audit – having already produced good documentation for the auditor to review frees up time for more advice.
Inyett Payment History Analysis finds opportunities for streamlining while warning you about risks and mistakes. It also provides you with a snapshot of KPIs so you can focus on other things.
Inyett Payment History Analysis
Three occasions when it’s a good idea
to check your payment history
It’s common for things to happen during system changes. That’s why it’s a good idea to keep a slightly closer eye on things at that time. And you can keep an eye on things by comparing payment streams from your previous and new systems.
New to the job
As a new employee, you’ll be responsible for both new and ongoing projects within the finance function. An analysis can help you to assess the risks and opportunities you need to act on.
A clever and easy way to produce payment data for auditing. Get a better overview and share good data that saves money and frees up more time for advice.
Look to the past to
do good things in the future.
Inyett Payment History Analysis is used to check past payments. Look back in time to identify inaccuracies and risks, manual errors and external threats, and create the right conditions for taking action to improve internal control.
The analysis of payment history identifies everything from payments to classified scam companies, duplicate payments, self-employed persons without an F-tax certificate, or those who have significant debts or a poor payment record.
The benefits of analysing
Find specific mistakes and risks
Analysing more than 50 million transactions means we know that any organisation has about 500 transactions a year that should be looked at a little more closely. These range from simple duplicate payments to problematic fraud.
Identify efficiency gains and savings
To identify efficiency gains and savings in respect of suppliers and payments, you need to analyse all payment data and not just do spot checks. Based on these insights, you’ll then find plenty of efficiency gains and savings to be made.
See trends and patterns
Building processes and procedures requires patterns and trends to be monitored and followed. Make decisions based on data instead of building processes and procedures based on single events and incidents.
View overall areas of development potential.
Identify development potential. You can identify completely new development potential to work with by analysing payment data without limits, not by looking at how it’s organised and coded in accounts payable.
The most critical risks
It’s common to build processes and procedures on the basis of known incidents and experiences. But unfortunately, the really clever scammers fly under the radar.
Get a snapshot of the most important KPIs
Valuable and important KPIs and insights emerge when you analyse historical payment flows. You need to pause for a moment, zoom out and get a snapshot based on data over time.