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In a perfect world, managing purchase invoices should work like a breeze. Preferably without manual touch. However, that is not the case for most organizations. Despite accelerating digitization, more accessible tools, and best practices, than ever before, the pitfalls in accounts payable and accounting are numerous.
After years of analyzing billions worth of transactions for the Nordic’s largest organizations and companies, we know that up to 1% of the total purchase volume is lost in the transaction.
Practically every organization is affected. Double payments, overpayments and wrongly managed VAT create capital leakage under the radar. Although being gone, the capital is thankfully not lost forever.
There are many reasons for this. The leakage is the result of an ever-increasing pace and complexity in business – from countless formats and outdated processes to regulations and taxes such as VAT. For companies and organizations all over the world, it equals a reduction of financial performance in billions.
For further reading on the impact of capital leakage, download our report “Lost in transaction – The hidden cost of accounting errors in the Nordics“.
So, what to do about it?
Recovery audit services, (aiming at correcting past transactions) and more in-depth transaction analysis projects, (to get the tools and insights necessary for future improvements) are the essential first steps.
With specialized data-mining techniques, analysis, and VAT expertise, organizations are able to correct past transactions and reclaim capital. Put things right, basically.
Qvalia analyses some EUR 200 billion worth of transactions every year. We identify errors, recover capital, and improve processes for the largest companies and organizations in the region. Get in touch and we’ll tell you more about how a recovery audit can help you improve your financial performance.