Similar to the world of expense report auditing, humans can only review a fraction of the thousands of documents related to invoices and contracts, and fall short of catching all errors, waste, and fraud. Accounts payable teams don’t have time to review invoices before payment, may not have access to the contracts (or even know who negotiated them), and as a result, are unaware that the terms don’t match. The invoices are simply paid, potentially at inflated or incorrect rates, with very little enforcement of agreed-upon contract terms.
That is where AppZen’s AI can help. By auditing 100% of invoices and contracts and cross-referencing key information, we ensure what you’re invoiced matches the terms you negotiated in your contract — before you issue a payment. Our AI-powered solution can catch discrepancies between invoices and contracts, flagging any potentially risky spend or out-of-compliance behavior by your suppliers. This allows your finance team to auto-approve low-risk invoices for immediate payment and leaves your auditors free to investigate the now significantly smaller high-risk spend, saving you money and using their time more efficiently.
Below are a few examples of things we’ve already discovered for customers:
- A $100K+ invoice that also appeared on an employee’s expense report. Both were paid.
- A debarred company as a supplier that is embarrassing to associate with
- Numerous duplicate invoices that were all paid, resulting in $100K+ in duplicate payments
- Summary invoices that summarized multiple invoices with both the summary and initial invoices being paid
- Expired insurance certificates for a manufacturer that requires them before crews can be on the factory floor
With the addition of the AP Audit and Contract Audit to our existing suite of solutions (Expense Audit and Audit Insights), AppZen is creating an innovative AI platform for the modern finance team. Your auditors now can focus on the issues that matter most to the performance and profitability of your company. Get started today.