Third Law Sourcing has developed a suite of audit and recovery services to augment our core sourcing services. The service offering includes contract compliance, accounts payable audit and sales/use tax audit services.
In most cases, we already have access to much of the information we need to perform the services. Like our core sourcing services, our audit and recovery services are performed by senior-level resources and utilize our risk-free engagement governance model.
Contract Compliance
Our sourcing services include an audit of your historical invoices against your supplier contracts.
Contract discounts. Tiered pricing structures. Back-end rebates. Each of these items is designed to reduce your overall costs, yet each of them adds complexity to your supplier’s billing process.
Our experience has taught us that billing errors happen—but rarely do they happen in your favor. Our core sourcing services begin with a disciplined analytics process including a detailed review of supplier contracts and invoices.
As a result of our review, we sometimes identify situations where the invoiced amount does not line up with the contracted terms. In those instances, we will work with your supplier to resolve the issue and, where appropriate, recover any overpayments.
Accounts Payable Audit
Like any good audit, our A/P audit services begin with the end in mind. Our seasoned professionals utilize best-in-class software tools, combined with solid fundamentals to deliver a comprehensive audit designed to uncover opportunities such as duplicate and erroneous payments, unapplied credits and unclaimed property. We have even designed our audit approach to look for abnormal activity that may be a warning sign for fraudulent activity. The result is peace of mind for our customers.
Sales and Use Tax Recoveries
Keeping up to date on the latest state sales and use tax regulations is likely not your first priority. And why would it be? Sales and use tax laws vary from state to state and seem to change constantly.
Our team of professionals looks for situations where a vendor may have applied sales or use tax to an item that should not be taxable. They also stay up to date on the latest developments in the sales and use tax laws so that we can identify exemptions or special provisions that may apply to your business.
When we find erroneously charged taxes or an opportunity for recovery, we bring it to your attention, solicit your approval, and then recover the funds. We keep you abreast of progress along the way and even interface with the appropriate taxing authority, if necessary, to substantiate the recovery claim and get your money back.
