FROM AUDIT RECOVERY TO AUDIT PREVENTION
Have you been tasked to close audit gaps in your contractor usage?
Is there proper review and approval of all items within an authorizing authority scope?
Is your data accurate, timely, useful, reliable, and relevant?
Is the extent of your manual invoice audits just to match the invoice to the contractor supplied time sheet?
Do you have workers approving work that is above their delegation of authority levels?
Multiple departments must work seamlessly together to ensure what was negotiated by Procurement gets paid by Accounting regarding service contractor invoices, but audit findings proves that there are faults in this process. With your company’s current tools and processes this seems to be the industry standard, but the TRACK® Platform has moved our clients from audit findings to full prevention before inefficiencies, waste, and abuse occur.
Not only do we prevent future bad audits because our software is self-auditing, we save our customers anywhere between 8-15% on their contracted services by automating contract compliance – ensuring they pay for only what they agreed to pay for in the contract – and the savings adds up. If you spend $100M on contractor services for routine maintenance, capital projects and/or turnarounds, that means you could potentially save $10M.
What if rather than your receiving an incorrect invoice from your contractor, you knew it was accurate to the penny by automatically reflecting the terms of the signed contract? Our TRACK® platform flips the model and presents you with what the contractor earned versus what they would like to be paid. Do you think that your invoices are error-free today?
TRACK eliminates audit findings and prevents them from every occurring again, giving organizations time to work on valuable insights and analytics for real-time forecasting and utilization.
Have you ever wanted compliance to policies, rules, regulations, and laws before the abuse, negligence or violation ever occurred?
Delegation of Authority
With the TRACK Platform you can monitor every transaction and enforcing predetermined DOA per the individuals profile.
Reliability of Data
How do you ensure your companies’ data is accurate, timely, useful, reliable and relevant? The TRACK Platform provides real-time data you can trust.