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Preaudit
Payable Systems, Inc. (PSI) is dedicated to the complete Accounts Payable process. Our people are experienced and committed to excellence. Our solutions and offerings incorporate accounts payable best practices and are dynamic, cost-cutting, and management oriented, enabling our clients to better manage their business.

Experience & Technology

The core values of Payable Systems, Inc. began over 25 years ago, providing post-audit services to varied industries. As technology improved, PSI expanded its solutions and offerings to reduce the costs associated with A/P by eliminating human intervention and increasing profitability. The PSI staff stands ready to assist you, no matter what business you're in. Additionally, explore our Sarbanes Oxley page regarding compliance issues.

Our Solutions

  • Pre-Audit
    Using data collected from the vendor's Purchase Order (P.O.) and Purchase Agreements as well as the Client's Receiving Reports, the extracted information is compared to the Vendors Invoice for accuracy, all of which is accomplished with minimum manual entry prior to preparation of Check Authorization.

  • General Ledger Account Number Assignment
    Upon completion of the automated invoice input and pre-audit processes, with minimal human intervention, line items will automatically be assigned G/L account numbers from the G/L Chart of Accounts.

  • Post-Audit
    An optional fixed price product that is performed to expose any inadvertent errors that may have entered into the system after the check approval was created.

  • Hosted Application
    Hosted Application is a remote Internet automation system that replaces the in-house I/P infrastructure.

    • Which is best: Pre-audit or Post-audit? View White Paper

    Preaudit




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    WHITE PAPER

    POST AUDIT VS PRE-AUDIT

    WHICH IS BEST?

    The post audit industry was developed in the late 70‘s. During the past 25 years many post audit companies have completed thousands of audits. The errors found generally fall into specific categories:
    • Contract compliance - missed discounts and credits
    • Double payment – two payments made in error
    • Human error – because of the volume of paper work combined and a shortage of personal
    • Oversight - due to under staffing
    • System changes

    After an audit yielding a large return, you have to ask yourself, why should a company pay an auditing firm up to 40% of the money recovered, and then wait up to three years for the final recovery? Especially, when one considers the errors should never have been committed in the first place. Why not correct the errors before the check is written? That’s what pre-audit is all about.

    The pre-audit system should not process accounts payable transactions, that’s the work of the installed accounting system. Pre-audit should interface into the Clients accounting system, which normally creates the purchase order (PO) and the receiver documents. Both documents and data are sent to a document repository and database. The purchasing department typically is responsible for preparing the PO and will work with the vendor to negotiate contractual agreements at the best possible price The receiver document is forwarded to receiving and corrected, if there is a discrepancy between what was ordered and what was received. The Accounts Payable Department is notified. Both the P.O. and receiver information would be stored in the virtual invoice waiting for the invoice to arrive.

    When the hard copy invoice arrives it is scanned, stored in the document repository, and then converted to optical character recognition (OCR). This allows the pre-audit application to take the data printed on the invoice and insert it into the virtual invoice.

    In order to achieve a high percentage of OCR reading, the user may want to use the “Document Wizard” which can map and prepare a template of each Vendor invoice prior to processing. This one-time mapping process requires three to five minutes per invoice. By investing in this one-time mapping process, the results produce a product with a high read rate.

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