“We felt like
GALOSI was part of our internal team. They’re sharp,
articulate and driven to get to the root of our problems." Read more
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Through
the eyes of their clients, GALOSI is seen as a strategic
partner and not an ordinary vendor. This follows the keen
business philosophy of the founding partners of GALOSI.
Meet Key Personnel
The process begins with a "kick-off" meeting. The
purpose of this meeting is to first introduce personnel from
both organizations that will be involved in the auditing process.
Secondly, a mutually agreed upon location to perform the audit
is established. Historically, our auditors set up where the
archived A/P files are located so that we are as close as possible
to your information.
Gather
and Prepare Data
Raw client data, whether paper or electronic, needs to be obtained
and prepared for auditing. When gathering data, determining who
controls the information and how to acquire it is vital. Paper
data needs to be copied, sorted, and filed; paper-based data needs
to be converted to electronic data; and downloads from clients
need to be analyzed and converted into database files suitable
for auditing. Once this "download management" is complete,
we are ready to begin auditing and identify exceptions.
Verification and Review
In this analysis process, we are focused on identifying overpayments
that have resulted from common errors such as missed discounts,
missed credits, duplicated payments, over looked allowances, pricing
mistakes, incorrect invoices and many others.
In paper-based audits, this means "flipping paper" and
comparing purchase orders and other agreements with invoices. In
electronic-based audits, this means searching databases and comparing
purchase orders with invoices. In an electronic environment, our
proprietary recovery software is state of the art and allows for
the most thorough and comprehensive review available.
Once we have identified overpayments, all of our recoveries and
relevant supporting documentation are forwarded to the designated
employee within your organization for approval. This allows for
you to have complete control of the audit, but more importantly,
it ensures that our clients' vendor relationships are not damaged
in the case that a specific claim does not want to be pursued.
Vendor Correspondence
We take pride in submitting well-documented claims. This includes
a claim sheet that can be reviewed, understood, and approved very
quickly by our client and their vendors. After the claim has been
approved, we then, on behalf of our client, handle all correspondence
with the vendor community.
Management Report
At the completion of our engagement, we issue a thorough report
and evaluation of the A/P system to management, which contains
our results and recommendations for improving efficiency and effectiveness
of internal controls. While we recover immediate cash for you,
we also focus on offering ways of avoiding future losses
