SRM recently announced a partnership with the Rochdale Paragon Group, incorporating SRM’s automated invoice auditing solution into Rochdale’s vendor management software and services portfolio. This alliance is an opportunity to deliver our 28 years of experience in high-dollar, complex invoice auditing to a broader segment of the credit union market as part of the best practice offering from Rochdale.
The complexity of many critical vendor invoices makes it practically impossible for a financial institution to do a complete audit of them each month. Any auditing of these invoices is typically months after payment. Yet, over decades of auditing high-value critical invoices, our firm has discovered that 10 percent of them contain errors.
The impact of these errors goes unnoticed, but the value siphoned off the bottom line is significant since one undetected error compounds over a contract's life. I recently joined Rochdale’s Chief Sales Officer Stuart Girk for a roundtable discussion on the value of vendor invoice auditing. The highlights are below- I hope you’ll take a few moments to listen; I believe you’ll find it worthwhile.