Driving Quality and Accuracy in AP Processes
Aston Martin is a globally recognised luxury brand and a leader in the high luxury sports car market. For more than a century, the brand has symbolised exclusivity, elegance, power, beauty, sophistication, innovation, performance and an exceptional standard of styling and design.
Their cars sit primarily within the HLS car market and their market leadership position is supported by award winning design and engineering capabilities, world-class technology and modern facilities, creating distinctive model line-ups. The rich and prestigious heritage of delivering beautiful awe-inspiring cars defines Aston Martin as something truly unique within the automotive industry.
Recognising that an Accounts Payable review could identify any overpayments and deliver potential cash recoveries completely risk free as well as independently validating AP systems and existing duplicate software protocols were also working well. Rockford Associates were identified as the best solution provider and contracted to complete an AP and VAT Review.
Rockford Associates reviewed four years of data, extracting AP transaction data directly from the Microsoft Dynamics Accounts transaction data. The process was simple and straight forward as no scripting or software development was required. The data was uploaded to Rockford’s secure share file site (Rockford is Cyber Essentials Plus Certified) and Rockford produced AP Analytics reports by running the data through its bespoke data mining software “Pathfinder”.
A senior Recovery Auditor delivered a full end to end review. With access to mail, systems and scanning in place the Auditor identified, verified and recovered a number of over-payments by conducting a seamless statement review whilst concurrently analysing Rockford AP Analytic reports.
The audit was delivered 100% remotely whilst the Aston Martin AP team were working a Hybrid/Remote working policy to ensure the minimum of disruption to the Finance Team.
In total 406,000 transactions over the four-year period were analysed, 99.99% of transactions by volume and 99.99% by value were correctly processed. Of the transactions reviewed 84 overpayments were identified, resulting in a six-figure cash sum recovery.
In addition to the recoveries Aston Martin welcomed Rockford’s independent validation and positive reassurance that their internal controls and duplicate software processes were operating effectively and clearly within the parameters of a well-managed organisation.