$175K Overpayment Recovered During Month-End Close
How experience and attention to detail uncovered a costly duplicate payment
BackgroundWhen a senior consultant was hired to assist with reconciliations and month-end close, she noticed something off in a property tax invoice. That observation led to the discovery of a $175,000 duplicate vendor payment. Her experience and diligence saved the client significant money and helped them improve their review and accrual process moving forward.
ProblemThe client, a multi-entity organization, believed their books were in relatively good shape. They engaged a P4P consultant to assist with reconciliations and improve the close process. Early in the engagement, the consultant identified inconsistencies in the formatting of recurring invoices from a vendor.
Results
Where Experience Changed the OutcomeThis issue was identified not through process alone, but through experience. The inconsistency in invoice formatting required a level of attention and instinct developed over years of hands-on accounting work.
Consultant ApproachWith over 30 years of accounting experience, the consultant trusted her instincts and dug deeper. She identified that the vendor had combined property taxes and management fees on the same line item, with inconsistent formatting from month to month.
Results and ImpactThe inconsistency led to one invoice being mistakenly paid twice, resulting in a $175,000 overpayment. Thanks to the consultant’s diligence, the client was able to recover the funds and revise their invoice review and accrual procedures. The issue, which had gone unnoticed by internal staff, was addressed quickly and prevented future occurrences.
CFO InsightThis engagement highlights how experienced professionals do more than complete assigned tasks. They ask better questions, identify red flags, and prevent costly oversights. In this case, a short-term engagement delivered long-term financial and operational impact.
