Financial accuracy is an important part of managing a contingent workforce, where even a small mistake can be costly. Covendis has taken great strides to ensure that our procure-to-pay process is streamlined, efficient, and accurate. A client recently requested a third-party independent audit by Ernst & Young, which found that Covendis had charged the client accurate bill rates throughout the $400MM of total invoicing.
Because of its vendor-neutral model and trusted third-party status, Covendis often assumes the role of independent auditor in its programs. Suppliers are thoroughly vetted using financial records, commercial credit reports, and certificates of insurance and good standing. Suppliers' projects are audited by requiring retainage amounts to verify completeness and issue free deliverables before retained amounts can be paid. Covendis itself follows internal procedures for auditing its technology and service compliance on a quarterly basis.