The Secret Of How To Prevent the Lost money caused by Poor audit Values and enhance the Payment Methods in Your Accounts department
Duplicate billsare one of several types of overpayment mistakes that transpire within the accounts payable management section. The Institute of Internal Auditors have found that duplicate payments make up between 0.5% and 0.1% of yearly supplier invoice payments which means one in a 1000 bills could be a duplicate. If your company makes £50 million in yearly invoice payments you are probably paying out £50,000 or more in duplicate payments per year..
How Do They Happen?
A normal invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are typedmistakenly or inconsistently, the software’s inherent check for duplicate payment will not be effective. Add to this fact there might not be a clear invoice numbering system it’s understandable to witness how overpayments can slip through the net.
External Support
If you need to purchase a system to maintain this process, then there are a number of key features that need to be considered in order to ensure the optimum fit. These include:
-Low Cost of ownership - No high priced or time consuming training or installation costs as our recovery audit software is designed planned to work straightaway.
-Operation - It can be set up and run to recover overpayments in under an hour. It can be used just before your payment run and avoid expensive recovery costs.
-Advanced Processing - make sure the software includes the most up to date and industry strength algorithms and pattern matching techniques.
-Increase Management- Puts you in charge of your accounts payable audit process and enables you to do this both quickly and cost effectively.
-Prevention - The solution allows you to pre-process your upcoming payments so you should never pay a duplicate invoice again.
-Ease of Use- Anyone in your Accounts Payable department can us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Better Methods - The overpayment report clearly shows you the reason for the duplicate and enables you to improve your processes to prevent it happening.
FISCAL Technologies is the only company to specialise in cost detection systems. We empower Accounts Payable managers and have analysed client data from all the major financial systems and in 100% of cases we have discovered accidental duplicate payments that they were ingnorant of saved each many thousands of pounds. We offer a no expense duplicate payment health check and checklistto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
