Here is How You Can Escape the Cash drain caused by Poor audit Factors and Upgrade the Processes in Your Accounts department
Duplicate billsare one of numerous types of overpayment mistakes that transpire within the accounts payable management function. The Institute of Internal Auditors have found that duplicate payments make up between 0.5% and 0.1% of yearly vendor bill payments which means one in a 1000 payments could be a duplicate. If your organisation 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 average invoice entry includes an invoice number, date, amount, supplier number and many other fields. If any of these fields are enteredmistakenly 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.
Third Party Solution
If you need to purchase a system to sustain this process, then there are a number of key factors that need to be considered in order to ensure the optimum fit. These include:
-Low Cost of ownership - No costly or time consuming training or installation costs as our recovery audit software is designed planned to work straightaway.
-Operation - It can be installed and run to pick up costs in under an hour. It can be used just before your payment run and avoid expensive recovery costs.
-Advanced Processing - Ensure the software includes the most up to date and industry strength formulas and pattern matching techniques.
-More Control- Puts you in control 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.
-Usability- 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 duplicate payment report clearly shows you the reason for the duplicate and allows you to improve your processes to prevent it happening.
FISCAL Technologies is the only organisation to specialise in overpayment detection solutions. We empower Accounts Payable professionals and have analysed customer data from all the main financial systems and in 100% of cases we have discovered accidental overpayments that they were ingnorant of saved each many thousands of pounds. We offer a no cost duplicate payment health check and reportto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
