Top Tips To Eliminate the Expense caused by Duplicate payment Values and enhance the Payment Methods in Your Accounts activity
Although the Duplicate disbursements quantity and size is usually less than compliance or pricing errors this type of cost is generally feared by accounts payable management as the duty is on them to warrant that these errors do not occur by using recovery audit software.
How Do They Occur?
A normal invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are typedinaccurately 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 see 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 expensive 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 recover overpayments in under an hour. It can be used just before your payment run and stop expensive recovery costs.
-Superior Analysis - make sure the software includes the most up to date and industry strength algorithms 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.
-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 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 company to focus only on overpayment detection solutions. We empower Accounts Payable controllers and have analysed client data from all the key financial systems and in 100% of cases we have discovered accidental duplicate payments that they were ingnorant of saved each many thousands of euros. We offer a no expense duplicate payment health check and report to all qualifying organisations.
Please visit - www.fiscaltechnologies.com
