Top Tips To Halt the Lost money caused by Double invoice Features and Develop the Processes in Your Accounts team
Duplicate paymentsare one of many types of overpayment errors that transpire within the accounts payable management department. The Institute of Internal Auditors have established that duplicate payments make up between 0.5% and 0.1% of yearly supplier 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 Occur?
ERP or Accounting platforms should have the controls in place to highlight, track or catch duplicate payments overpayments. Yet, the probability of human error means none of the packages are sophisticated enough to prevent more than about 70% occurrence. The Institute of Management and Administration concludes that “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..
Third Party Solution
If you need to purchase a system to maintain this process, then there are a number of key aspects 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.
-Process - It can be set up and run to recover overpayments in under an hour. It can be used just before your payment run and avert expensive recovery costs.
-Superior Analysis - make certain the software includes the most up to date and industry strength formulas 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.
-Usability- Anyone in your Accounts Payable group can us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Improve Processes - The cost recovery 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 exectives and have analysed customer 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 free overpayment health check and reportto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
