Duplicate bills are one of many types of overpayment errors that occur within the accounts payable management area. The Institute of Internal Auditors have established 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 possibly paying out £50,000 or more in duplicate payments per year..

How Do They Happen?

ERP or Accounting platforms should have the controls in place to highlight, track or catch duplicate payments overpayments. Yet, the likelihood of human error means none of the packages are sophisticated enough to prevent more than about 65% occurrence. The Institute of Management and Administration concludes that “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..

Internal Audit

This problem issue can be resolved by completing out the next steps :
1.) Obtain a file of the full payment history
The key data fields which are required are Supplier Reference, Invoice Number, Amount and Invoice Date. Where applicable, Purchase Order number can also be helpful.
-For convenience, and to produce a lesser number of suspected duplicates, it is often useful to divide out suppliers such as landlords where the payments are always constantly the same identical amount.
-The data should include credit items. This will reduce the frustration of finding large duplicate payments which have already been collected with recovery audit software or where errors have been immediately reversed at the time of entry.
2.) Query the data using specialise duplicate-finding techniques or system.
-This will need the use of a system that can identify recognise the items most likely to be duplicates.
-Query results should of course be listed in descending order of monetary amount and probability of being a duplicate.
3.) track suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid vendors, and ask for repayment or a credit note.
-This step may require some tact, but vendors are likely to be co-operative with their existing customers. Problems are possible when contacting former suppliers.

FISCAL Technologies is the only company to specialise in overpayment detection software. 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 oblivious of saved each many thousands of pounds. We offer a no expense duplicate payment health check and reportto all qualifying organisations.

Please visit - www.fiscaltechnologies.com

Posted by announcer in Business, Finance

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