Duplicate disbursements are one of frequent types of overpayment mistakes that happen 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 annual vendor bill payments which means one in a 1000 bills could be a duplicate. If your company makes £50 million in annual 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 flag, track or catch duplicate payments overpayments. Yet, the chance 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”..
External Support
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:
-On-going Costs - 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 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.
-Increase Management- 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 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 company to specialise in cost detection systems. 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 oblivious of saved each many thousands of euros. We offer a free overpayment health check and whitepaperto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
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... credit items. This will reduce the aggravation 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 specialist duplicate-finding techniques or system. -This will necessitate the use of a system that can identify recognise the items most likely How To Remove the Expense caused by Poor audit Elements and Upgrade the Payment Methods in Your Accounts department to be duplicates. -Query results should of course be listed in descending order of monetary amount and prospect of being a duplicate. 3.) Trace suspected items back to their supporting documents using recovery audit software. 4.) Contact overpaid suppliers, and ask for repayment or a credit note. -This step may require some tact, but suppliers are likely to be co-operative with their existing customers. Problems are probable when contacting former suppliers. FISCAL Technologies...
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... number, date, amount, supplier number and many other fields. If any of these fields are typed wrongly or inconsistently, the system's inherent check for duplicate payment will not be effective. Add to this fact there might not be a defined invoice numbering system it's reasonable to witness how overpayments can slip through the net. Third Party Solution If you need to purchase a system to support this process, then there are a number of key factors that need to be considered in order to ensure the optimum fit. These include: -On-going Costs - 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 find costs in under an hour. It can be used just before your payment run and stop expensive recovery costs. -Superior Analysis - Ensure the software includes the most up to date and industry strength algorithms and pattern matching techniques. -Increase Management- Puts you in command of your accounts payable audit process and enables you...
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... could be a duplicate. If your company makes £50 million in annual invoice payments you are probably paying out £50,000 or more in duplicate payments per year..How Do They Occur?A average invoice entry includes an invoice number, date, amount, supplier number and many other fields. If any of these fields are inputted mistakenly or inconsistently, the software's inherent check for duplicate payment How To Remove the Expense caused by Poor audit Elements and Upgrade the Payment Methods in Your Accounts department 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 aspects that need to be considered in order to ensure the optimum fit. These include: -On-going Costs - No high priced or time consuming training or installation costs as our recovery audit software is designed intended to work straightaway. -Operation - It can...
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... a 1000 bills could be a duplicate. If your organisation makes £50 million in yearly invoice payments you are likely paying out £50,000 or more in duplicate payments per year..How Do They Occur?A typical invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are enteredwrongly or inconsistently, the software's inherent check for duplicate payment will not be effective. Add to this fact there might not be a defined invoice numbering system it's understandable to witness how overpayments can slip through the net.Internal SolutionThis problem issue can be resolved by carrying out the next process : 1.) Obtain a record of the full payment history The key data fields which are needed are Supplier Reference, Invoice Number, Amount...
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