Although the Duplicate bills numberand size is typically less than compliance or pricing errors this form of cost is generally feared by accounts payable management as the accountability is on them to make certain that these errors do not occurby using recovery audit software.

How Do They Happen?

ERP or Accounting software should have the controls in place to pinpoint, 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 65% occurrence. The Institute of Management and Administration agrees that “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..

Internal Audit

This problem issue can be resolved by implementing out the next steps :
1.) Obtain a data of the full payment history
The key data items which are needed are Supplier Reference, Invoice Number, Amount and Invoice Date. Where applicable, Purchase Order number can also be valuable.
-For convenience, and to produce a smaller 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 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 dedicated duplicate-finding techniques or system.
-This will demand 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 chance of being a duplicate.
3.) outline suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid vendors, and demend 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 expected when contacting former suppliers.

FISCAL Technologies is the only organisation to specialise in cost 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 oblivious of saved each many thousands of euros. We offer a no expense overpayment health check and whitepaperto all qualifying organisations.

Please visit - www.fiscaltechnologies.com

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