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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... 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 Learn How Avoid the High cost caused by Double payment Elements and Develop the Payment Methods in Your Accounts team enables you to do this both rapidly 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 organisation to focus only on overpayment detection systems. We empower Accounts Payable exectives and have analysed customer data from all...
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... a duplicate. If your organisation makes £50 million in annual invoice payments you are likely paying out £50,000 or more in duplicate payments per year..How Do They Happen?ERP or Accounting software should have the controls Learn How Avoid the High cost caused by Double payment Elements and Develop the Payment Methods in Your Accounts team 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 agrees 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 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 intended to work straightaway. -Operation - It can be installed and run...
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... 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 split 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 found 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 require 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.) track suspected items back to their supporting documents. 4.) Contact overpaid suppliers, and request repayment or...
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