Duplicate billsare one of numerous types of overpayment errors that happen within the accounts payable management department. The Institute of Internal Auditors have recognised that duplicate payments make up between 0.5% and 0.1% of yearly supplier invoice payments which means one in a 1000 payments 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 Occur?
A average invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are enteredmistakenly 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 clear to see 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:
-Low Cost of ownership - No expensive or time consuming training or installation costs as our recovery audit software is designed intended to work straightaway.
-Speed of Use - It can be installed and run to recover duplicate payments in under an hour. It can be used just before your payment run and avert expensive recovery costs.
-Advanced Processing - 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 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 team can us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Better Methods - The overpayment report clearly shows you the reason for the duplicate payments and enables you to improve your processes to prevent it happening.
FISCAL Technologies is the only company to focus only on cost detection software. We empower Accounts Payable controllers and have analysed customer data from all the main 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 no cost overpayment health check and reportto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
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... you need to purchase a system to maintain this process, then there are a number of key features that need to be considered in order to ensure the optimum fit. These include: -Low Cost of ownership - No costly or time consuming training or installation costs as our recovery audit software is designed intended to work straightaway. -Operation - It can be established and run to find overpayments in under an hour. It can be used just before your payment run and prevent expensive recovery costs. -Advanced Processing - make certain the software includes the most up to date and industry strength algorithms and pattern matching techniques. -Increase Management- Puts you in charge of your accounts payable audit process and 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 group can...
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... within the accounts payable management area. The Institute of Internal Auditors have highlighted that duplicate payments make up between 0.5% and 0.1% of annual supplier 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?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 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...
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... 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 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 Learn How Eliminate the Lost money caused by Poor audit Features and Improve the Payment Methods in Your Accounts tools 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...
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