Duplicate payments are one of numerous types of overpayment errors that transpire within the accounts payable management department. The Institute of Internal Auditors have established that duplicate payments make up between 0.5% and 0.1% of yearly vendor 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 likely paying out £50,000 or more in duplicate payments per year..

How Do They Occur?

ERP or Accounting systems should have the controls in place to flag, track or catch duplicate payments overpayments. Yet, the probability 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”..

Third Party Solution
If you need to purchase a system to maintain 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.
-Operation - It can be established and run to pick up costs in under an hour. It can be used just before your payment run and avert expensive recovery costs.
-Advanced Processing - 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 to do this both swiftly and cost effectively.
-Prevention - The system 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 and allows you to improve your processes to prevent it happening.

FISCAL Technologies is the only company to specialise in overpayment detection solutions. We empower Accounts Payable managers 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 unaware of saved each many thousands of dollars. We offer a free duplicate payment health check and checklist to all qualifying organisations.

Please visit - www.fiscaltechnologies.com

Posted by announcer in Business, Finance

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