Although the Duplicate payments quantity and size is normally less than compliance or pricing errors this type of cost is largely feared by accounts payable management as the duty is on them to warrant that these errors do not occurby using recovery audit software.
How Do They Happen?
A normal invoice entry includes an invoice 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 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 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 dollars. We offer a no cost duplicate payment health check and whitepaperto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
Posted by announcer in Business, Finance, General
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... or Accounting platforms should have the controls in place to highlight, track or catch duplicate payments overpayments. Yet, the likelihood of human error means none of the packages are sophisticated enough to prevent more than about 70% occurrence. The Institute of Management and Administration acknowledges 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 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 The Secret Of How To Drop the Budget drain caused by Unauthorised payment Values and Develop the Payment Methods in Your Accounts tools find overpayments in under an hour. It can be used just before your payment run and prevent expensive recovery costs. -Advanced Processing...
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... 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 specialist duplicate-finding techniques or system. -This will necessitate 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 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. The Secret Of How To Drop the Budget drain caused by Unauthorised payment Values and Develop the Payment Methods in Your Accounts tools Problems are probable when contacting former suppliers. FISCAL Technologies is the only organisation to specialise in cost detection software. We empower...
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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...
Values Survey Tools
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Internet Merchant Account
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