Duplicate billsare one of numerous types of overpayment mistakes that happen within the accounts payable management area. The Institute of Internal Auditors have recognised that duplicate payments make up between 0.5% and 0.1% of annual vendor invoice payments which means one in a 1000 bills could be 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 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 to pick up costs in under an hour. It can be used just before your payment run and avoid expensive recovery costs.
-Superior Analysis - Ensure the software includes the most up to date and industry strength formulas and pattern matching techniques.
-More Control- Puts you in charge of your accounts payable audit process and enables you to do this both quickly and cost effectively.
-Avoidance - 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 us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Better Methods - The duplicate payment 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 specialise in cost detection systems. 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 overpayments that they were ingnorant of saved each many thousands of pounds. We offer a no cost overpayment health check and checklistto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
Posted by announcer in Business, Finance, General
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... 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 suppliers Top Tips To Escape the High cost caused by Unauthorised payment Values and Perfect the Payment Methods in Your Accounts tools 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...
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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 Top Tips To Escape the High cost caused by Unauthorised payment Values and Perfect the Payment Methods in Your Accounts tools 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...
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... 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 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...
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