The Secret Of How To Purge the Budget drain caused by Double payment Issues and Improve the Payment Methods in Your Accounts activity
Although the Duplicate bills numberand size is typically less than compliance or pricing errors this sort 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 typical invoice entry includes an invoice number, date, amount, supplier number and many other fields. If any of these fields are inputted wrongly 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 reasonable to witness 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 expensive or time consuming training or installation costs as our recovery audit software is designed planned to work straightaway.
-Process – It can be established and run to find duplicate payments in under an hour. It can be used just before your payment run and avert expensive recovery costs.
-Advanced Processing – make sure 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 quickly and cost effectively.
-Prevention – The system allows you to pre-process your upcoming payments so you should never pay a duplicate invoice again.
-Usability- Anyone in your Accounts Payable department can us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Improve Processes – 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 company to specialise in cost detection software. We empower Accounts Payable exectives and have analysed client data from all the key financial systems and in 100% of cases we have discovered accidental overpayments that they were unaware of saved each many thousands of pounds. We offer a no cost duplicate payment health check and checklistto all qualifying organisations.
Please visit – www.fiscaltechnologies.com
