Top Tips To Drop the Lost money caused by Double invoice Values and Improve the Processes in Your Accounts organisation
Duplicate bills are one of numerous types of overpayment mistakes that happen within the accounts payable management function. 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 organisation makes £50 million in yearly invoice payments you are probably 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 highlight, 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 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 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 planned to work straightaway.
-Operation – It can be established and run to recover overpayments in under an hour. It can be used just before your payment run and avoid expensive recovery costs.
-Superior Analysis – 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.
-Avoidance – The software allows you to pre-process your upcoming payments so you should never pay a duplicate invoice again.
-Usability- Anyone in your Accounts Payable team 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 facilitates you to improve your processes to prevent it happening.
FISCAL Technologies is the only organisation to focus only on overpayment detection solutions. We empower Accounts Payable controllers and have analysed customer data from all the major financial systems and in 100% of cases we have discovered accidental overpayments that they were oblivious of saved each many thousands of euros. We offer a free duplicate payment health check and reportto all qualifying organisations.
Please visit – www.fiscaltechnologies.com
