Although the Duplicate bills number and size is usually less than compliance or pricing errors this sort of overpayment is the most feared by accounts payable management as the duty is on them to make certain that these errors do not occur by using recovery audit software.
How Do They Happen?
A typical invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are enteredmistakenly or inconsistently, the software’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 understandable to see 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 features that need to be considered in order to ensure the optimum fit. These include:
-Low Cost of ownership – 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 set up and run to recover costs in under an hour. It can be used just before your payment run and avoid expensive recovery costs.
-Superior Analysis – make sure 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.
-Prevention – The software 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.
-Improve Processes – The overpayment report clearly shows you the reason for the duplicate and enables 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 professionals 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 oblivious of saved each many thousands of dollars. We offer a free overpayment health check and report to all qualifying organisations.
Please visit – www.fiscaltechnologies.com
