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Although the Duplicate disbursements number and size is normally less than compliance or pricing errors this type of cost is generally feared by accounts payable management as the accountability is on them to ensure that these errors do not ensue by using recovery audit software.
How Do They Happen?
A normal invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are entered mistakenly 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 understandable to see how overpayments can slip through the net.
Third Party Solution
If you need to purchase a system to sustain this process, then there are a number of key features 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 set up and run to find duplicate payments 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 formulas and pattern matching techniques.
-More Control- 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 group can us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Better Methods – The overpayment 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 overpayment detection solutions. We empower Accounts Payable managers and have analysed customer data from all the main financial systems and in 100% of cases we have discovered accidental duplicate payments that they were oblivious of saved each many thousands of pounds. We offer a no expense overpayment health check and checklist to all qualifying organisations.
Please visit – www.fiscaltechnologies.com
Duplicate payments are one of several types of overpayment errors that transpire within the accounts payable management function. The Institute of Internal Auditors have highlighted that duplicate payments make up between 0.5% and 0.1% of annual supplier invoice payments which means one in a 1000 payments 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?
A normal invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are typed mistakenly 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 reasonable to witness how overpayments can slip through the net.
Internal Audit
This problem issue can be resolved by carrying out the subsequent process :
1.) Obtain a file of the full payment history
The key data fields which are required are Supplier Reference, Invoice Number, Amount and Invoice Date. Where appropriate, Purchase Order number can also be valuable.
-For convenience, and to produce a smaller number of 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 frustration 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 sophisticated duplicate-finding techniques or system.
-This will require the use of a system that can identify classify 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.) track suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid vendors, and demend repayment or a credit note.
-This step may require some tact, but vendors are likely to be co-operative with their existing customers. Problems are expected when contacting former suppliers.
FISCAL Technologies is the only organisation to focus only on cost 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 pounds. We offer a no expense overpayment health check and report to all qualifying organisations.
Please visit – www.fiscaltechnologies.com
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
Although the Duplicate payments numberand size is normally less than compliance or pricing errors this sort of overpayment is generally feared by accounts payable management as the accountability is on them to warrant that these errors do not ensueby 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 typedmistakenly 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 observe how overpayments can slip through the net.
Internal Audit
This problem issue can be resolved by carrying out the subsequent process :
1.) Obtain a file 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 helpful.
-For convenience, and to produce a lesser number of 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 dedicated duplicate-finding techniques or system.
-This will need 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 chance of being a duplicate.
3.) Trace suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid suppliers, and demend repayment or a credit note.
-This step may require some tact, but suppliers are likely to be co-operative with their existing customers. Problems are probable when contacting former suppliers.
FISCAL Technologies is the only company to focus only on recovery audit software detection systems. We empower Accounts Payable professionals and have analysed client data from all the major financial systems and in 100% of cases we have discovered accidental overpayments that they were ingnorant of saved each many thousands of euros. We offer a no cost overpayment health check and whitepaperto all qualifying organisations.
Please visit – www.fiscaltechnologies.com
PowerPoint has become such a common business standard that a ordinary PowerPoint presentation is immediately marked as such. specifically if you’re making a sales presentation, a poor presentation may even harm your business.
In other kinds of company meetings, they can help to underscore the point being made, or simply supply an outline for the presenter to follow. Putting time into creating a great quality PowerPoint presentation is a great way to prove to attendees of a meeting that the knowledge you’re giving is important, right,and in the case of sales presentations, financially valuable to all
There are several tricks you can follow to create PowerPoint presentations more quickly and efficiently. One is to quicken the choosing of fonts by previewing fonts in the font toolbar. To do this,merely go to Tools/Customize, click the Options tab, then click “List font names in their font.” Another method to speed up creating presentation slides is to put a default text style for your slides. This both helps to make your PowerPoint presentations to appear more professional, and it speeds up their making. To set a new default, go to Format, then Font. Make the changes you need, then click OK.
Since PowerPoint in sales lectures and other meetings is such an important tool, it’s key to spend some time learning how to improve your own PowerPoint presentations. For both beginner and advanced users,there are always tricks to be learned to make your lectures more striking and effective.
Another good way to improve your PowerPoint presentation is to create a handout to go along with the information. With PowerPoint, you want to enhance the information you’re providing, so be sure to keep the knowledge in the presentation itself to a minimum. Keep slides clean, clear, and impactful.
Purchased PowerPoint templates incorporate the kind of graphics, animation, and transitions that you might not be able to create yourself. With well-designed flash animation and sharp graphics, your presentation will really stand out. But be sure not to get anything too fancy. You don’t want to distract from your presentation itself.
Whether using a template or creating a PowerPoint presentation yourself, there are a few common mistakes you should try to miss.The first is giving too much facts. A PowerPoint presentation is intended to accentuate your meaning, not describe it in full.
A concept to keep your PowerPoint presentations clear and meaningful is to follow the 10-20-30 rule for PowerPoint presentations. The 10-20-30 rule tells that a presentation should consist of no more than ten PowerPoint slides, last no more than 20 minutes, and employ a font no smaller than 30-point. Following the 10-20-30 rule assists you to keep your meeting short, clear, and informative.
PowerPoint is one of the most effective presentation tools you can use for business meetings and sales presentations. A good PowerPoint presentation helps to underline your concept while giving the audience pieces of information that will stick with them. While a good presentation will help your business and add to your meeting, a ineffective one can do just the opposite.
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
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
1. They Cost Too Much – they are never free. Recovery auditors charge commissions of from 20- 50% of the amounts they recover for you. This can add up to a considerable sum. By using FISCAL’s Duplicate Payment FinderTM you pay just a fraction of what a recovery auditor would charge for a recovery audit. In addition on our Recovery Audit Software, our money-back guarantee ensures that, as a minimum, the software must pay for itself or we’ll refund the difference.
2. Their Value Is In The Technology They Use – and they often won’t let you use it directly. They are highly protective of their technology which has helped create a billion dollar recovery audit industry. When you work with FISCAL, you get that recovery audit technology directly on your desktop. And you are in full control.
3. They Don’t Help You Prevent Future Payment Errors – It is not in a recovery auditor’s interest to help you cure your problem. At FISCAL’s, we aim to be your duplicate payment solution for the long term. You can run FISCAL’s Duplicate Payment Finder TM as often as you wish – some of our clients use it on a weekly basis to analyse payments before the cheques go out. Prevention is much better than recovery.
4. They Keep The Information From You – Did you know that most recovery auditors keep the key information they find to themselves? At FISCAL we believe that you should have this information available at your fingertips so that you can control the recovery audit process. FISCAL’s software gives you access to all the data that may possibly be identified as potential erroneous payments and you are free to use as you wish.
5. They Take The Data Off-Site – usually when you hire a recovery auditor, you have to give them your payment history data, which usually involves it leaving your site. With FISCAL’s Duplicate Payment Finder, your data never leaves your site and always remains within your control.
6. They Can Cause Problems With Supplier Relations – it’s usual for recovery auditors to contact your suppliers directly. Since recovery auditors are paid by results, they can sometimes be too aggressive with suppliers, and create future relationship problems especially if they are trying to reclaim payment that was made 12-24 months ago. When you use FISCAL’s Duplicate Payment Finder, we have absolutely no contact with your suppliers.
7. They Can Upset Your Staff – We know of one case where a client revoked a recovery auditor’s security pass because he’d caused so much upset to their staff. As a client of FISCAL, we have minimal involvement with your staff, beyond the initial set-up phase (which can usually be done over the phone in a matter of minutes).
For more information on Recovery Audit Software for Duplicate Payments please visit www.fiscaltechnologies.com
If you own a PC, it’s a wise move to make use of it to help you with your budget planning. Are you one of those people who find it hard to save and then when you do, somehing unexpected happens and your left right where you started from ? You’re not alone! Some people are blessed with a gift that allows them to manage their easily. But, for most of us it’s something that takes years to learn and we end up making many mistakes before getting it right. You Can find all sorts of programs, budgeting tools and spreadsheets that will help you make sense of your finances but in the end, which ever one you choose there are some fundamentals which are no different to the old fashioned pen and paper method. By using household budgeting software to help you with this, you will find that not only is most of the maths done for you, but you will be able to keep things far more organised and also get print-outs of specific information.
Visit Our Budgeting Software Site: Budget Software