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
