Top Tips To Halt the Cash drain caused by Duplicate payment Issues and Upgrade the Payment Methods in Your Accounts team
Duplicate disbursementsare one of numerous types of overpayment mistakes that transpire within the accounts payable management section. The Institute of Internal Auditors have recognised that duplicate payments make up between 0.5% and 0.1% of annual vendor invoice payments which means one in a 1000 bills could be a duplicate. If your company makes £50 million in annual invoice payments you are probably 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 enteredmistakenly or inconsistently, the system’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 clear to witness how overpayments can slip through the net.
Third Party Solution
If you need to purchase a system to maintain 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 high priced or time consuming training or installation costs as our recovery audit software is designed planned to work straightaway.
-Speed of Use - It can be installed and run to recover overpayments in under an hour. It can be used just before your payment run and prevent expensive recovery costs.
-Superior Analysis - make sure the software includes the most up to date and industry strength formulas and pattern matching techniques.
-Increase Management- Puts you in control of your accounts payable audit process and enables you to do this both swiftly and cost effectively.
-Avoidance - 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 team 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 allows you to improve your processes to prevent it happening.
FISCAL Technologies is the only company to focus only on recovery audit software detection software. We empower Accounts Payable controllers 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 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
 |
|
 |
 |
 |
|
 |
|
 |
|
 |
|
