Duplicate billsare one of many types of overpayment errors that transpire within the accounts payable management department. The Institute of Internal Auditors have recognised that duplicate payments make up between 0.5% and 0.1% of annual vendor bill payments which means one in a 1000 bills could be a duplicate. If your company 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, supplier number and many other fields. If any of these fields are inputtedwrongly 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 understandable to witness 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 aspects 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 planned to work straightaway.
-Operation - It can be installed 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 - Ensure the software includes the most up to date and industry strength formulas 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.
-Avoidance - The solution 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 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 focus only on duplicate payment detection software. We empower Accounts Payable controllers and have analysed customer data from all the key financial systems and in 100% of cases we have discovered accidental duplicate payments that they were unaware of saved each many thousands of euros. We offer a no cost duplicate payment health check and reportto all qualifying organisations.
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