Duplicate billsare one of numerous types of overpayment errors that happen 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 yearly supplier invoice payments which means one in a 1000 payments could be a duplicate. If your company makes £50 million in yearly invoice payments you are possibly paying out £50,000 or more in duplicate payments per year..
How Do They Occur?
A average 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 defined invoice numbering system it’s clear to see how overpayments can slip through the net.
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 intended to work straightaway.
-Speed of Use - It can be installed and run to recover duplicate payments in under an hour. It can be used just before your payment run and avert expensive recovery costs.
-Advanced Processing - make certain 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 rapidly and cost effectively.
-Prevention - 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 team 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 payments and enables you to improve your processes to prevent it happening.
FISCAL Technologies is the only company to focus only on cost 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 ingnorant of saved each many thousands of euros. We offer a no cost overpayment health check and reportto all qualifying organisations.
Please visit - www.fiscaltechnologies.com