Learn How Lose the Expense caused by Double invoice Values and enhance the Payment Methods in Your Accounts tools
Duplicate payments are one of frequent types of overpayment mistakes that happen 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 supplier bill payments which means one in a 1000 bills could be a duplicate. If your organisation makes £50 million in annual invoice payments you are possibly 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”..
External Support
If you need to purchase a system to support 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 costly or time consuming training or installation costs as our recovery audit software is designed intended to work straightaway.
-Process - It can be set up and run to pick up costs in under an hour. It can be used just before your payment run and avert expensive recovery costs.
-Superior Analysis - make sure the software includes the most up to date and industry strength algorithms and pattern matching techniques.
-More Control- Puts you in control of your accounts payable audit process and enables you to do this both quickly and cost effectively.
-Prevention - The solution 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.
-Better Methods - 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 organisation to specialise in duplicate payment detection software. We empower Accounts Payable managers and have analysed client data from all the main financial systems and in 100% of cases we have discovered accidental overpayments that they were unaware of saved each many thousands of euros. We offer a no expense overpayment health check and checklist to all qualifying organisations.
Please visit - www.fiscaltechnologies.com
Last modified January 28, 2008Author 1450 > has blogged 36 times
