Learn How Stop the Lost money caused by Unauthorised payment Features and enhance the Processes in Your Accounts team
Although the Duplicate disbursements amountand size is normally less than compliance or pricing errors this form of cost is the most feared by accounts payable management as the duty is on them to make certain that these errors do not occurby using recovery audit software.
How Do They Occur?
ERP or Accounting platforms should have the controls in place to flag, 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”..
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:
-On-going Costs - No high priced or time consuming training or installation costs as our recovery audit software is designed planned 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 prevent expensive recovery costs.
-Superior Analysis - make sure the software includes the most up to date and industry strength algorithms and pattern matching techniques.
-Increase Management- Puts you in control of your accounts payable audit process and enables you to do this both quickly and cost effectively.
-Avoidance - The system 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 cost recovery 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 overpayment detection software. We empower Accounts Payable exectives and have analysed client data from all the key financial systems and in 100% of cases we have discovered accidental duplicate payments that they were ingnorant of saved each many thousands of pounds. We offer a free duplicate payment health check and reportto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
Last modified December 28, 2007Author 1450 > has blogged 36 times
