Top Tips To Escape the Budget drain caused by Poor audit Features and enhance the Processes in Your Accounts tools
December 28th, 2007Although the Duplicate payments numberand size is typically less than compliance or pricing errors this sort of overpayment is generally feared by accounts payable management as the duty is on them to make certain that these errors do not happenby using recovery audit software.
How Do They Happen?
ERP or Accounting platforms should have the controls in place to highlight, track or catch duplicate payments overpayments. Yet, the probability of human error means none of the packages are sophisticated enough to prevent more than about 70% occurrence. The Institute of Management and Administration acknowledges 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 maintain 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.
-Operation - It can be set up and run to recover costs in under an hour. It can be used just before your payment run and avoid expensive recovery costs.
-Advanced Processing - make certain the software includes the most up to date and industry strength algorithms and pattern matching techniques.
-Increase Management- Puts you in charge of your accounts payable audit process and enables you to do this both swiftly and cost effectively.
-Avoidance - 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 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 specialise in recovery audit software detection systems. We empower Accounts Payable exectives and have analysed client data from all the main financial systems and in 100% of cases we have discovered accidental overpayments that they were oblivious 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
