The Secret Of How To Drop the Budget drain caused by Duplicate payment Issues and Develop the Payment Methods in Your Accounts tools
January 30th, 2008Although the Duplicate bills number and size is usually less than compliance or pricing errors this form of cost is largely feared by accounts payable management as the responsibility is on them to ensure that these errors do not occur by using recovery audit software.
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 enteredmistakenly or inconsistently, the software’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 clear to witness how overpayments can slip through the net.
recovery audit software
This problem issue can be resolved by completing out the following process :
1.) Obtain a data of the full payment history
The key data items which are required are Supplier Reference, Invoice Number, Amount and Invoice Date. Where applicable, Purchase Order number can also be useful.
-For convenience, and to produce a lesser number of suspected duplicates, it is often useful to divide out suppliers such as landlords where the payments are always constantly the same identical amount.
-The data should include credit items. This will reduce the frustration of finding large duplicate payments which have already been collected with recovery audit software or where errors have been immediately reversed at the time of entry.
2.) Query the data using sophisticated duplicate-finding techniques or system.
-This will necessitate the use of a system that can identify categorise the items most likely to be duplicates.
-Query results should of course be listed in descending order of monetary amount and chance of being a duplicate.
3.) Trace suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid suppliers, and demend repayment or a credit note.
-This step may require some tact, but suppliers are likely to be co-operative with their existing customers. Problems are expected when contacting former suppliers.
FISCAL Technologies is the only company to specialise in overpayment detection solutions. We empower Accounts Payable professionals and have analysed customer data from all the key financial systems and in 100% of cases we have discovered accidental overpayments that they were unaware of saved each many thousands of pounds. We offer a no cost duplicate payment health check and report to all qualifying organisations.
Please visit - www.fiscaltechnologies.com
