How To Remove the Expense caused by Unauthorised payment Elements and Improve the Payment Methods in Your Accounts tools
January 13th, 2008Although the Duplicate bills amount and size is typically less than compliance or pricing errors this type of cost is largely feared by accounts payable management as the duty is on them to warrant that these errors do not occur by using recovery audit software.
How Do They Occur?
A normal invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are enteredwrongly or inconsistently, the system’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 see how overpayments can slip through the net.
Third Party Solution
If you need to purchase a system to maintain 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 intended to work straightaway.
-Process - It can be set up and run to pick up overpayments in under an hour. It can be used just before your payment run and stop 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 control of your accounts payable audit process and enables you to do this both swiftly 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 group can us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Improve Processes - 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 company to specialise in duplicate payment detection solutions. We empower Accounts Payable executives and have analysed customer 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 euros. We offer a no expense duplicate payment health check and whitepaper to all qualifying organisations.
Please visit - www.fiscaltechnologies.com
