Here is How You Can Remove the Lost money caused by Double invoice Elements and enhance the Payment Methods in Your Accounts department
January 28th, 2008Although the Duplicate disbursements amount and size is typically less than compliance or pricing errors this form of overpayment is generally 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?
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 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 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 recover overpayments in under an hour. It can be used just before your payment run and prevent expensive recovery costs.
-Advanced Processing - make sure the software includes the most up to date and industry strength formulas and pattern matching techniques.
-Increase Management- Puts you in charge of your accounts payable audit process and enables you to do this both rapidly and cost effectively.
-Avoidance - The software allows you to pre-process your upcoming payments so you should never pay a duplicate invoice again.
-Usability- Anyone in your Accounts Payable group 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 facilitates you to improve your processes to prevent it happening.
FISCAL Technologies is the only company to specialise in cost detection software. We empower Accounts Payable controllers and have analysed client data from all the major financial systems and in 100% of cases we have discovered accidental duplicate payments that they were oblivious of saved each many thousands of euros. We offer a free overpayment health check and whitepaper to all qualifying organisations.
Please visit - www.fiscaltechnologies.com
