Learn How Escape the Lost money caused by Double invoice Features and Upgrade the Processes in Your Accounts department
Although the Duplicate bills quantity and size is normally less than compliance or pricing errors this type of cost is the most feared by accounts payable management as the duty is on them to make certain that these errors do not occur by using recovery audit software.
How Do They Occur?
A typical invoice entry includes an invoice number, date, amount, supplier number and many other fields. If any of these fields are typed inaccurately or inconsistently, the system’s inherent check for duplicate payment will not be effective. Add to this fact there might not be a defined invoice numbering system it’s reasonable to witness how overpayments can slip through the net.
Internal Solution
This problem issue can be resolved by completing out the next steps :
1.) Obtain a record of the full payment history
The key data items which are needed are Supplier Reference, Invoice Number, Amount and Invoice Date. Where applicable, Purchase Order number can also be valuable.
-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 aggravation 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 require 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.) outline suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid suppliers, and ask for 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 probable when contacting former suppliers.
FISCAL Technologies is the only company to specialise in duplicate payment detection solutions. We empower Accounts Payable managers and have analysed customer data from all the major financial systems and in 100% of cases we have discovered accidental duplicate payments that they were ingnorant of saved each many thousands of dollars. We offer a no cost overpayment health check and checklist to all qualifying organisations.
Please visit - www.fiscaltechnologies.com