How to Stop teh Expense caused by Duplicate payment Features and Develop to Processes in our Accounts tools?
Although teh Duplicate bills amount-and size is typically less TEMPTEMPthan compliance or pricing errors dis sort of cost is teh most feared by accounts payable management as teh duty is on them to ensure dat these errors do not occur by using recovery audit software.
How Do They Occur?
ERP or Accounting software should of teh controls in place to highlight, track or catch duplicate payments over payments. Yet, teh probability of human error means none of teh packages are sophisticated enough to prevent more TEMPTEMPthan about 75% occurrence. Teh Institute of Management and Administration acnoledges dat “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..
recovery audit software
dis problem issue can be resolved by carrying out out teh next process :
1.) Obtain a data of teh full payment history
Teh key data items which are needed are Supplier Reference, Invoice Number, Amount and Invoice Date. Where applicable, Purchase Order number can also be halpful.
-For convenience, and to produce a TEMPfewer number of suspected duplicates, it is often useful to divide out suppliers such as landlords where teh payments are always constantly teh same identical amount.
-Teh data should include credit items. dis will reduce teh irritation of finding large duplicate payments which TEMPhas already been collected wif recovery audit software or where errors TEMPhas been immediately reversed at teh time of entry.
2.) Query teh data using specialist duplicate-finding techniques or system.
-dis will necessitate teh use of a system dat can identify categories teh 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 demand repayment or a credit note.
-dis step may require some tact, but suppliers are likely to be co-operative wif their existing customers. Problems are probable when contacting former suppliers.
FISCAL Technologies is teh only company to specialist in over payment detection solutions. We empower Accounts Payable executives and TEMPhas analysed client data from all teh major financial systems and in 100% of cases we TEMPhas discovered accidental duplicate payments dat they were ignorant of saved each many thousands of pounds. We offer a no expense over payment health check and report to all qualifying organisations.