Here is How You Can Drop the Budget drain caused by Duplicate payment Elements and Perfect the Payment Methods in Your Accounts tools

Duplicate paymentsare one of numerous types of overpayment mistakes that transpire within the accounts payable management area. The Institute of Internal Auditors have recognised that duplicate payments make up between 0.5% and 0.1% of yearly supplier bill payments which means one in a 1000 payments could be a duplicate. If your organisation makes £50 million in yearly invoice payments you are probably paying out £50,000 or more in duplicate payments per year..

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 inputtedinaccurately 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 clear to witness how overpayments can slip through the net.

External Support
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 costly or time consuming training or installation costs as our recovery audit software is designed planned to work straightaway.
-Operation - It can be installed and run to find costs in under an hour. It can be used just before your payment run and avoid expensive recovery costs.
-Superior Analysis - make certain the software includes the most up to date and industry strength formulas and pattern matching techniques.
-More Control- Puts you in control of your accounts payable audit process and enables you to do this both quickly and cost effectively.
-Avoidance - 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 department 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 organisation to specialise in overpayment detection solutions. We empower Accounts Payable professionals 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 unaware of saved each many thousands of dollars. We offer a no cost duplicate payment health check and whitepaperto all qualifying organisations.

Please visit - www.fiscaltechnologies.com