Here is How You Can Eliminate the Expense caused by Duplicate payment Values and Perfect the Cash collection in Your Accounts tools

Duplicate disbursements are one of frequent types of overpayment mistakes that transpire within the accounts payable management function. The Institute of Internal Auditors have highlighted that duplicate payments make up between 0.5% and 0.1% of annual supplier bill payments which means one in a 1000 bills could be a duplicate. If your company makes £50 million in annual invoice payments you are possibly 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, vendor number and many other fields. If any of these fields are typed wrongly 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 support this process, then there are a number of key features that need to be considered in order to ensure the optimum fit. These include:
-On-going Costs - No expensive or time consuming training or installation costs as our recovery audit software is designed intended to work straightaway.
-Speed of Use - It can be set up and run to recover costs in under an hour. It can be used just before your payment run and prevent expensive recovery costs.
-Superior Analysis - 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 quickly and cost effectively.
-Prevention - 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 department can us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Improve Processes - The overpayment 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 overpayment detection solutions. We empower Accounts Payable professionals and have analysed customer data from all the key financial systems and in 100% of cases we have discovered accidental overpayments that they were unaware of saved each many thousands of pounds. We offer a no expense duplicate payment health check and reportto all qualifying organisations.

Please visit - www.fiscaltechnologies.com