Learn How Halt the Cash loss caused by Poor audit Values and Perfect the Payment Methods in Your Accounts team

Although the Duplicate payments quantity and size is usually less than compliance or pricing errors this sort of overpayment is generally feared by accounts payable management as the accountability is on them to warrant that these errors do not occur by using recovery audit software.

How Do They Happen?

ERP or Accounting software should have the controls in place to flag, track or catch duplicate payments overpayments. Yet, the likelihood of human error means none of the packages are sophisticated enough to prevent more than about 65% occurrence. The Institute of Management and Administration concludes that “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..

recovery audit software

This problem issue can be resolved by completing out the next steps :
1.) Obtain a record of the full payment history
The key data fields which are needed are Supplier Reference, Invoice Number, Amount and Invoice Date. Where appropriate, Purchase Order number can also be helpful.
-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 recovered with recovery audit software or where errors have been immediately reversed at the time of entry.
2.) Query the data using dedicated duplicate-finding techniques or system.
-This will require the use of a system that can identify recognise the items most likely to be duplicates.
-Query results should of course be listed in descending order of monetary amount and probability of being a duplicate.
3.) Trace suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid vendors, and demend repayment or a credit note.
-This step may require some tact, but vendors are likely to be co-operative with their existing customers. Problems are probable when contacting former suppliers.

FISCAL Technologies is the only company to focus only on duplicate payment detection solutions. We empower Accounts Payable controllers and have analysed customer data from all the key financial systems and in 100% of cases we have discovered accidental overpayments that they were ingnorant of saved each many thousands of euros. We offer a no cost overpayment health check and report to all qualifying organisations.

Please visit - www.fiscaltechnologies.com