Learn How Stop the Cash drain caused by Duplicate payment Values and Develop the Cash collection in Your Accounts team

Although the Duplicate bills amount and size is normally 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 happen by using recovery audit software.

How Do They Happen?

ERP or Accounting platforms 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 75% occurrence. The Institute of Management and Administration concludes that “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..

Internal Audit

This problem issue can be resolved by carrying out out the following steps :
1.) Obtain a file of the full payment history
The key data fields which are required are Supplier Reference, Invoice Number, Amount and Invoice Date. Where appropriate, Purchase Order number can also be useful.
-For convenience, and to produce a lesser number of suspected duplicates, it is often useful to split 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 irritation 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 specialist duplicate-finding techniques or system.
-This will need the use of a system that can identify classify the items most likely to be duplicates.
-Query results should of course be listed in descending order of monetary amount and prospect of being a duplicate.
3.) track 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 more likely when contacting former suppliers.

FISCAL Technologies is the only company to focus only on overpayment 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 euros. We offer a free overpayment health check and report to all qualifying organisations.

Please visit - www.fiscaltechnologies.com