Top Tips To Halt the Budget drain caused by Double invoice Elements and Develop the Payment Methods in Your Accounts organisation
Although the Duplicate bills quantityand size is normally less than compliance or pricing errors this type of cost is generally feared by accounts payable management as the accountability is on them to warrant that these errors do not happenby using recovery audit software.
How Do They Occur?
A typical invoice entry includes an invoice number, date, amount, supplier number and many other fields. If any of these fields are typed mistakenly or inconsistently, the software’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 reasonable to observe 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 costly or time consuming training or installation costs as our recovery audit software is designed planned to work straightaway.
-Operation - It can be established and run to find costs in under an hour. It can be used just before your payment run and avert expensive recovery costs.
-Advanced Processing - make sure the software includes the most up to date and industry strength formulas and pattern matching techniques.
-More Control- Puts you in command of your accounts payable audit process and enables you to do this both rapidly and cost effectively.
-Prevention - The solution allows you to pre-process your upcoming payments so you should never pay a duplicate invoice again.
-Usability- Anyone in your Accounts Payable group can us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Improve Processes - The cost recovery report clearly shows you the reason for the duplicate and enables you to improve your processes to prevent it happening.
FISCAL Technologies is the only company to specialise in cost detection solutions. We empower Accounts Payable exectives and have analysed client 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 pounds. We offer a no expense duplicate payment health check and checklistto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
Filed under: Accounting Software, Business Software
