Here is How You Can Halt the Budget drain caused by Unauthorised payment Values and Develop the Cash collection in Your Accounts activity
Although the Duplicate bills numberand size is normally less than compliance or pricing errors this form of cost is generally feared by accounts payable management as the accountability is on them to ensure that these errors do not occurby using recovery audit software.
How Do They Occur?
ERP or Accounting software should have the controls in place to flag, track or catch duplicate payments overpayments. Yet, the probability of human error means none of the packages are sophisticated enough to prevent more than about 65% occurrence. The Institute of Management and Administration acknowledges that “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..
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If you need to purchase a system to maintain this process, then there are a number of key features that need to be considered in order to ensure the optimum fit. These include:
-Low Cost of ownership - No high priced or time consuming training or installation costs as our recovery audit software is designed planned to work straightaway.
-Process - It can be set up and run to recover overpayments in under an hour. It can be used just before your payment run and prevent expensive recovery costs.
-Advanced Processing - Ensure the software includes the most up to date and industry strength formulas and pattern matching techniques.
-Increase Management- Puts you in command of your accounts payable audit process and enables you to do this both swiftly 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 team 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 allows you to improve your processes to prevent it happening.
FISCAL Technologies is the only organisation 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 overpayments that they were oblivious of saved each many thousands of pounds. We offer a no cost duplicate payment health check and checklistto all qualifying organisations.
Please visit - www.fiscaltechnologies.com
Filed under: Software, Business Software, Accounting Software
