The Secret Of How To Halt the Cash drain caused by Unauthorised payment Values and Increase the Cash collection in Your Accounts organisation
Duplicate disbursements are one of numerous types of overpayment mistakes that transpire within the accounts payable management area. The Institute of Internal Auditors have established that duplicate payments make up between 0.5% and 0.1% of yearly vendor invoice payments which means one in a 1000 payments could be a duplicate. If your organisation makes £50 million in yearly invoice payments you are probably paying out £50,000 or more in duplicate payments per year..
How Do They Happen?
A typical invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are entered inaccurately 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 witness how overpayments can slip through the net.
Third Party Solution
If you need to purchase a system to sustain this process, then there are a number of key aspects that need to be considered in order to ensure the optimum fit. These include:
-Low Cost of ownership - No costly 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 pick up overpayments 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 algorithms and pattern matching techniques.
-More Control- Puts you in command of your accounts payable audit process and enables you to do this both quickly and cost effectively.
-Avoidance - The software allows you to pre-process your upcoming payments so you should never pay a duplicate invoice again.
-Ease of Use- Anyone in your Accounts Payable group can us it and you don’t need a degree in auditing. No re-training costs required necessary.
-Better Methods - 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 organisation to focus only on cost detection solutions. We empower Accounts Payable managers and have analysed client data from all the main financial systems and in 100% of cases we have discovered accidental duplicate payments that they were oblivious of saved each many thousands of pounds. We offer a free duplicate payment health check and whitepaper to all qualifying organisations.
Please visit - www.fiscaltechnologies.com
Filed under: Accounting Software, Business Software, Software
