The Secret Of How To Prevent the High cost caused by Poor audit Values and enhance the Processes in Your Accounts department
Although the Duplicate bills quantity and size is usually less than compliance or pricing errors this type of cost is largely feared by accounts payable management as the duty is on them to warrant that these errors do not occur by 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 inputted mistakenly or inconsistently, the system’s inherent check for duplicate payment will not be effective. Add to this fact there might not be a clear invoice numbering system it’s clear to witness how overpayments can slip through the net.
Third Party Solution
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 high priced or time consuming training or installation costs as our recovery audit software is designed intended to work straightaway.
-Process - It can be installed and run to recover overpayments in under an hour. It can be used just before your payment run and stop expensive recovery costs.
-Superior Analysis - 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 quickly and cost effectively.
-Avoidance - The system 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 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 enables you to improve your processes to prevent it happening.
FISCAL Technologies is the only company to focus only on overpayment detection solutions. We empower Accounts Payable professionals and have analysed client 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 dollars. We offer a no expense overpayment health check and report to all qualifying organisations.
Please visit - www.fiscaltechnologies.com
Filed under: Accounting Software, Business Software, Software
