Here is How You Can Eliminate the Cash drain caused by Poor audit Elements and Increase the Payment Methods in Your Accounts department
Although the Duplicate bills quantity and size is normally less than compliance or pricing errors this sort of cost is generally feared by accounts payable management as the responsibility is on them to make certain that these errors do not occur by using recovery audit software.
How Do They Occur?
ERP or Accounting systems should have the controls in place to pinpoint, 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 65% occurrence. The Institute of Management and Administration agrees that “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..
Internal Audit
This problem issue can be resolved by completing out the next process :
1.) Obtain a data of the full payment history
The key data items which are required are Supplier Reference, Invoice Number, Amount and Invoice Date. Where relevant, Purchase Order number can also be helpful.
-For convenience, and to produce a lesser number of suspected duplicates, it is often useful to divide 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 aggravation 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 categorise the items most likely to be duplicates.
-Query results should of course be listed in descending order of monetary amount and probability of being a duplicate.
3.) track suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid suppliers, and request repayment or a credit note.
-This step may require some tact, but suppliers are likely to be co-operative with their existing customers. Problems are probable when contacting former suppliers.
FISCAL Technologies is the only company to focus only on recovery audit software detection software. We empower Accounts Payable controllers and have analysed customer data from all the key 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 no expense duplicate payment health check and whitepaper to all qualifying organisations.
Please visit - www.fiscaltechnologies.com
Filed under: Software, Business Software, Accounting Software
