Top Tips To Escape the Cash drain caused by Unauthorised payment Elements
By Wayne
Duplicate billsare one of frequent types of overpayment errors that happen within the accounts payable management function. The Institute of Internal Auditors have established that duplicate payments make up between 0.5% and 0.1% of yearly supplier bill payments which means one in a 1000 payments could be a duplicate. If your company 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?
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 70% occurrence. The Institute of Management and Administration concludes that "Completely eliminating duplicate payments using recovery audit software may be an impossible dream"..
External Support
If you need to purchase a system to sustain this process, then there are a number of key factors that need to be considered in order to ensure the optimum fit. These include:
-On-going Costs - No expensive or time consuming training or installation costs as our recovery audit software is designed planned to work straightaway.
-Speed of Use - It can be set up and run to recover duplicate payments 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.
-More Control- Puts you in control 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 group can us it and you don't need a degree in auditing. No re-training costs required necessary.
-Improve Processes - The overpayment 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 managers and have analysed customer data from all the main financial systems and in 100% of cases we have discovered accidental overpayments that they were ingnorant of saved each many thousands of euros. We offer a no cost overpayment health check and checklistto all qualifying organisations.
About the author
For more information about Duplicate payment and unauthorised payment, Please visit - www.fiscaltechnologies.com from http://www.FreeArticlesAndContent.com
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