Here is How You Can Halt the Budget drain caused by Unauthorised payment Elements and Develop the Payment Methods in Your Accounts department

Although the Duplicate bills quantity and size is typically less than compliance or pricing errors this type of overpayment is generally feared by accounts payable management as the accountability is on them to warrant that these errors do not occurby using recovery audit software.

How Do They Occur?

A normal invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are entered mistakenly or inconsistently, the software’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 see how overpayments can slip through the net.

Internal Audit

This problem issue can be resolved by implementing out the following steps :
1.) Obtain a file of the full payment history
The key data items which are needed are Supplier Reference, Invoice Number, Amount and Invoice Date. Where applicable, Purchase Order number can also be helpful.
-For convenience, and to produce a smaller number of suspected duplicates, it is often useful to split 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 collected 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 demand the use of a system that can identify classify the items most likely to be duplicates.
-Query results should of course be listed in descending order of monetary amount and chance of being a duplicate.
3.) outline suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid suppliers, and ask for 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 possible when contacting former suppliers.

FISCAL Technologies is the only company to specialise in duplicate payment detection software. We empower Accounts Payable professionals and have analysed client data from all the key financial systems and in 100% of cases we have discovered accidental overpayments that they were oblivious of saved each many thousands of euros. We offer a no cost duplicate payment health check and reportto all qualifying organisations.

Please visit - www.fiscaltechnologies.com