Here is How You Can Prevent the Lost money caused by Poor audit Values and Upgrade the Cash collection in Your Accounts management

Duplicate bills are one of several types of overpayment mistakes that happen within the accounts payable management section. The Institute of Internal Auditors have established that duplicate payments make up between 0.5% and 0.1% of yearly supplier invoice payments which means one in a 1000 bills 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?

A typical invoice entry includes an invoice number, date, amount, vendor number and many other fields. If any of these fields are enteredmistakenly 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.

Internal Solution

This problem issue can be resolved by carrying out out the next process :
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 appropriate, Purchase Order number can also be valuable.
-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 or where errors have been immediately reversed at the time of entry.
2.) Query the data using specialise duplicate-finding techniques or system.
-This will need the use of a system that can identify recognise 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.
4.) Contact overpaid vendors, and ask for repayment or a credit note.
-This step may require some tact, but vendors are likely to be co-operative with their existing customers. Problems are expected when contacting former suppliers.

FISCAL Technologies is the only company to specialise in overpayment detection software. We empower Accounts Payable professionals 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 free duplicate payment health check and whitepaperto all qualifying organisations. Please visit - www.fiscaltechnologies.com