Here is How You Can Avoid the Lost money caused by Unauthorised payment Features and Increase the Cash collection in Your Accounts organisation

Although the Duplicate disbursements quantity and size is typically less than compliance or pricing errors this sort of overpayment is largely feared by accounts payable management as the duty is on them to make certain that these errors do not occur by 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 inputtedwrongly 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 observe how overpayments can slip through the net.

Internal Audit

This problem issue can be resolved by carrying out the next steps :
1.) Obtain a file of the full payment history
The key data items which are required are Supplier Reference, Invoice Number, Amount and Invoice Date. Where applicable, Purchase Order number can also be valuable.
-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 found 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.) Trace 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 more likely when contacting former suppliers.

FISCAL Technologies is the only company to specialise in overpayment detection solutions. We empower Accounts Payable controllers and have analysed customer data from all the main 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 cost duplicate payment health check and report to all qualifying organisations.

Please visit - www.fiscaltechnologies.com