How To Avoid the Cash drain caused by Unauthorised payment Values and Perfect the Payment Methods in Your Accounts team

How To Avoid the Cash drain caused by Unauthorised payment Values and Perfect the Payment Methods in Your Accounts team

Duplicate payments are one of many types of overpayment errors that occur within the accounts payable management function. The Institute of Internal Auditors have highlighted that duplicate payments make up between 0.5% and 0.1% of annual supplier invoice payments which means one in a 1000 payments could be a duplicate. If your company makes £50 million in annual invoice payments you are probably paying out £50,000 or more in duplicate payments per year..

How Do They Occur?

ERP or Accounting software should have the controls in place to highlight, 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 acknowledges that “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..

Third Party Solution
If you need to purchase a system to sustain this process, then there are a number of key aspects that need to be considered in order to ensure the optimum fit. These include:
-On-going Costs - No high priced or time consuming training or installation costs as our recovery audit software is designed planned to work straightaway.
-Process - It can be installed and run to recover overpayments in under an hour. It can be used just before your payment run and stop expensive recovery costs.
-Superior Analysis - make certain 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 rapidly and cost effectively.
-Prevention - 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 allows you to improve your processes to prevent it happening.

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 oblivious of saved each many thousands of pounds. We offer a no expense duplicate payment health check and checklistto all qualifying organisations.

Please visit - www.fiscaltechnologies.com