Learn How Halt the Expense caused by Duplicate payment Values and Develop the Processes in Your Accounts tools

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

How Do They Occur?

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 75% occurrence. The Institute of Management and Administration acknowledges that “Completely eliminating duplicate payments using recovery audit software may be an impossible dream”..

Internal Audit

This problem issue can be resolved by carrying out out the following steps :
1.) Obtain a data of the full payment history
The key data fields which are needed are Supplier Reference, Invoice Number, Amount and Invoice Date. Where applicable, Purchase Order number can also be useful.
-For convenience, and to produce a fewer number of suspected duplicates, it is often useful to separate 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 frustration 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 specialise duplicate-finding techniques or system.
-This will necessitate 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.) track suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid suppliers, and demend 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 expected when contacting former suppliers.

FISCAL Technologies is the only company to specialise in recovery audit software detection solutions. We empower Accounts Payable managers and have analysed client data from all the major financial systems and in 100% of cases we have discovered accidental duplicate payments that they were ingnorant of saved each many thousands of euros. We offer a free overpayment health check and whitepaper to all qualifying organisations.

Please visit - www.fiscaltechnologies.com