How You Can Avoid The Lost money caused by Duplicate payment Values And Upgrade The Cash collection

Although the Duplicate disbursements amount and size is usually less than compliance or pricing errors this sort of cost is generally feared by accounts payable management as the duty is on them to make certain that these errors do not happen by using recovery audit software.

How Do They Occur?

ERP or Accounting systems should have the controls in place to highlight, track or catch duplicate payments overpayments. Yet, the chance 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"..

Internal Audit

This problem issue can be resolved by carrying out the next process :
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 relevant, Purchase Order number can also be useful.
-For convenience, and to produce a fewer 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 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 sophisticated duplicate-finding techniques or system.
-This will require 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 prospect of being a duplicate.
3.) outline suspected items back to their supporting documents using recovery audit software.
4.) Contact overpaid vendors, and request 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 possible when contacting former suppliers.

FISCAL Technologies is the only organisation to focus only on recovery audit software detection solutions. 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 unaware of saved each many thousands of pounds. We offer a no cost overpayment health check and checklistto all qualifying organisations.