Accounts Payable Audit
Within an Account Payable Audit, the 'life cycle' of any procurement transaction offers many opportunities for payment errors. No matter how refined corporate systems become, the complex nature of today's procurement and accounts payable environments still causes small errors that can add up to 'lost' profits. Data entry mistakes, duplicate payments, missed discounts, overlooked pricing agreements - these small errors can take many forms.
Accidental duplicate payments to suppliers are much more common than most finance executives realise. The reasons for this may lie in the fact that the main causes of the problem appear so trivial.
If you pay more than 25,000 supplier invoices each year, you are almost certainly making losses you know nothing about. The fact is that duplicate payments have been silently costing multi-billion pound losses for businesses worldwide. According to the Institute of Management and Administration (www.ioma.org), this is a problem that gets proportionately worse as the size of the company increases, regardless of how good its systems are.
Adopting the right approach could save your company hundreds of thousands of pounds annually - not simply in recovered (and prevented) losses, but also by avoiding paying commissions of up to 50% to recovery auditors to find duplicate payments you could have found internally.
The Duplicate Payment Finder™ software gives you all the advantages of hiring a recovery audit firm at a fraction of the cost and with a money-back guarantee. Our software is designed to be run as part of your internal Accounts Payable processes straight away and will identify duplicate payments made in the past as well as protecting you against duplicates occurring in the future.
Find out if you qualify for a Payment Healthcheck [GO]
To find out how you can prevent your duplicate payments [GO] |
