Specialist Duplicate Expense Finder

There are now a few specialist software solutions that can now analyse expenses data and look for fraudulent behaviour and find duplicate payments. The overall cost of the software can be significantly less than using a recovery auditor and allows Accounts payable to be in control and improve internal processes.

When buying this type of software it is important to check that it is designed to be run by Accounts Payable staff. The following is a list of key points to look for:

Check the software includes the following:

• Low Cost of ownership - No expensive or time consuming training or installation costs as it is designed to work straightaway.
• Speed of Use – It can be installed and run to find duplicate expenses in under an hour. It can be used just before your payment run and prevent expensive recovery costs.
• No Extra Hardware - It is a desktop application.
• Increased Control - Puts you in control of your accounts payable audit process and enables you to do this both rapidly and cost effectively.
• Prevention - The software 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 team can us it and you don’t need a degree in auditing. No re-training costs required.
• Improve Processes - The duplicate payments report clearly shows you the reason for the duplicate and enables you to improve your processes to prevent it happening again.
  
  

Expense Management Automation

If you are managing a large volume of complex expense claims every month, you might want to consider going for a complete automation solution. There are now a number of comprehensive automation solutions that help reduce fraud, improve efficiencies and can contribute to a 10% reduction in process costs.
For both traditional and web-based reporting there are four basic components to the process:

1. Expense report initiation
2. Payment and reimbursement
3. Audit and receipt management
4. Reporting and analysis

In a web-enabled environment, the process is streamlined from submission to reimbursement. Automation of the expense report initiation and payment components eliminates the re-keying of data, results in faster reimbursement, greater data accuracy and increased resources for mission critical tasks. Through expense management automation, an average company can reduce processing time and costs by 40 to 60 per cent.

Benefits

• Reduction fraud and overall costs from £25 to £10 per transaction
• Reduce expense report completion time from 35 to 18 minutes
• Reduce accounts payable processing time from 22 to 5 minutes
• Reduce days required to process and reimburse expenses from 14 to 3