Mitigating duplicate payments

Duplicate payments are a persistent scourge against a company's bottom line, but their occurrence can be minimized if an effective system of checks and balances is put in place.

According to Accounts Payable Now, instating a system of rigorous invoice-tracking procedures and regular accounts payable audits can help identify coding discrepancies and uncover duplicate vendors in a master vendor file.

Other preventive measures include eliminating the need for a supplier to send a second invoice, parsing records of recent checks for duplicate amounts, cleansing inactive vendor files, and avoiding making payments from statements unless the supplier says otherwise.

After implementing these processes, it is likely that the frequency of duplicate payments within a company will be reduced. However, a small percentage of duplicate payments may not be flagged using this system, at which point it is important to launch a recovery audit using services such as those provided by Technology Insight.

Technology Insight's Accounts Payable Recovery Audit Services offering facilitates statement reviews, contract compliance reviews, vendor master file analysis, and more to help companies recoup lost funds. 

Leave a Reply

Your email address will not be published. Required fields are marked *

Prove You're Human * Time limit is exhausted. Please reload the CAPTCHA.