Minnesota snowmobile maker Polaris Industries has recently announced that it will be bringing its bookkeeping procedures into the 21st century with the help of accounts payable solutions. The company hopes that the software will help them avoid potentially costly duplicate payments.
Polaris chose software solutions that will help it transition from using primarily paper accounting methods to digital ones. Through data capture technologies, the business plans to implement digital invoices for the first time, and content management systems will allow workers to easily track transactions. Polaris said that this should reduce both the workload of its employees and the occurrence of errors like duplicate payments.
According to Help Net Security, duplicate payments may be equal to 2 percent of some companies' total accounts payable. Of this amount, 10 percent of the funds are never recovered. While this may not seem like a large sum of money, it is possible for these small amounts to add up.
Through the use of AP audit tools, businesses can avoid losing money through simple clerical errors. While these errors are sometimes fraud-related, many more result from bookkeeping mistakes that are highly avoidable with the implementation of technological solutions.