Continuous monitoring software can be a powerful tool in the quest to mitigate duplicate payments, according to Accounting Today.
Errors involving data entry are one of the main causes of duplicate payments. The news source offers the example of two vendor numbers, one of which has four leading zeroes while the other does not. If the numbers are entered into two different enterprise resource planning (ERP) systems, they'll be treated as two different vendors, resulting in the vendor receiving duplicate payments.
Mistakes like these can erode companies' profits by as much as millions of dollars, and are unlikely to be picked up by an audit team unless they appear in samples. Even then, this could occur as long as months after duplicate checks have been sent out.
Leveraging tools such as Technology Insight's DataShark A/P Recovery Audit Software gives companies the ability to immediately capture errors that are overlooked by ERP before any money has been disbursed.
The solution is highly customizable and can be used by itself or in conjunction with Technology Insight's Recovery Audit Services.