Accounts Payable relies on its ERP system, e.g. SAP, PeopleSoft, Oracle, to prevent duplicate payments from being made. These systems use key fields such as invoice #, invoice amount, vendor #, and invoice date to flag a duplicate payment. Unfortunately, these systems will not flag the transaction as a duplicate payment if the data in any of these fields (or other fields used) varies. Variations can easily happen due to issues such as data entry errors, payment to a duplicate vendor, payment to a wrong vendor, or a cross-currency duplicate. Other situations that commonly cause duplicate payments but cannot be detected by an ERP system are when a duplicate invoice is entered into a different system or when payment is made by both invoice and p-card. These errors can cause millions of dollars in lost profits each year.
DataShark A/P will capture duplicate payments in the instances your ERP will not due to such issues as a data entry error(s), payment to a duplicate vendor, payment to a wrong vendor, cross-system entry, cross-currency entry, or an invoice-to-pcard duplicate.
Developed for mid to high volume accounts payable environments – 150,000 to millions of invoices annually, and other complex environments – multiple systems (no limit), including pcard and T&E systems, DataShark A/P sets itself apart from other recovery audit software in the marketplace by its robust, comprehensive duplicate payment identification capabilities. Further setting it apart is the delivery of a 50% and higher true duplicate payment hit rate due to Technology Insight’s unique ability to minimize the number of false positives.
With DataShark A/P, your A/P team will be able to prevent duplicate payments, where a recovery audit cannot; recover duplicate payments in a timelier manner than with a recovery audit; and perform a more comprehensive duplicate payment analysis than with standard audit software or internally developed programs. Make a greater impact to your company’s bottom line with DataShark A/P.
Ownership & Accountability Are Essential to Clean Vendor Master Files
5 Steps to Cleaning Up Vendor Master Files
One Simple Question That You Can’t Answer