The Exponential Impact of Duplicate Payments

Duplicate payments occur when a company pays the same invoice twice. In today’s A/P environment, duplicate payments also include invoice-to-Pcard, Pcard-to-Pcard, and invoice-to-T&E transactions, as accounts payable organizations move payment to these more cost-effective methods.

The Institute of Internal Auditors estimates an average of .1% of payments are duplicates. This equates to an estimated $1,000,000 in duplicate payments for every $1B in spend. What does this mean for your company?

If Your Profit Margin Is Every $100,000 Recovered Is Like
1% $10,000,000 in Sales
3% $33,333,333 in Sales
5% $2,000,000 in Sales

Maximize A/P’s Ability to Capture Duplicate Payments

DataShark A/P easily overcomes the limitations of your ERP system’s controls to empower your A/P department to capture duplicate payments before they are made (or perform more timely recoveries).

DataShark A/P differentiates itself from other audit software with its unmatched refinement process to remove false positives delivering typically a 50% and higher true duplicate payment hit rate , drastically reducing your resource needs by up to 75% over that needed by typical audit software.

Because of its ability to intelligently refine the candidate list, DataShark A/P is able to run an unlimited number of algorithms against large volumes of data for the most comprehensive analysis in the marketplace.

DataShark A/P’s Duplicate Payment Features Include

  • shield_smallRefinement of duplicate payment list to remove false positives and deliver a 50% and higher true duplicate payment rate.
  • shield_smallIntelligent refinement grows and learns, to further increase the true duplicate payment rate.
  • shield_smallExponentially more algorithms than typical audit software for a deeper, more comprehensive dive on the data.
  • shield_smallAn intuitive and dynamic tracking and recovery module to enable efficient research and recovery efforts providing real-time results.
  • shield_smallDetailed root cause analysis reporting with customizable categories to quantify and address breakdowns.
  • shield_smallIdentification of duplicate payments across any number of disparate ERP systems.
  • shield_smallP-Card duplicate payments detection, including invoice-to-pcard and p-card-to-pcard.
  • shield_smallT&E duplicate payment detection including invoice-to-T&E and T&E-to-T&E.
  • shield_smallIdentification of duplicate payments within any currency and across multiple currencies.
  • shield_smallUpdates may be taken daily, weekly, monthly, quarterly or yearly based on your needs.

 

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