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, efficient methods.
The Institute of Internal Auditors estimates an average of .1% of payments are duplicate payments. This equates to an estimated $1,000,000 in duplicate payments for every $1B in spend. What does this mean to your company?
|If your company’s Profit Margin is:||Every $100,000 prevented or recovered equals:|
|1%||$10,000,000 in sales|
|3%||$3,333,333 in sales|
|5%||$2,000,000 in sales|
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.
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