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Auditing your Accounts Payable is a routine necessity to ensure you’re not losing money to errors or fraud. An accounts payable audit doesn’t just reveal overpayments that you can pursue to recover money; it can also be used to identify common errors so you can take proactive measures to prevent them from continuing to happen. Here […]
Automated Accounts Payable Analysis isn’t often thought of as a revenue generation source, but the process can improve your bottom line. Not only can it identify and prevent errors as they happen, decreasing the workload for recovery auditors later on, but Automated Accounts Payable Analysis can also help you track metrics relating to your A/P […]
Most ERP systems have monitoring capabilities in place to use invoice numbers, amounts, vendor numbers and dates to prevent duplicate payments. However, if any data was entered incorrectly, your ERP may not be able to flag the error. Manually auditing internal files to detect and remove errors is a tedious, time-consuming process. To reduce the […]
When financial controls fall to the wayside, mistakes are likely to occur.
Every organization is susceptible to fraud if the correct preventative steps aren’t taken.
The use of procurement cards (P-cards) is an increasingly pervasive trend in accounts payable management.
Technology Insight has been identifying duplicate payments for clients since 1999. Throughout this time we have worked with a multitude of systems such as SAP, PeopleSoft, Oracle, Lawson, BPCS, GEAC, J.D. Edwards and many more recognizable (and unrecognizable) systems. Each system contains controls to stop duplicate payments. Inevitably, we always identify duplicate payments missed by […]
I was recently speaking with a financial executive at a billion dollar plus company and I was surprised to hear him say that he didn”t feel his company could have a duplicate payment issue because they were SOX certified and used the most expensive accounts payable system. Anyone who actually enters A/P transactions into any […]
The IRS TIN Matching service is a valuable tool that every A/P manager should know about. This free-of-charge e-service allows ‘authorized payers’, defined by the IRS as one who has filed information returns with the IRS in at least one of the two past tax years, to match 1099 payee information against IRS records prior […]
Purchase orders are considered a good internal control mechanism, right? Even introductory accounting and auditing classes teach the value of “two-way matches” and “three-way matches”. Would it surprise you if I told you that 41% of all of the validated duplicate payments made by our clients were PO related? I believe in the value of […]
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