Did you know what percentage of your organisation’s annual spend is lost in duplicate payments each year? During the process from purchase to payment, all sorts of problems can occur, and all these add up. The best solution is to install recovery audit software that will detect all unnecessary payments as well as other sorts of fraud and invoicing errors. Implement an effective accounts payable audit programme, at a low cost of ownership, as soon as possible to make immediate cost efficiencies.
Out of the many problems that can occur when processing payments, duplicate payments are the most costly. Medium and large organisations are at considerable risk of paying their supplier invoices twice. To augment the detection and prevention of these errors, it’s not necessary to employ a costly Recovery Auditor. By empowering your own Accounts payable team with the most effective software, you will be able to tighten internal processes without paying auditor fees.
Do you need to spend any money at all maximising your financial transactions? Recovery audit software providers can give you a solution. Most offer a free AP health check to qualifying organisations, which provides substantiation of any compliance issues or fraud within your system with a partial analysis over a number of days. You can then move forward with the assurance that there is a sound business case for deploying this software.
Procuring a health-check as soon as possible will also save you money. The chance of recovering duplicate payments is reduced each month as suppliers go out of business, get bought or merge. The older the invoice, the more it costs to recover. Act on any inconsistencies sooner rather than later. This is easy with audit software, which is simple to use and providers offer free online training for your staff. Each programme will be carefully tailored to your organisation’s needs.
To increase profitability, and shield your business from fraud and error, turn to recovery audit software. Additional benefits are the improvement of your current AP systems. duplicate payments will become a thing of the past with an accounts payable audit system in place to process all your payment data and protect your valuable working capital.
Please visit https://www.fiscaltec.com for further information.