Is your organisation paying more than it needs to? Look to world-class accounts payable audit software to prevent unnecessary duplicate payments, as well as invoicing errors, compliance issues and supplier fraud. recovery audit software can be used to help your Accounts Payable team in their efforts to control and advance processes. Using this software takes away the need to employ expensive Recovery Auditors to identify and recover duplicate payments. Instead, by empowering your own Accounts Payable teams with the right tools, costly auditor fees are cut and internal processes are improved.
There is a large risk that medium and large organisations pay their supplier invoices twice. Duplicate payments are one of various overpayment errors that go undetected in the accounts payable process, and usually the most costly. The total amount overpaid, one way or another, can run into many thousands of pounds or more for small or medium-sized businesses.
If you are uncertain whether this is an concern for your organisation, recovery audit software providers can usually provide proof with an AP health check that is often offered for free to qualifying organisations. This check consists of a partial analysis over several days to throw up any errors, compliance issues or supplier fraud within your system. This evidence then forms the basis for a sound business case. The benefits of using this software are crucially cutting unnecessary costs – which is no small benefit. It is important to act quickly as the opportunity of recovering extra payments decreases each month. This is because every month some of your suppliers go out of business, merge or get bought. Old invoices cost more to recover, so cost increases with each month, too, and so it makes sense to secure a health-check as soon as you can in order to act on any inconsistencies.
The software is uncomplicated to use, and requires no special training. In fact, free online training is often offered by the provider. Tailored specifically to your business’s needs, fraud and risk are reduced and profitability increased. When put into place before a payment run, the software halts unnecessary payments and therefore avoids the high expense of recovering money externally or internally.
For effective prevention and protection from fraudulence and error, improvement of your cost efficiencies and current AP systems, recovery audit software provides the answer. Accounts payable audit programmes can process all old payment data for duplicate payments, helps you comply with internal and external guidelines, and protects valuable working capital – all at a low cost of ownership.
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