Communication Bulletin

Perhaps one of the more essential departments in a company is the finance department. The significance of your finance department is undisputed, as you have to understand that you can not hope to have a strong company when your finance structure is weak. Of course, this also means that you have to make sure your company is able to use every penny effectively. Just selling your products and services mindlessly will not be enough, as you will have to make sure that you are able to receive and send every payment decently. If you are unable to track your payments, then chances are that you will be in trouble very soon. On the other hand, sending your payments can be as problematic as sending them. In fact, according to a recent survey, almost up to %1 of the invoice payments are made by error as duplicate every year. It is also estimated that millions of dollars every year have been lost due to duplicate payments made on invoices. As the number of invoices and the number of companies involved in transactions are growing, this causes the problem of duplicate payments to multiply.

There are several reasons why duplicate payments may occur. One of the more common reasons why duplicate payments happen is due to the fact that your invoicing system may be flawed. In general, each invoice requires a different invoice number, date, vendor name and other relevant information to discern that specific invoice from the others. On the other hand, no matter how careful your company personnel may be, still the chances are that you will make a duplicate payment. Especially if the volume of your invoices is higher due to the size and the scope of your company; then you may be even in more of a trouble; since statistically you will have a greater chance of doing duplicate payments by error.

Of course, there are several different means in which you can make sure that you can handle the problem of duplicate payments. One way to make sure that the problem of duplicate payments can be managed is to use an auditing service. Though you will be able to recover some of your payments this way, you can still have problems since the concept of utilizing an auditing service will be an expensive solution for you. In addition, employing an auditing service will not be able to prevent another similar problem from happening again in the future. Hence, even with a professional accounts payable audit service, you may not be able to get the results that you may need for your company.

On the other hand, by utilizing recovery audit software, you will be able to put a definite end to all of your duplicate payments. More importantly, you will be able to prevent duplicate payments from ever happening again. Particularly, if you have a large sized company, then the amount of savings that you will be able to save can be quite significant compared to the cost of the recovery audit software.

http://www.fiscaltechnologies.com/