Duplicate Payment Recovery Audit 2025

Deliver concise, complete and accurate supplier master data, with strong governance that sustains data quality, and improves vendor relationships. Ideally, reviews should be quarterly or semi-annually, especially for high-volume businesses. Driven by a passion for people and excellence, James is a global HR leader with over 15 years of experience. He places great emphasis on nurturing our employees and fostering a culture of continuous improvement.

Key Ways to Prevent Duplicate Payments

• While AP recovery services identify errors and recover funds, the reactive nature of these services drives huge inefficiencies and hinders cashflow optimisation.
• The key lies in being clear about what happened, specific about the amounts involved, and reasonable in your expectations for resolution.
• This blog describes how automating controls in Accounts Payable (AP) with specialist software can create fantastic gains for the whole organisation and kick-start overpayment recovery.
• If you want to continue learning more about recovery audit, check out our other resources found below.
• If duplicate payments are causing headaches, then consider switching to paperless invoicing, where invoices offer improved visibility.
• All too often a single transaction, or series of transactions that represented hundreds of thousands of dollars, are left sitting in a supplier’s account rather than in your organization’s bottom line.
• I kindly request that you arrange a refund for the excess amount charged.

Over a decade, he has consistently driven innovation to achieve optimal client outcomes. His progressive & supportive management style has nurtured talent and revolutionised audit tools, processes, and systems. Michael is a passionate advocate for improvement, consistently working on initiatives to unify teams and build client audits from the ground up. Yes, our tools are designed to detect a wide range of discrepancies, including overpayments, underpayments, and fraud. This credit is from Reason for Credit, e.g., an overpayment on invoice #XXXX.

• A contact compliance recovery audit is a comprehensive review process that ensures contractual obligations are met and identifies potential financial recoveries.
• I recently booked travel accommodations through your service for Travel Dates and have discovered that an overpayment of Amount was made.
• In other cases, the manual nature of AP processes can result in there being duplicate vendor entries in the ERP system.
• Looking at these figures, it’s evident that the threats posed by duplicate payments are real and require immediate attention.
• We offer continuous monitoring services to ensure sustained accuracy in your financial operations.
• In addition to recovering duplicate payments, our experts provide root-cause analysis to uncover why errors occurred in the first place.

Detailed Overpayment Analysis

Identify and recover overpayments, duplicate invoices, and unclaimed credits without adding pressure to your internal teams. Our recovery-focused service helps public and private sector organisations recover lost funds through a fully managed, secure, compliant, no-win-no-fee service. With FISCAL’s no cost, no-obligation proof of value, we can uncover the key areas you need to begin recovering funds and optimising processes. We start by using our accounts payable recovery audit software to review an organisation’s historical spend. This typically requires a simple transmission of specific files without any need for special programming.

What is spend analysis and why does it matter?

Payment recovery refers to the process used by businesses to resolve any payment errors. This includes chasing up on missing or overdue payments from clients, as well as recovering funds paid in error to suppliers. For example, you might https://www.bookstime.com/articles/statutory-reporting overpay a utility bill or issue a duplicate payment for the same invoice, in which case you’d need to get in touch with the service provider to recover your overpaid funds. Our technology leverages automation to provide efficiency and remove manual work from the payment process.

• We also accessed the client’s imaging system to review copies of all vendor invoices.
• This dataset would be transferred to our servers where we then process the data.
• Even though these duplicate invoices might not all result in actual payments, these numbers serve to illustrate the high risk of potential duplicate payments.
• When duplicate payments are detected, immediate action is necessary to recover the overpaid funds.
• No matter the scenario, duplicate payments cannot be considered just another “cost of doing business” because the cost is so high.
• Underpinned by our history and building new context every day, our algorithms automatically find your organisation’s specific risks, now and in the future.

“My remarkable growth as a Solutions Architect”

• By doing so, the likelihood of the same invoice being processed multiple times is significantly reduced.
• Duplicate payments are a financial pitfall that can affect any organization’s bottom line.
• Without a singular policy for entering invoices or process controls to catch errors, multiple invoices were entered more than once which resulted in duplicate payments to multiple vendors.
• His team was also great with following up, communication and knew their way around PeopleSoft.
• We enable your AP team to act fast and correct errors before payment is made.
• They assess process accuracy, data quality and controls, giving you insights to better manage operations, data, vendor performance and internal controls.

I'm sure it takes some creative and sometimes aggressive tactics to get the money back. We meet regulatory standards for data protection, confidentiality, and system security. Our UK-based team uses secure channels to carry out all analysis in-house, complying with GDPR and Public Sector framework requirements.

Their web-based Claims Approval System, The Vault, monitors and tracks claim production and supplier and internal communications, and it produces real-time reporting. Yes, we recommend best practices, internal controls, and tools to help detect and prevent duplicates before payments are made. An experienced operations leader who prioritises service delivery & client satisfaction.

Informal language is recommended for refund letters to increase the chance of a refund being processed quickly.

Leading this initiative shows proactive stewardship and a commitment to financial optimization. Moon Invoice transforms the invoicing process in a way that allows you to easily generate how to prevent duplicate payments and track invoices in the blink of an eye. Designed for growth-oriented businesses, Moon Invoice alleviates the burden of managing business finances. Read how a FISCAL recovery audit and statement reconciliation returned £1.85m to Kings College London’s bottom line. Before undertaking any audit, prep your team so they are on board from the get-go.

Process Optimization

Attached, you will find copies of the transaction receipts and the bank statement confirming the duplication. Risk analysis software and expert services combine to protect your working capital, prevent financial loss and fraud, eliminate supplier risk, and maintain regulatory compliance. If you find a duplicate payment was made unintentionally, then contact the recipient immediately and inform them about the issue. Seek a resolution and also discuss ways to prevent such duplicate payment issues in the future. Your team gets burned out quickly, impacting your overall business productivity.

Statement reconciliation

One small yet costly mistake of making duplicate payments and your relationship with a supplier or vendor hangs by a thread. This could be because duplicate payments, once made, only put your business https://maisonwood.com/2022/02/04/cpa-vs-accountant-key-differences-requirements/ in disputes, resulting in the loss of both time and money. Especially for accounts payable (AP) teams managing high invoice volumes. Similarly, when collecting payments, businesses must send payment reminders even before they are due.