Duplicate payment occures, when the company transfers money twice for the same delivery of goods or services. This can easily happen when suppliers sends you the invoice electronicaly and also a hard copy is delivered to the finance department. Duplicate payment can also happen when you pay for the order via terminal and also via bank transfer. Those duplicate payments can be in very low amount, which makes them pretty hard to discover without special data analysis tools.
Our NANO Search Tool will help us identify duplicate payments of invoices. We will analyse your accounting records and discover overpayments transferred to your suppliers.
Examples of the most common duplicate payment types:
same invoice was paid twice under different reference
payment of both EDI and hard copy
payment of the proforma and final invoice
invoice paid on two different accounts
invoice paid twice in different amount or currency
double invoicing by supplier
Recovery audit will increase your EBIT.
We work completely on commission only, no additional costs will be charged to you. During the recovery audit project we will recover liquidities, identify risks and we will recommend process improvements.
Main reasons for duplicate payments:
- Technical issues: mostly happens when company is using electronic data interface (EDI). Incorrect setup or double transmission can occur.
- Incorrect manual input: if the invoice is processed manually, there is a potential for entry errors. For example, an invoice number can be misread and this can lead to a double payment under various invoice numbers.
- Mistakes in automated systems: duplicate payments can also occure in fully automated self invoicing systems (e.g. software malfunctions or incorrect setup of automated payments).
- Incorrect payments details: this can happen if somebody tries to pay with incorrect payment details. For example, duplicate payment can be made to correct vendor and other party.
- Payment card and copy of the invoice: such a duplicate payment can happen if somebody uses a card to pay the invoice and also a copy of the invoice is being sent to finance department that will initiate a duplicate payment.
What we will need?
Map of regions
- Česká republika
You might be interested in
We need to continuously increase our expertise and keep abreast of new legislative standards. Keep up to date with us. Our articles will advise you on how to make your business more efficient.all news