Duplicate Payments Recovery

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Although difficult to admit, it’s likely you’ve invested considerable time and money on sophisticated IT systems, best-in-class processes, and on the strictest controls possible – however, it’s also likely that your company is losing money due to duplicated payments of supplier invoices. Even the best accounts payable departments can’t escape the most common causes of […]

Although difficult to admit, it’s likely you’ve invested considerable time and money on sophisticated IT systems, best-in-class processes, and on the strictest controls possible – however, it’s also likely that your company is losing money due to duplicated payments of supplier invoices. Even the best accounts payable departments can’t escape the most common causes of duplicate payments, including human error, such as keying mistakes, duplicate vendor listings and new or temporary staff, as well as other factors such as IT system changes, mergers and acquisitions, and cross-company invoicing.

Duplicate payments are often discovered through unconventional means such as honest suppliers alerting accounts payable of the mistake or departmental managers discovering double charges that eat into their budgets. According to industry estimates, between 0.1 – 0.5% of total payments are processed twice, which can result in a loss of up to €5 million for a company with a transaction volume of €1 billion. The inconvenient truth is that 70% of duplicate payments can’t be identified using standard measures.

Duplicate Payments Reco...

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