dab:DuplicatePayments
Extremely effective double payments analysis by experts
How to define "double payments"?
Double payments are vendor invoices which get paid twice (or even more often). Actually, the term "double payment" is potentially misleading as every payment is based on a specific invoice. This means that the invoice has been received or booked into the system multiple times and cleared as many times. The vendor´s demand has thus been over-met.
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Potential reasons for double payments are manyfold:
- Inadvertent duplicate booking of the same incoming invoice
- Booking of a vendor´s dunning letter with a copy of the original invoice attached
- A manual payment coincides with an automatic payment run
- Not yet cleared, open payments
- Purposeful presentation of duplicate invoice (fraudulent activity)
Why you should check for invoices paid multiple times!
There are some verification routines in SAP, but these are rather inflexible. Minimal differences are sufficient for an invoice booked twice to not be recognized as such anymore. Many users are not aware of this.
The challenges when verifying double payments
When verifying double payments, you will be confronted with a series of technical issues:
- You don´t know exactly which data will be required and where it is saved in the SAP system.
- The volume of data is too great to be able to access it in SAP without too much hazzle.
- The volume of data is too great to be processed in MS Excel or similar tools.
With all technical obstacles behind you, there are questions of definition:
- How to define what is a payment and what is an invoice?
- Which payment clears which invoice?
- Which invoices are canceled, which are cleared by rebooking or an offset of payments?
- Which double payments have meanwhile been concluded by a credit note?
For these reasons you should make use of our services.
- Our proprietary Software does away with the hazzle extracting and processing data. This allows for a high degree of effectivity
so that some first results are usually available within a day. - Specific algorithms for cleansing the data provide optimum results.
- We have year-long experience in the verification of double payments.
- The value of double payments identified by our software has meanwhile reached the seven-digit area.
With us, you get the required Know-How and the required technical solution. You can identify potential double payments very efficiently which translates into a lot of saved time and money. Our solution is, through the combination of software and service, more flexible and cost-efficient than any other tool on the market that we know of.
Ask for our flexible price schemes. In this area more than others, you can save a lot more money than you invest in our software and services. Contact us today for a verification of double payments in your company to be able to judge on the risk potential.