Create a Duplicate Invoice Example for Administration Effortlessly

Duplicate invoice example for Administration

hi there I'm Matt from core integrator today we're going to talk about duplicate payments duplicate payments cost you money and even if you catch them it's embarrassing to go about correcting them duplicate payments should never ever happen and yet they do every day so what is a duplicate payment how do they happen and most importantly what can you do to avoid ever making a duplicate payment again so what is a duplicate payment simply put it's paying a vendor twice for the same item or service and duplicate payments are a big problem they might be for hundreds or even thousands of dollars plus it can take weeks or months to get the payment reversed ultimately companies in the US lose over 500 million dollars every year to duplicate payments so how do duplicate payments happen most often anxious vendors send multiple invoices for a single item it's the AP Department's job to make sure no item is paid for twice this is very difficult to do in a manual system you have to rely on memory or looking for duplicate payments just before payment is made more often duplicate payments are discovered after they occur in manual AP system careful review of accounts payable transactions will reveal duplicate payments especially if they're for an odd amount unfortunately the most common way that duplicate payments are discovered is when a vendor or supplier calls or emails to point out your mistake and that's if you're lucky enough that they make that call so your best option is to avoid making these mistakes in the first place how the answer is simple AP automation Solutions ensure that all invoices are correct and proper they make it virtually impossible to pay duplicate or even invoices automated and digitized invoice approval means you can easily create invoice approval workflows that adhere to both gaap principles as well as AP best practices AP automation also highlights unknown suppliers and addresses and even sends alert to appropriate managers about possible fraudulent activity plus AP automation includes audit activity Trails giving you deep insight into who authorized payments and what type of verification steps they went through whether your organization is large or small duplicate payments are expensive embarrassing and difficult to detect in manual AP processes so your best bet is to avoid making them in the first place and the best way to do that is to implement AP automation software that prevents it from happening core integrator has solutions for all size companies AP1 for small to mid-size organizations and core integrator Enterprise for larger organizations we'd love to show you how easy it is to eliminate duplicate payments through automation so drop by our website core integrator.com for more information and to book a free no obligation demo today