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Duplicate Payment Audit
The Dangers of Ignoring Duplicate Payment Audit isoftware
Many organisations are sorely acquainted with the risks of not addressing the potential for fraudulent or incorrect payments in their accounts payable environment. Neglecting to employ automated systems to detect and prevent fraudulent disbursements exposes both the reputational integrity as well as the financial bottom line of the operation. An accounts payable automation system that incorporates duplicate payment audit isoftware offers the most comprehensive protection in this task.
The staggering figures of global payments fraud underscore the expansive and wide-reaching effects of these activities. In 2019, payments fraud losses are estimated to have risen by around 11% over the prior year. For organisations without the guardrails of dedicated Softwaresolution to detect, prevent and limit the potential damage of rogue payments, the financial repercussions can be far-reaching. Beyond merely the cost of the loss itself, there are the additional costs related to identifying and rectifying the issue including reversing sound payments, financial compliance testing and legal expenses.
By installiong an accounts payable automation software with duplicate payment audit functionality, organisations can quickly identify when erroneous payments have been made and set appropriate safeguards to prevent re-occurrences. The software will assess any outbound payment requests to cross-check against existing supplier agreements. It can also track and recognise rogue payment requests, particularly in instances when the same invoice is paid multiple times. Every safeguard can be monitored, managed and adapted according to the specific needs of the operation.
Deploying accounts payable automation software for duplicate payment audit also grants deeper oversight into the efficiency of the payments operations. For example, the software can evaluate the existing payment processes against benchmarks, thus offering financial decision-makers expanded visibility into both the potential savings and cost-avoidance opportunities. By automating the overall payments process, organisations can also enjoy reduced resource allocation across the life cycle of the payments process and improved information exchange, payment accuracy, efficiency and risk mitigation.
Ultimately, deploying duplicate payment audit isoftware brings increased control and oversight of payments operations ensuring the integrity of the payments operations, whilst increasing the competitiveness of the organisation with greater effectiveness and efficiency. As financial executives seek better ways to effectively manage the risk of payments fraud, accounts payable automation systems with duplicate payment audit capabilities are essential elements for CFOs and their teams.
