How to Avoid Double Invoicing
Updated on Wednesday 25th January 2023
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Invoicing is one of the main and most important actions completed by the accounting department in a company. When it comes to large companies, the number of invoices issued in one year can be quite large which is why errors are most likely to appear. One of the most common errors is double invoicing.
There are various reasons which lead to double invoicing, but the important part is that this type of mistake can be avoided. PAIDAnalytix has worked on fixing many accounting problems by implementing various Artificial Intelligence (AI) solutions for numerous clients in various economic sectors that can propose to those who need an overpayment recovery software in order to keep track of the invoices leaving and entering the business. For this purpose, we first recommend an AP recovery audit.
Below, we invite you to read about how our software can help you avoid double invoicing.
The main methods for avoiding double invoicing are also presented in the infographic below:
There are various reasons which lead to double invoicing, but the important part is that this type of mistake can be avoided. PAIDAnalytix has worked on fixing many accounting problems by implementing various Artificial Intelligence (AI) solutions for numerous clients in various economic sectors that can propose to those who need an overpayment recovery software in order to keep track of the invoices leaving and entering the business. For this purpose, we first recommend an AP recovery audit.
Below, we invite you to read about how our software can help you avoid double invoicing.
The main methods for avoiding double invoicing are also presented in the infographic below:
The most common double invoicing errors
In order to understand why a problem appears, the reasons behind it must be found. A company, no matter its size, will make various transactions which imply the generation of invoices. It is also possible for such a company to issue more than one invoice for the same customer, however, it is important to classify the invoices in order to avoid duplicate transactions and invoicing.
Most double invoicing mistakes usually appear because:
- invoices are not classified in accordance with their purpose which is where an automated software can be very helpful;
- bookkeeping errors which show up when the bookkeeping department handles too many invoices or completes other tasks as well;
- of un understaffed accounting department, which is why our overpayment protection software can help with reducing the need for a great number of employees;
- multiple invoicing methods, as many companies sell various categories of products or offer a diverse number of services;
- printing errors which are common, and which lead to the generation of another invoice.
Another reason why double invoicing is possible is the fact that duplicate invoices can have different numbers and dates which can lead to confusion.
All these double or multiple invoicing mistakes can be corrected with the help of our AI-based solution which first proposes an accounts payable audit. You can also rely on us for similar services as those provided by recovery audit firms.
The best strategy to combat fraud is to implement an automated electronic invoicing or e-invoicing solution. Automated processes produce an immediate trail of your papers, making it simpler to look for fraud indicators when conducting an accounts payable audit, for example. Our services are designed to adapt to your company needs by allowing you to introduce the exact information you want verified.
Use our overpayment protection software to prevent double invoicing
Many companies use automated software to generate invoices, yet problems may still appear. The difference between traditional accounting tools and our overpayment recovery software is the use of Artificial Intelligence we provide our clients with. One of the best examples in this sense is that our software creates unique patterns based on the information the user enters into the program. Also, our software is faster because it works based on the information provided by the business owner, so it will not have to search through other irrelevant data.
The occasional duplicate invoice payment may elude your system whether you manually process invoices or utilize invoicing software. Duplicate payments should never be made, since they can cause confusion, accounting difficulties, however, they can occur. One of the ways to prevent them is using our specialized software which can detect faulty patterns when payments are made.
If you want to avoid double invoicing but also correct other accounting mistakes, all you need to do is:
- access our platform and create an account;
- enter the information you consider relevant and want to be analyzed in accordance with your needs;
- create a company’s profile which will be stored and, thus, you will no longer need to introduce the same information over and over again;
- generate and introduce the invoices you want to be verified;
- access the report issued by our overpayment recovery software.
It only takes a few minutes to have a complete picture of the double invoices issued by your accounting department and start correcting these errors. Additionally, we advise on an accounts payable audit which can provide a more accurate picture of what can be improved in your business. You can also rely on us for recovery audit solutions.
Prevent future double invoicing
Because PAIDAnalytix focuses not only on the present but also on the future, it is also worth noting that our software will also help you prevent future double invoicing errors, and thus financial losses.
We try to help clients not to reach the phase where they need to chase financial recoveries, which is why we invite you to test our software and find out how an AI-based accounting tool works.
As a general picture on the avoidance of double invoicing, one should note that:
- medium-sized and large companies issue an average number of 30,000 invoices per year;
- 60% of the same companies usually rely on the traditional accounting software to generate invoices;
- our overpayment recovery system is 30% more accurate than usual accounting software;
- our AI-based tool can reduce the workload on the accounting department by 40 hours per week.
Do not hesitate to contact us for a presentation on how overpayment protection software works and how we can help you avoid double invoicing.
Radu Fertonea is the founder of Paid Analytix and Senior Manager with Executive MBA degree (Maastricht School of Management). He was director of operations at Societe Generale European Business Services, in charge with: Management of the Source to Report practice (Procurement, Accounts Payable, Accounts Receivable, Management Accounting) | Global redesign of end-to-end source to report activities | Consolidation of the Finance exercise for the European operations of Société Générale (100% coverage target by 2020) | Transition Management, Process Standardization and Continuous Improvement | People Management – team of 150+. With a broad experience in the financial field and after working with large societies which handle thousands of payments every year, came up with the idea which led to the creation of Paid Analytix.
