How to Avoid Duplicate Payments

Updated on Thursday 10th October 2019

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Duplicate payments are the most common errors the accounting department in a company faces, no matter its size. Small companies, for example, selling a few products with close or similar prices can be subject to duplicate payment errors due to the redundancy of figures, while medium-sized and large companies will have to handle huge amounts of money under the form of invoices which need to be entered into the system. In the latter case, a large number of invoices, among which without a doubt similar figures will appear, are the most common cause of duplicate payment errors.

Luckily, there are ways of avoiding duplicate payment errors, among which our overpayment recovery software which can be used as an avoidance tool in the beginning and as a prevention solution in the future for those problems.

Let’s discover below how a company can avoid duplicate payments with our AI-based solution - PaidAnalytix.
 

Duplicate payments and the accounting department


The accounting department has one of the most difficult tasks in a company: that of handling budgets. When the money is not correctly handled, problems may appear, such as the double payment of an invoice or even worse the double payment of more than one invoice. This can only lead to financial losses in a company.

PaidAnalytix has developed an Artificial Intelligence a solution that can help all types of companies to avoid duplicate payments. For those who want to use it, the first step will be an accounts payable audit which can find the source of many problems.
 

What are the steps to avoid duplicate payments?


The first and natural procedure to follow is for a company to ask the personnel in the accounting department to verify the invoices and make the payments. Even if a double verification can lead to the discovery of some of the duplicate payment errors, most of these remain undetected.

Here are the steps to follow in order to avoid duplicate payments:
 
  1. verify the vendor master file and clean it regularly in order to avoid payment mistakes;
  2. double-check for typing and reading mistakes (which is a tiresome task for a person to complete);
  3. avoid using more than one source document to take the information from;
  4. use a fixed invoicing method (ask suppliers to send invoices through one means of communications);
  5. complete the payment order from the original invoice sent to the AP department.

Most companies use ERP (Enterprise Resource Planning) systems to control business processes, however, these too can be prone to errors which is why for the accounting team in the company it is best to use a separate and dedicated solution.

The system designed by PaidAnalytix has created a platform in which you can log on, enter the invoices to be checked and, based on them, our artificial intelligence engine will identify the invoices that have a high chance of duplication. The data will first be verified by our colleagues and then introduced into the system which will analyze and provide the results.  These proposals will be then validated by an accountant in your team which will in return help the AI engine become better in its proposals.
 
We offer overpayment recovery and accounts payable audit solutions in order for you to avoid not only duplicate payments but also other errors that might occur during the invoicing process.
 

How does our overpayment recovery service work?


The solution proposed by PaidAnalytix works as a personalized software that you need to enter information on. Here is what clients need to do in order to obtain relevant results about duplicate payments:
 
  • the client will need to enter the payment list into our system (one can enter more than one list);
  • the data is then sent to the AI engine which analyzes it and prepares a report;
  • the report is sent back to the client.

The report will highlight all the errors found in the lists sent to us. All this is done in a matter of minutes or even less, depending on the number of payments analyzed.

AI is present more and more in people’s lives, however, most of its advantages offer benefits for companies willing to invest in their development.

For a detailed presentation of our overpayment recovery system and how it can help you reduce errors resulted after duplicate payments, you can count on our specialists who can also show you how our software works.
 

Facts on duplicate payments


Apart from being one of the most common accounting errors, duplicate payments can also lead to great financial losses, considering that:
 
  • we recovered 2,1 million euros (out of real duplicate payments worth 2,5 million euros) for one of our customers in the retail and investment banking sector;
  • for another client, we have discovered no less than duplicate payments of EUR822,000;
  • our results are 95% accurate and we are working on improving them;
  • we can help you reduce the effort of the team in your accounting department by 50%.

For complete information on you can avoid duplicate payments with our help, please contact us.