How to Avoid Duplicate Transactions
Updated on Friday 01st March 2024
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One of the biggest issues large companies face is duplicate payments. These usually appear when the number of invoices issued increases, when the human resource allocated to the task of verifying these invoices is too small, but also when various accounting mistakes occur. There is no need to explain the damage duplicate transactions can cause, especially when it comes to financial losses which can imply millions of euros or dollars. Over the years, PaidAnalytix has improved the situations of many medium and large-sized companies through an Artificial Intelligence software which helped them avoid duplicate payments. Below, we invite you to find out how our software works and how it can help your company avoid duplicate transactions. You can also rely on us for AP recovery audit services.
| Quick Facts | |
|---|---|
| Causes for duplicate transactions | - manual data input, - system updates, - client/vendor/supplier names double entries, - using two or more accounting programs, - fraud |
Problems caused by double transactions | - overpayments, - financial losses, - misunderstandings with clients/vendors/suppliers |
Possibility to avoid duplicate transactions | Yes, duplicate payments can be avoided through various methods. |
| Manual invoice data entry elimination | Automation of invoice data entry is one of the best ways of cutting duplicate transactions. |
| Regular updates of vendor/supplier databases | Keeping all databases updated will help in reducing the rate of duplicate payments. |
| Reduce payment methods | Using one or two payment methods will help avoid duplicate transactions. |
| Centralize the invoicing procedure | For this purpose, automated accounts payable software can help. |
| Rely on new technology | Artificial Intelligence can be used for completing various AP operations, such as reducing human errors and conducting AP audits. |
| Regular audits | In order to ensure that all regulations are complied with, regular AP audits are recommended to detect double transactions. |
| Stop/prevent fraud | Fraud is one of the main reasons for duplicate transactions, which is why using tools that prevent it will also help in reducing duplicate payments. |
| Reduce data loss | Every time important changes occur, invoices can be lost, which is why having a backup procedure will help prevent duplicate payments. |
| Establish a payment approval process | Approving invoices before being paid enables you to double-check important information such as invoice number, supplier name and spot irregularities. |
| Solution proposed by Paid Analytix | Our company offers you our AI-based software that can be used for various accounting payable processes. |
| Types of companies we address | Our software is created for the needs of companies dealing with large numbers of invoices. |
| Advantages of our software | - easy to use, - possibility to integrate it with other AP programs, - possibility to run audits any time. |
Duplicate transactions – how do companies come across them?
Duplicate transactions are, in most cases, payments found on invoices with the same amount of money. When the number of invoices is large and the same product or service is sold to thousands of clients, the chances of having similar amounts of money on invoices is pretty high. Theoretically, the accounting system uses various tools to sort and verify invoices, while the people in the accounts payable department also have to insert these invoices into the system, and thus verify the said invoices first. But, when the number of invoices is large, mistakes are made, and duplicate transactions appear. These mistakes can also be corrected with the help of a thorough accounts payable audit. You can also use our recovery audit solutions.
Most duplicate transactions appear when:
- customers’ names are entered twice in the system;
- various system updates take place;
- importing transaction lists and documents from other systems;
- manually introducing various transactions and invoices.
In order to avoid duplicate transactions, our experts propose using automated software which can help your accounting department not only avoid such payments but also to prevent future payment errors. Since we have mentioned the accounts payable department which has a key role in introducing the invoices into the accounting system, we also offer accounts payable audit services in order for you to improve your employee’s work and your company’s accounting department.
Accounts payable procedures are most vulnerable to fraud, and among them the most prone to such issues are payments. However, with the help of an accounts payable audit, most problems can be signaled and addressed. This audit involves a number of considerations, such as who makes the payments, how those payments are processed, and figuring out whether any more signoffs are required.
The most important step in getting rid of duplicate payments is developing a procedure that is regularly and extensively used, as well as making sure that everyone follows the same procedures. However, an option is also using a dedicated software that can be integrated in your company’s accounting program, so that it helps staff acknowledge such errors faster.
We invite you to read about the avoidance of duplicate transactions in the infographic below:
Our AI-based software can detect duplicate transactions
Automated software will always be quicker than the human eye, however, our overpayment protection software uses Artificial Intelligence which creates unique patterns in accordance with the company’s specifics. The accounts payable audit services we offer also rely on AI.
Here is how you can use our overpayment recovery software to avoid duplicate transactions:
- access our web platform and create an account, followed by the introduction of information about your company;
- create your company’s profile by selecting the criteria and parameters you want to be verified;
- introduce the invoices you want to be checked and let our software process it (this does not take more than a few minutes);
- review the report our software issues and start correcting the errors detected.
One of the benefits of our overpayment recovery software is that you only need to create a business profile once and then, based on the information you are interested in, simply update the search parameters. Our AI-based solution will enable you not only to avoid future duplicate transactions but also to recover amounts of money you probably did not know your company lost. We also offer audit services similar to those provided by recovery audit firms.
An easy to use software to help your company
One of the most important traits of our overpayment protection software is that it is easy to use. The fact that it is also customizable will allow you to concentrate on key aspects of your business, such as avoiding those duplicate transactions and even preventing future financial losses which require a lot of work for recovery.
An accounts payable software helps businesses automate AP procedures including duplicate invoice detection. The software for paying bills enhances the control over financial data and provides visibility for existing liabilities. These efforts can be doubled by an accounts payable audit.
If you have any questions about our overpayment recovery procedures or accounts payable audits, our consultants are at your disposal with detailed information. We also invite you to watch a video on this topic:
Prevent future financial losses
One of the most unpleasant consequences of duplicate transactions is financial losses which, in some cases, will require a lot of attention and time to recover at least a part of the amount of money lost. With our AI-based solution, the financial losses are highlighted in just a few minutes, leaving you to focus on other important tasks.
Our software is dedicated to:
- companies in various fields of activity issuing at least 30,000 invoices per year;
- companies still using traditional software in their accounting department (around 60% of our clients use such software);
- companies seeking to improve their control mechanisms (our solution is 30% more accurate than other programs);
- companies seeking to allocate their human resources to other accounting tasks (you can recover up to 40 hours per week for such tasks with our help).
Although paying each vendor with a single payment method is the ideal scenario, in reality this is not always possible. However, using an automated accounts payable program can your company closer to the ideal standard of not registering duplicate payments and streamlining the work of an entire department.
For complete information on how you can avoid duplicate transactions and how you can take advantage of our overpayment protection software, do not doubt in contacting us right away. You can also obtain additional information on the cost of recovery audit.
Article by:
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.
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.
