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Accounts payable audit software is designed to safeguard large companies against the significant losses that occur due to a variety of inadequacies in the companies’ finance management systems. Accounts payable teams can use it to detect invoicing errors, duplicate payments, supplier fraud and compliance issues, potentially saving more than a hundred thousand pounds in a year, depending on the size of the company. Recovering duplicate payments can be an expensive business, and recovery auditors will charge up to 50 per cent of the duplicate payments that they recover for you. An alternative to this arrangement is to use recovery audit software, which not only drastically reduces the cost of these commissions, but also reduces the chances of duplicate payments reoccurring in the future.

Without a sufficient accounts payable audit solution, duplicate payments are likely to continue to occur as a result of several causes. The most common of these is human error; because of the sheer quantity of transactions involved, this is unavoidable without accounts payable or recovery audit software. Any simple oversight can result in a very large overpayment. For instance, if a supplier inquires into the status of a payment while it is temporarily held up in the approval status, accounts payable staff may be unable to find the payment, and will decide that it has not been paid, so the supplier will send a new invoice. In this case, the new payment will be made and the original payment will eventually emerge and be paid automatically.

Authorisation processes can be time-consuming and inefficient. System changes that happen as a result of mergers, takeovers or system renovations, or the use of temporary staff unfamiliar with the processes, can have an impact on the transfer and accuracy of accounts payable data. When these errors do occur, it is not always straightforward to recover the resulting losses. While external recovery auditors may offer many benefits and excellent services, it can be very expensive to use them for tracking duplicate payments.

accounts payable audit software can locate duplicate payments before they are processed, and it can offer a quick, cost-effective way of avoiding these losses. It can be used by any member of your accounts payable team easily and quickly to ensure that the process runs smoothly. When it comes to recovering losses resulting from accounts payable errors, it is recommended that you use a combination of recovery audit software for routine recovery, and an external auditor every 2-3 years to ensure maximum protection.

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