Find Money FAST - Duplicate Payments

You may think your payment system is protecting you against duplicate payments because it prevents entry and processing of exact duplicate invoices. But duplicate payments still happen, caused in large part by employee overrides of warnings and controls, or vendor-caused errors and abuse. ACL can help you find and prevent duplicate payments.

Analytics

Examination of invoice data to identify possible duplicate invoices over a period:

• Same vendor, same amount
• Same invoice number, same date
• Same vendor, similar amount
• Same invoice number, different date
• Same vendor, similar invoice number with a different format.

Facts & Figures

Most companies report a relatively low duplicates payment frequency: between 0.1 and 0.5% of total payments made [IOMA 2007]. But even at this low frequency, duplicate transactions can add up to a loss of $100,000 to $500,000 for every $100 million in payments made.