How to Remedy Double-Paid Invoices

How to Remedy Double-Paid Invoices
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How to Remedy Double-Paid Invoices?
For businesses of any size, errors in accounting can be detrimental, especially double-paid invoices. This happens when you pay a supplier twice, through an oversight within your accounting system.

This sometimes happens when you have thesame invoice recorded under different names for your supplier (maybe the parent company and the one you do business with directly) or when you misrecord the invoice number when you scan it. If you use multiple systems for your finances in different business units, this also invites errors in accounts payable.

While many automated accounting systems use invoice tracking to prevent double-paid invoices, they don’t account for human error. Even recording one number incorrectly on an invoice can cause you to duplicate that invoice, and most systems won’t be able to catch that mistake.
The Source of the Problem: Lack of Time
Your accountant is busy, and sometimes doesn’t have the time to pore over invoices to ensure that each one is entered correctly and that there are no redundancies. If you have multiple accountants at different offices, it’s even harder to get them on the same page.
There’s often not time to keep supplier information up to date, so if that supplier address changes, it might get re-entered as another entry in your system, causing duplication and confusion. Simply put: there’s not time enough to devote attention to each invoice that enters your system.
The Solution: Audit Software
Once again, InvoiceSharing is looking out for you. We’ve partnered with S-DNA to save you time and manpower without the errors you’re probably making now with your accounts payable. Its highly sophisticated data analysis software inspects duplicated invoice numbers and payments, as well as trends, to help you better manage your finances and reduce those double payments. After all, you want to keep your cash flowing, not overpay your suppliers!
If you’re not sure if you’re losing money due to human error, you owe it to your company to use intuitive tools like S-DNA to analyze your spending and find possible issues before they become bigger.
In partnering with S-DNA, we continue to provide more value to our customers of all sizes — from the smallest company to larger enterprises — get all their financial services needs in a single place.

 

Drs Jeroen Volk RA

CEO, InvoiceSharing

 

Photo: PhotoSpin


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