These services often charge high fees and take a https://kollopc.ro/2022/01/31/depreciation-a-beginner-s-guide-with-examples/ percentage for every error they find. So, if you’ve overpaid by $2,000,000, your recovery firm will take $400,000. At Xelix, we find that on average 0.3% of a company’s spend is lost to duplicate payments alone. Not to mention, these mistakes might be due to new team members, suppliers, or even fraud. Regardless of why they happen, AP teams find themselves with problems like inaccurate vendor data, inaccurate invoice processing and duplicate payments.

Reclaiming Lost Funds through a Duplicate Payment Recovery Audit

• A commercial invoice is an essential document that contains various detailed business information.Here is a detailed guide to creating a commercial invoice.
• Send reminders at regular intervals, with any applicable interest and fees added due to late payment.
• Yet payment failures are part and parcel of the accounts receivable process, and when they happen, your business will need to initiate the payment recovery process.
• Auditec Solutions distinguishes itself through a collaborative, results-oriented approach to recovery auditing, offering superior delivery and clear communication.
• Electronic funds transfers via peer-to-peer apps can also lead to duplicate payments due to minor glitches.
• Sometimes invoices are sent through multiple communication channels and addressed to multiple people in different formats, which causes confusion.

This guarantees that everything we publish is objective, accurate, and trustworthy. Supports long-term financial control by highlighting process improvements. Your in-house systems may stop the obvious examples, but there are usually a lot more well-hidden items waiting to be recovered, our Duplicate how to prevent duplicate payments Payment Audit will do just that.

Request for Refund Due to Duplicate Payment

• I have already contacted my bank, and they are standing by to coordinate the return transfer once you confirm receipt of the excess funds.
• Recoveries from your suppliers can vary based on numerous factors, however, on average, you can expect recoveries to be approximately .1% or $1 million for each $1 billion in annual revenue.
• Their web-based Claims Approval System, The Vault, monitors and tracks claim production and supplier and internal communications, and it produces real-time reporting.
• Yes, our tools are designed to detect a wide range of discrepancies, including overpayments, underpayments, and fraud.
• A complete audit trail will show who was involved in each part of the payables process, from invoice receipt to payment.

Overpayments quickly add up to a significant amount and if not captured, will result in lost profit to your organisation’s bottom line. Our company has partnered with Strategic Audit Solutions, Inc. for 10 years. They have identified and helped us recover a significant amount of errors made in payments to our suppliers.

auditec solutions

If a payment deviates from the past pattern for that vendor, our platform will https://www.bookstime.com/articles/return-on-investment-roi flag that something is afoot. Our platform would also detect that these invoices are the same and would flag the duplicate before payment is made. We work completely on commission only, no additional costs will be charged to you. During the recovery audit project we will recover liquidities, identify risks and we will recommend process improvements.

Overpayments can happen for various reasons, from billing errors to duplicate transactions, and addressing them promptly is essential. This article provides 17 professionally written refund letter samples you can use to formally request a return of excess funds. Revenue growth for many companies occurs through acquisitions and mergers.