Duplicate Payment Recovery Service
Accidentally paying the same invoice twice may not be a huge issue if it is an isolated event, but if it is a common occurrence over several years, it could cost organisations hundreds of thousands of pounds, which is still recoverable.
At a time when the financial impacts of Covid-19 are forcing both private and public sector organisations to revisit their expenditure, duplicated payments are not a mistake they can afford to make. Action needs to be taken sooner rather than later, or organisations risk continuing to make costly over payments.
How We Help
Our Duplicate Payment Recovery Service, identifies duplicate invoices that have been submitted for payment using a risk scoring mechanism to identify the highest risk items, enabling finance teams to commence recovery of duplicated payments that they potentially didn’t even know were lost. This on average can equate to between £750,000 and £1,250,000 for a £50m annual spend over 5 years.
Built using cutting edge Finance Cloud technology, the Duplicate Payment Recovery Service utilises a standard workflow with appropriate checks and balances to ensure that each potential duplication is validated, recorded, and actioned appropriately. Organisations can undertake the review on a completely risk-free basis, should no duplicate invoices be identified there is no payment required for the service.
Contact us to learn more.