The Silent Killer: How to Stop Duplicate Payments

There’s a reason we call duplicate payments the silent killer. They eat away at the profitability of your organization, making it difficult to figure out why the company isn’t making as much money as everyone thinks it should. You might think that your company has effective systems in place to prevent duplicate payments, but in reality, it’s much easier than you think for these costly errors to slip through the cracks. #accountspayable #payments #accountspayableprocess

Don’t play the blame game. You can reduce your duplicate payment errors by 97%. This has become an even bigger issue in the last few years as the number of invoice copies has skyrocketed. If you want to protect your company's bottom line and improve your financial processes, it's crucial to understand how duplicate payments occur and how you can stop them. The problem starts when your invoices first enter the company. Make sure to stick around until the end when we share that last step, that many miss, often because they don’t realize how important it is. If you want to learn accounting, this is a necessary component.

The accounts payable invoice process is critical to the success of the accounts payable function. The three-way match concept is the standard approach used in accounts payable departments across the country, or at least those that use accounts payable best practices. It involves comparing the purchase order vs invoice and the receiving document and is a strong accounts payable internal control.

 

Link to Avoiding Duplicate Payments: How to Reduce Duplicate Payments and Errors
https://www.youtube.com/watch?v=jzUXOnaSIv0&t=396s

Link to What You Need to Know to Work in Accounts Payable: Was Knew it Was So Complicated
https://www.youtube.com/watch?v=UGFaUkiNPP0&t=144s

Link to the Avoiding Duplicate Payment playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-Hfm-G5d8-CpBsC3xi-nQTn2

Link to Vendor Credits: Why They May Be Disappearing and How to Stop It
https://youtu.be/Kog6wm8lr_k

Link to AP Now’s Invoice Series
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

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Host: Mary Schaeffer (www.ap-now.com