Avoiding Duplicate Payments: Episode 110

Avoiding duplicate payments is the topic of the AP Now podcast Episode 110. It is critical the duplicate payments be avoided because they are often not returned. There is a myth that vendors return duplicate payments. The session starts off with the smashing of this myth and a brief explanation of what typically happens when a duplicate payment is made. #Avoidingduplicatepayments is something every accounts payable group needs to embrace as part of its best practice.

Best practice #accountspayable groups actively look for #duplicatepayments. Duplicate payments are on the rise due to the huge increase in duplicate copies of invoices being sent to organizations. These duplicate payments often go undetected unless the paying organization takes serious steps to ensure the funds are identified and returned. That is why it is recommended that every organization undertake a duplicate payment audit beginning with a statement audit. By actively pursuing duplicates, every organization can avoid the scourge of duplicate payments.

Duplicate payments come directly off the bottom line impacting the profitability of the organization. There are steps every organization should take to ensure it makes as few duplicate payments as possible. Then they need to analyze payment activity after the fact to ensure duplicates are identified and recovered. Best practice accounts payable organizations do this as part of their regular processes.

Avoiding duplicate payments is an issue every organization needs to incorporate into their accounts payable routines. It is important that duplicate payments be avoided at all costs because vendors rarely return them unless the customer identifies them and asks for them. There is an urban legend that vendors automatically return duplicate payments. This is not true. The session starts off with the shining the spotlight on this myth and provides a brief explanation of what typically happens when a duplicate payment is made.

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Host: Mary Schaeffer (https://www.ap-now.com/)

Credit: Music: https://www.purple-planet.com