Three Reasons for Duplicate Payments and Solutions
Video transcript
[Music] hi LinkedIn Network I’ve been listening to a podcast recently that has been urging its listeners to make sure they’re posting regular short form content onto LinkedIn related to their subject matter expertise so um I’m going to try it out today see how it goes and then try to keep doing it and uh we’ll see if I stick with it so I wanted to talk today about the the concept of why we see duplicate payments in 2024 I just got back from accounts payable conference uh in in Los Vegas the uh iofm a2p we we normally host a booth there we have a lot of AP professionals who come up and ask you know what do you guys do how can you help us one of the first things we bring up to these to these contacts is the concept of duplicate payments a lot of people are surprised that that’s even an issue in 2024 right you know every ER r p system is going to be able to have flags and fraud controls aimed at trying to make sure duplicate payments don’t happen so why do we still find them in 2024 I come up with three reasons uh there’s many more but three that I want to talk about today one is the concept of multiple payments to different vendors in the system so um you know the company I work for is autot Solutions Autotech solution could be set up in an Erp payment system as autot autot Tech Solutions ASI Autotech Solutions misspelled or all of those those items and generally what we find is that vendor Master files are not well-maintained at large organizations and even if they are let some time pass and they won’t be and so what the first reason we see duplicate payments happening in 2024 still is that you know you you pay pay from an invoice to autot Tech Solutions in the time that that’s processing a statement comes in and someone else pays it to a different organization but the same organization they pay it to ASI or aot or a different spelling of autot solutions so when that occurs your system doesn’t flag it as a duplicate payment despite the fact that it has a similar date same date ideally and a similar or exact invoice number so that’s the first reason we still see duplicate payment in 2024 the second reason I want to talk about today’s PE cards so if your organization has payment cards PE cards being given out to individuals you almost surely have duplicate payments that are occurring and we see this regularly where an individual goes out to one of your vendors one of your suppliers purchases something on the P card and then the supplier vendor sends an invoice to corporate as well and those those that means that your your duplicate payment system your your prevention tool that’s built into your Erp it’s not going to flag it because you’re paying it once out of the Erp it’s being paid once out of the out of the PE the PE card right so the other thing and I think this is the biggest one that we see comes around you know the changes in Erp systems or other pivotal payable systems so if you have any shift in your payable systems or your Erp systems in the last two or three years where you’ve moved from one platform to another even if both of those platforms have very wellb built maintained and executed duplicate payment prevention processes you have a lot of duplicate payments almost surely I mean every kind every everyone I’ve ever audited or looked at we find significant duplicate payments that exist when there’s a transition from one system to another um so that’s those are three main reasons um we see duplicate payment still in 2024 um I could probably through maybe you know 5 to 10 more in in in details but uh you know that’s something I wanted to share out something I’ve been discussing with those people at the conference and um hopefully this is helpful for you if if you think you might have you know issues or concerns with duplicate payments and want to figure out how to recover them and and improve the processes moving forward so you have more payment accuracy moving forward please feel free to reach out to me thanks bye
