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Duplicate Payment RealitiesMost companies find the idea of paying the same invoice twice an impossible reality. Modern software systems are designed to inspect every entry to ensure a repeat payment never happens. And yet, with every client we find hundreds of thousands of dollars in duplicate payments. Repeat payment can occur in a variety of ways. From simple clerical errors on the vendor side or through your own staff, they can also occur when separate departments and facilities use centralized processing. They can occur when payments are late, or there’s a miscommunication between your staff and theirs, or your staff is simply overworked, and via many other scenarios. The error rate of your AP team will be low, usually we find only one mistake in a few hundred entries. But when you consider the amount of invoices and the billing rates you receive every year you could be overpaying millions of dollars unnecessarily. |
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Unclaimed Credit RealitiesWith every vendor you work with there’s going to be credits and payment disputes back and forth. Deliveries with incorrect items, overcharges, volume discounts and so on. Most of your vendors will resolve these disputes with one method – to apply credit to your statement. The challenge is to know when that credit has been applied and to use it on your next invoices. Most companies these days pay by the invoice request, and not by the vendor statement. When you have a busy AP staff, their ability to review statements and claim credits on a regular basis become difficult. AP Logic can help pick up that workload. We will request and verify the current statements for every vendor you work with. If there are credits outstanding, we will find and recover them. The error rate may be small, but over time it can add up to millions of your dollars waiting to be claimed, and perhaps due to expire soon. |