Xelix is a proactive payment auditing solution that removes the need of costly AP recovery services. Our team worked remotely, significantly reducing the impact on the AP department’s daily workflow, to analyze the accounting data uploaded to our servers. We also accessed the client’s imaging system to review copies of all vendor invoices. Jonathan is the driving force behind our industry-leading profit recovery solutions. With a wealth of experience and expertise in the field, he meticulously oversees every aspect of service delivery to ensure exceptional results and unparalleled customer service.
- Although the Xelix solution is proactive, when you first become a Xelix customer, we apply our technology backwards and conduct a free of charge historic payments audit.
- When a centralized system is in place, it becomes easier to verify the uniqueness of each invoice, as all relevant data is readily accessible in one location.
- This is dependent on their team and departmental structure, and the systems they have in place.
- I kindly request that the overpaid balance be refunded or applied as a credit to my account immediately.
- This guide for finance leaders and AP managers covers the benefits of conducting audits and how to do so effectively, what to expect from external auditors, and steps to take after completion.
- We usually validate first claims with your designated staff and after this step we can work solely on our own.
Services
Our established approach guarantees that your operations will be minimally disrupted while you achieve maximum recovery. Our https://clicqueame.com/2022/01/25/how-to-fill-out-a-checking-deposit-slip-12-steps-2/ software uses AI to analyse your transaction data, returning a list of your risks. We find duplicate invoices, data discrepancies, potential fraud, and more. In turn, this prevents overspend, improves cost efficiencies and protects working capital. Duplicate payments are simply roadblocks that may hamper your business growth and add unnecessary burdens to your accounting teams.
- We received the original payment on Original Payment Date and a second payment for the same amount on Duplicate Payment Date, resulting in an overpayment of Overpayment Amount.
- Or do they rationalize and say “that big company has plenty of money, I deserve it.”
- Quite often, we start new projects in the form of an onsite recovery audit and after trust from the customer’s side has been established, we further develop the solutions to maximize the recovery audit result.
- If your master supplier file is enormous, conducting an audit will seem like an impossible task.
- Otherwise, businesses may face issues in case disputes arise for duplicate payments.
Refund letters must include both the sender and recipient addresses.
This is a quick note to let you know that you have a credit balance of Credit Amount on your account. This credit will be automatically applied to your next invoice, so there’s no action needed on your part. For your reference, how to prevent duplicate payments we’ve attached a copy of the invoice and a record of both payments. Each situation calls for a slightly different approach, but maintaining professionalism while being direct about your needs will serve you well.
Transactions Fact Sheet
Did you know that overpayments can account for an average of 0.1% of an organisation’s total spend? While this might seem like a small fraction, it can translate into significant amounts when considering that companies can spend millions, even billions, annually. Recipients of erroneous payments may be reluctant to give them back, even if they were clearly received in error. Sometimes it is necessary to file suit or use aggressive collection tactics. Overall losses from unrecovered payments can vary but may be extremely high. When it comes to collecting payments, the best course of action is sending payment reminders before they’re due.
Sales & Use Tax Analysis
They work professionally and seamlessly with both our internal staff and vendors. SAS has provided us with the critical information needed to make internal system and procedural enhancements which allowed us to minimize future payments to our suppliers. Preventing duplicate payments requires a multifaceted approach combining technology, communication, and strategic management. By implementing comprehensive strategies, organisations can significantly reduce financial risks, improve operational efficiency, and maintain accurate financial records. Post-recovery, we provide actionable insights to refine your accounts payable process, minimizing the https://www.bookstime.com/articles/how-to-prevent-duplicate-payments risk of future errors. FlexTecs is the technology-enabled recovery audit services and payment accuracy solutions firm that is disrupting and modernizing the industry.