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Recovery and Prevention – A Complete Solution

Payment errors cost businesses more than $100,000,000 a year on Billions in spend. Recovery and prevention are key to mitigating this loss.

 

There are multiple opportunities for something to go wrong in the payment process within most organizations. Volume is a large contributor. Large volumes of invoices and payments are being processed so error rates are generally low. However, significant opportunities exist within big spend for duplicate payments or incorrect payments.

 

Fortunately, there are opportunities each step of the way to prevent, correct or recover incorrect payments.

More invoices (and vendors) equals increased risk. Some common overpayment types uncovered with business intelligence duplicate software or a recovery audit are:

 

  • Paying the wrong vendor
  • Paying the invoice twice
  • Paying the wrong amount

Causes of Overpayments

  1. Manual Entry – there is always a risk of keystroke errors or misreading the invoice with manual data entry.
  2. OCR Processes – OCR can eliminate manual entry but is not immune to errors. Incorrect character recognition can create duplicate invoice records.
  3. Fraud – while less common, fraudulently created or submitted invoices are designed to create incorrect payments.

Prevention

  1. Your ERP system is often a first line of defense and will work to alert you to certain types of payment errors. These are generally limited in scope due to strict matching criteria.
  2. The vendor master file is the single greatest source of payment errors. A clean vendor file minimizes the opportunity for duplicate postings.
  3. Business intelligence-driven duplicate payment software uses a wider variety of tests and looks at more data points than a typical ERP system. Early detection and prevention are both key to minimizing the time and effort required from your team.

Recovery

  1. A recovery audit will thoroughly review your suppliers to recover overpayments and missed opportunities from your suppliers.
  2. A recovery audit can yield surprising financial returns. It also helps identify both areas of risk along with potential solutions.
  3. A recovery audit can be conducted while your team concentrates on their primary responsibilities maximizing your efficiency.

A Combined Approach

Without a proactive approach, an organization can become vulnerable to payment errors, vendor fraud, and inefficiency. Utilizing a full recovery audit package will help you identify opportunities to strengthen internal processes and prevent future problems. 

 

An effective program will include both duplicate payment prevention and recovery. Using business intelligence-driven duplicate payment software along with regular recovery audits provides the most protection to find, stop or recover overpayments – past, present, and future.

 

At Illumis, we believe in a combined approach of people and technology to deliver the best, most accurate and time-effective results to protect your company and improve your bottom line. 

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Tony Brush

President / CEO

Working for Illumis for 21 years, Brush has been instrumental in the growth of the company. Brush served as Vice President at Illumis before stepping into the role of President / CEO and has been involved in all aspects of the company’s business throughout his career.

 

Brush’s approach to his role centers on the motto of Illumis, Bright Ideas for Better Profits. Known for his loyalty, team building, and tough but fair expectations, he empowers employees to deliver, therefore fostering a company culture that ensures customers can count on people.