Duplicate payments are a costly issue for many companies, often leading to significant financial losses. Here's a concise overview of the problem and solutions:
Duplicate payments can make up 0.1% to 0.5% of a company's annual disbursements, potentially leading to $500,000 to $2.5 million in losses annually for a company with $500 million in payments.
Our White Paper explains how using robust controls and automation, organizations can better manage fraud risks, comply with regulations, improve operational efficiency, and save substantial costs.
The remQ Quick Assessment delivers tangible results on risks and potential financial losses within one day: we scan your business processes and uncover overpayments, lost revenue and other financial losses.
remQ is a powerful tool for detecting and avoiding duplicate invoices and other overpayments. It offers automated, continuous monitoring of business transactions in SAP systems, flagging suspicious activities and preventing financial losses. The software provides built-in controls for procurement, accounting, inventory, and more, ensuring compliance and reducing costs.
remQ’s duplicate payment and invoice analysis uses a smart matching mechanism and allows to match duplicate invoices even when they are from different but similar vendors, such as from ACME Corporation and ACME Corp. for example. It also covers varying invoice numbers, which is often the case when a vendor sends a new, updated and corrected invoice. Sometimes, incorrect invoices are not reversed and cancelled but still in the system. Also corrected invoices will have different (net) amounts, for example because a line item was changed/corrected.
So it is critical to apply a fuzzy or smart matching when comparing invoices and trying to match them. This is done automatically in the background, and possible matches of invoices create an alert in the system. remQ can even automatically block duplicate invoices so they cannot be paid until the case is resolved.
Other important checks that should be in place for accounts payables are also covered by remQ, such as vendor master checks, CpD payments, and checks of payment terms.
For more details, visit VOQUZ Labs remQ or book a demo by contacting labs@voquzlabs.com.
