A manual system of receiving and processing invoices can lead to a single invoice being paid more than once.
It is not just the financial hassle this causes, but also the accounting reconciliation errors and potential business embarrassment.
There are many manual/human errors that can occur that contribute to duplicate payments. These can all be eliminated if you start to use an automated invoice management and approval system.
- An automated approval system will make it extremely difficult to pay the same invoice more than once.
- Your invoices are recorded electronically and the system carries out comprehensive validation checks to prevent duplication and even identify potential fraud.
- You will now never need to spend time and money tracking down duplicate-payments and reclaiming them.
Drastically reduce your error rate
You’ll never pay an invoice twice; eDocs checks for duplication not just based on the invoice number but on the date, value and size of the related PDF. You can also enforce two or three-way Purchase Order matching, so that invoices cannot be passed for payment unless a match is found.
Plus there are fewer errors because you can dictate which account codes are assigned to each supplier – for example an invoice from an office supplies company will only offer up the stationery-related codes you have decided are relevant, minimising the opportunity to make a mistake.
Take the time to control your business accounting decisions and help remove any unnecessary costly mistakes.