Finding two records with the same information is easy. We uncover the complicated stuff.
Our exclusive Knowledge Exchange identifies “non-matching” duplicates (data that is similar, but not exactly the same) allowing you to see and uncover more than traditional match-based tests.
It begins with the vendor file. We scour the data and analyze key fields using fuzzy and phonetic logic, searching for items that are the same or similar.
Soft logic is deployed to hunt down potentially overpaid entries where vendor IDs, invoice numbers, invoice amounts and dates do not match but are within certain parameters. These results are particularly difficult to identify.
We provide clarity into your payment process and expedite the identification procedure. By finding errors early, they can not only be prevented but others can be identified and recovered before they age.
A Fortune 500 global financial company had an existing system of daily pre-payment testing. This required physical review of each item prior to releasing payment, slowing the AP process. To avoid bottlenecks, the error had to be obvious with no research required to say, “don’t pay it.” There was also a general feeling that any significant problems would be detected internally during budget reviews.
Implement vendor management and duplicate payment control along with an annual follow-up AP Recovery audit.
Implementation of a new three step process significantly reduced duplication in the vendor file, applying more sophisticated pre and post payment testing and shifting the focus from recovery to prevention. An annual supplier audit performed by AP Recovery closed the loop and ensured that the client had a thorough, effective and efficient audit program in place.
Using Knowledge Exchange is a critical part of our controls in our AP operations. On a daily
basis, we analyze every transaction and every supplier to predict and stop overpayments.
Since we began a year ago over $150 million in duplicate payments have been prevented!
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