What are duplicated payments?
Every large organisation will make duplicated payments to external suppliers or contractors at some point. These may be discovered internally, or highlighted by suppliers who have been paid twice. However, experience has shown that often such payments remain undiscovered – resulting in lost profits and increased costs.
It is estimated that between 0.05% and 0.1% of an organisation’s total payments will be duplicated, which can be a significant amount.
| Amount of payments made | Estimated duplicated @ 0.05% | Estimated duplicated @ 0.1% |
| £500m | £250k | £500k |
Fig 1: potential overpayments based on payments made per annum
Why does this happen?
There are many factors that can contribute to duplicated payments. These include:
- increasingly complex payment processes
- changes in internal systems and procedures
- employee turnover
- human error (often caused by increasing volumes and values)
The increasing pressure to cut costs and increase efficiency makes it difficult to focus on every part of the organisation’s operations, so it is inevitable that mistakes will occasionally be made.
What can Exacta do?
Exacta Plc are experts in this field and the service we provide is unobtrusive and will have little or no impact on your day to day operations.
Following an initial consultation with our Audit Director and the provision of key data, our fully trained and experienced auditors will conduct a full review of your payment systems and processes using our cutting edge data mining tools and bespoke analysis systems. We will identify all duplicates that have occurred and recover these overpayments on your behalf, and provide regular update reports on our progress so that you are always in control.
What will it cost?
The simple answer is nothing! Exacta Plc will carry out the work on a contingency basis so will only be entitled to a fee from the actual refunds that are achieved.
REMEMBER : UNDETECTED DUPLICATED PAYMENTS = LOST PROFIT
To find out more about what Exacta can do for your organisation, please contact us on 0207 629 2812 or by email at info@exacta.co.uk