Accounts Payable often relies on its ERP system (SAP© , PeopleSoft©, Oracle© , etc) to prevent duplicate payments. These systems use key fields such as invoice number, amount, vendor number, and date to flag a duplicate payment.
The unfortunate reality is that if there is data variation in any of these fields, they will not flag the transaction as a duplicate. Data entry errors, payments to duplicate vendors, payments to wrong vendors, and cross-currency duplicates can all lead to variations.
Duplicates may also arise when companies use a PCARD system or multiple ERP systems. This can cost you millions of dollars each year.
What Makes DataShark AP Different
Rest assured DataShark AP can help. It has the power to capture duplicate payments in situations where your ERP system will not. The tool can also use our extensive reports and metrics to identify the root cause of these errors.
It’s been specifically developed for mid-to-high volume environments – 100,000 to millions of annual invoices, as well other complex environments like multiple systems (there is no limit, including P-Card and T&E systems). You can use DataShark AP independently or in conjunction with Recovery Audit Services.
DataShark AP sets itself apart from other recovery audit software because of its robust, comprehensive identification capabilities. Further setting it apart is the delivery of a 50% and higher true duplicate payment rate – due to the unique ability to minimize the number of false positives.
DON'T DEPEND ON YOUR ERP SYSTEM TO PREVENT DUPLICATE PAYMENTS
DataShark enables users to harvest data from any ERP system or multiple systems in order to identify duplicate payments, analyze internal operations, determine the quality of its Vendor Master Files, and spot potential fraud issues.
REDUCE YOUR RESOURCE NEEDS BY UP TO 75%
Unlike other audit software, DataShark AP uses an unmatched refinement process to remove false positives and deliver a 50% or higher duplicate payment hit rate. It can significantly reduce your resource needs by up to 75%.
What to expect from DataShark AP
Data Shark AP enables its users to harvest data from any ERP system or multiple systems in order to identify duplicate payments, analyze internal operations, determine the quality of its Vendor Master Files, and spot potential fraud issues.
Identification of payment errors including duplicate payments, payments to wrong vendors, overpayments, etc.
Detailed vendor master file reports that aid you in cleaning and maintaining the vendor master file.
Extensive accounts payable analysis to identify breakdown in business process, operational inefficiencies, and risk.
No additional hardware or software is required as it’s hosted on our dedicated, secure servers and includes updates.
Daily, weekly, monthly, quarterly, or annual updates based on your unique needs.
Improved Error and False Positive Analysis
The Glantus Data Shark solution enabled Calpine to solve their initial identified problem: to identify, understand and address the magnitude of duplicate payment errors without time-consuming, manual work and time lost to false positives. DataShark reduced Calpine’s false positives by almost 75%.
See How Glantus Can Help
Connect your AP data today to recover working capital and deliver on your efficiency goals.
Accounts Payable Solutions
Make Duplicate Payments a Thing of the Past
Unlike other audit software, DataShark A/P uses an unmatched refinement process to remove false positives and deliver a 50% or higher duplicate payment hit rate. It can significantly reduce your resource needs by up to 75%.
Read MoreKeep Vendor Master Files in Optimal Shape
We’re pleased to provide a comprehensive analysis of your vendor master file via our 5-step cleanse program. The ideal benchmark of this process is to ensure that 65% of the vendors available in the active system are of active usage in the past 12 months. This indicates that underlying business processes are thoroughly optimized.
READ MOREFraud Detection & Prevention
While A/P Managers and CFO’s hope that fraud will not touch their organization, all companies are susceptible and those who commit fraud will seek to exploit any weakness in business processes. By incorporating ongoing fraud prevention and detection tools, businesses can harness maximum control over this type of loss.
Read MoreSafeguard Against Fraud
Within the DataShark Tool, there are integrated analysis and reporting components specifically targeted towards fraud. Identifying suspicious Vendor Master Files, common employee and vendor identification numbers/addresses, and questionable transactions all lead the way to rooting out fraud within an Accounts Payable department.
READ MORE