Duplicate Payments

Make Duplicate Payments a Thing of the Past

Duplicate payments occur when a company pays the same invoice twice. These payments often include invoice-to-Pcard, Pcard-to-Pcard, and invoice-to-T&E transactions. Believe it or not, anywhere between .05% to .1% of payments are duplicates, equating to about $1,000,000 in duplicate payments for every $1B in spend. So what exactly does this mean for your organization? A lot of lost profits, to say the very least.

If Your Profit Margin IsEvery $100,000 Recovered Is Like
1%$5M – $10M in Sales
2%$2.5M – $5M in Sales
5%$1M – $2M in Sales
What Makes DataShark A/P Different

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%.

Thanks to its ability to intelligently refine the candidate list, DataShark A/P is able to run an unlimited number of algorithms against large volumes of data for the most comprehensive analysis in the marketplace.

What to Expect From DataShark A/P
  • Refinement of duplicate payment list to remove false positives and deliver a 50% and higher true duplicate payment rate.
  • Intelligent refinement grows and learns, to further increase the true duplicate payment rate.
  • Exponentially more algorithms than typical audit software for a deeper, more comprehensive dive on the data.
  • An intuitive and dynamic tracking and recovery module to enable efficient research and recovery efforts providing real-time results.
  • Detailed root cause analysis reporting with customizable categories to quantify and address breakdowns.
  • Identification of duplicate payments across any number of disparate ERP systems.
  • P-Card duplicate payments detection, including invoice-to-pcard and p-card-to-pcard.
  • T&E duplicate payment detection including invoice-to-T&E and T&E-to-T&E.
  • Identification of duplicate payments within any currency and across multiple currencies.
  • Updates may be taken daily, weekly, monthly, quarterly or yearly based on your needs.

Reports and Metrics

Safeguard Against Fraud

The reality is that fraud is on the rise for all types of large companies. Unfortunately, those who commit it are becoming increasingly sophisticated in their endeavors. For this reason, it’s vital that your business employs a comprehensive system to identify fraud sources and stop them as quickly as possible. By doing so, you can save a great deal of time, money, and headaches. You may also be able to prevent a damaged reputation that can take a serious toll on your future.

DataShark: The Premiere Fraud Detection Tools

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.

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 on-going fraud prevention and detection tools, businesses can harness maximum control over this type of loss.

Vendor Master Files

Keep Vendor Master Files in Optimal Shape

Vendor master files are essential. Not only do they affect accounts payable, they also impact your purchasing department and have the potential to bring tension to vendor-client relationships. Therefore, the importance of clean vendor master files should not be overlooked.

Unclean vendor master files can cause you to miss out on discounts and contract incentives. They may also lead to inaccurate spend analysis, reduced negotiating power, tax reporting and compliance issues, fraud, and duplicate payments.

Our 5-Step Cleanse Program Can Help

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.

What to Expect From Our 5-Step Cleanse Program

To complete the cleanse, you must:

  • Deactivate unused vendors.
  • Deactivate vendors you haven’t used for over 48 or 36 or 18 months.
  • Deactivate duplicate vendors.
  • Analyze remaining vendors for missing data.
  • Match and verify taxpayer identification numbers.

Fraud Detection

Fraud Detection & Prevention

Instances of Fraud are on the rise for many large companies, as those who commit fraud are becoming increasingly sophisticated in their endeavors. Because of this, businesses must employ a comprehensive system to identify potential sources of fraud and stop active abuses as quickly as possible.

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.

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 on-going fraud prevention and detection tools, businesses can harness maximum control over this type of loss.