3 Reasons Why Invoices Get Paid Twice—And How to Stop It focuses on a persistent issue: Why Invoices Get Paid Twice—And How to Stop It.  Why Invoices Get Paid Twice is an issue that often eludes #accountspayable and #accounting professionals. Duplicate payments is a serious problem and one that every organization is at risk for, if they don’t understand why invoices get paid twice and take the appropriate precautions to protect against it.

The duplicate payment risk is multi-pronged. It can happen from both duplicate and erroneous payments and hurts the bottom line. That’s why avoiding duplicate payments is something every organization needs to protect against because, remember, most suppliers will not automatically return the duplicate. This can sometimes happen inadvertently to organizations that decide to do payment timing or extending payment terms. While they many not intend this to be invoice games, alas, that is sometimes what happens. That’s why it is important that processors know how to code invoices in accounts payable.

It is critical that all business professionals have a thorough understanding of the Reasons Why Invoices Get Paid Twice and they learn how to stop that from happening in their organization. A focus on the persistent issue of invoices being paid twice is important, unless you don’t mind taking a hit to your organization’s profitability. Learning how to stop this pernicious problem starts with an understanding of why invoices actually get paid multiple times. The problem of making duplicate payments is one that every company is at high risk for, if they don’t take the proper steps to guard against.

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Watch Avoiding Duplicate Payments when Paying by Wire Transfer at: https://youtu.be/lYFOjBOmr9c

This is accounts payable sound bite #60

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