Ever Double Paid an Invoice? Try These Tips

Ever Double Paid an Invoice

Spend a day going through the previous year's paid invoices.  You may just be surprised by what you find.

This is the essence of "The double-payment challenge", an article posted at realbusiness.co.uk that draws attention to the fact that many businesses – when they examine their expenses closely – discover all sorts of errors in their accounting, duplicate payments included.


EBOOK

Make Costs and Profits Go Hand in Hand at Your Enterprise

Download Ebook Now

Is it worth spending an entire day sifting through old financial records?  Will you really find an invoice that was double paid?

Chances are, you probably will.

You may be wondering how such a thing could happen, but consider this:  While most automated accounting systems include invoice tracking to detect if an invoice has already been paid, not all of those systems require you to enter the invoice number when processing the payment.  And even when they do require an invoice number, it's possible (likely, in fact) that the invoice number may be entered incorrectly.  We are all human, after all, and we do make the occasional mistake.

So how do you avoid duplicate payments?  Here are a few tips:

  • Conspicuously mark invoices as paid (both hard copy and electronic versions)
  • Eliminate extra copies of invoices
  • Never process payments based on a supplier's statement – use only the official invoice.

It's worth double checking whether you're paying your invoices twice.  Even if you find that everything is in order, you'll achieve some peace of mind.

Do you have ideas, suggestions on how to avoid double payment of invoices?

Share your story with us, post your comments, connect with us on LinkedIn, or send them to @Replicon on Twitter.

EBOOK

Make Costs and Profits Go Hand in Hand at Your Enterprise

Download Ebook Now

Peter Kinash
ABOUT THE AUTHOR
Peter Kinash
Peter is the CFO and India COO at Replicon. Replicon provides award-winning products that make it easy to manage your workforce. With complete solution sets for client billing, project costing, and time and attendance management, Replicon enables the capture, administration, and optimization of your most underutilized and important asset: time.
Get started today.
Set up a free trial based on your business needs. Start Free Trial

A Brief History of Project Management (Infographic)

You will agree that project management plays a vital role in streamlining projects and delivering results that impact the bottom line. Without proper project management, teams and clients are exposed…Read More

What Does it Take to Become a Data-driven Organization?

As today’s world is becoming increasingly digitized, all types of organizations across the globe are generating large volumes of data. And even though organizations are acknowledging the value of that…Read More

Global Compliance Desk – Germany

Germany: Federal Labor Court decides in favor of Recording Working Time The Working Time Directive 2003 of the European Union, contains no time recording or record-keeping obligations per se but…Read More

Using shared services? These five technologies are a must

As organizations continue to scrutinize operating costs and look for areas to drive efficiencies, shared services centers (SSCs) are a no-brainer. The concept of a multi-function SSC has been around…Read More

Employee time tracking is dead

iBeacons, Bluetooth Low Energy, Proximity sensing and the obsolescence of time tracking as we know it. Businesses have to track the time their employees work for a variety of reasons,…Read More

Reducing Absenteeism with Effective Time Management and Absence Tracking

Workplace absenteeism is a major concern for American companies. According to the US Bureau of Labor Statistics, unplanned absences cost American businesses an average of 2.8 million workdays every year,…Read More
  • Polaris
  • Time & Project Insights
  • Time & Projects Solutions
  • Replicon Products
  • Replicon Users
  • Enterprise Time Tracking
  • Thought Leadership
  • Cloud
  • Corporate
  • Professional Services Management
  • Shared Services Management
  • Time and Attendance Management
  • Customer Feature
  • Time Intelligence
  • Industry News
  • Global Compliance Updates
  • Others