As purchasing systems evolve and offer more process flexibility and expanded payment options, it is imperative that procedures be re-engineered to eliminate weaknesses that allow duplicate payments. The extent of the problem of over payment varies across companies and industries. However, it has been estimated that as much as 1% of all corporate remittances are duplicate or inaccurate payments.
In this week's Knowledge Nuggets, we will examine some of the leading causes for duplicate payments, how to avoid them, and best practices for process improvement. This will be covered in two issues.