Duplicate Payments: Why They Happen and How to Prevent Them
Do you know that several companies, due to a lack of attention, end up paying the same invoice not once, but twice over several months? Many organizations struggle with this even today. Finance managers across industries are grappling with the risks that payment fraud poses. The harsh truth is that businesses from every sector are suffering from margin erosion due to duplicate payments, largely without awareness. Organizations must deal with this grey area of concern. Finance leaders are concerned with many issues simultaneously and do not pay attention to the operational and fundamental aspects of an organization. Organizations are struggling with runaway losses from unused capacity. Why Duplicate Invoice Payments Happen Understanding the underlying reasons helps in preventing future occurrences. Most organizations face one or more scenarios that lead to duplicate invoice payments. Human Error in Processing Mistakes are bound to happen either due to a lack of proper communication or i...