Avoiding duplicate payments with wires is one way to make sure accounts payable doesn’t waste time and money. Wire transfers are sometimes duplicated with an ACH or check payment. #Accountspayable wastes a lot of time trying to identify duplicates and then get the duplicates back as vendors are sometimes reluctant to give the money back. Detecting and preventing duplicate payments is really important in accounts payable.
Avoiding #duplicatepayments when paying with wires in the first place is the best action. But this is often easier said than done. It can be especially difficult when #wiretransfers are involved. Duplicate payments and duplicate payment risk make a duplicate payment audit a best practice. Jen Samper of Capital Group explains the best practice approach her organization takes when making wires to ensure no payment gets made twice.
Avoiding duplicate payments when making wire transfers is not a simple task, especially if the vendor is sometimes paid with a check or ACH. So avoiding duplicate payments when paying with a wire transfer can be quite tricky.
The tricky thing about duplicate and erroneous payments is that vendors returning those payments without prodding doesn’t happen often. Therefore, identifying duplicate payments as quickly as possible is the second best thing to not making the duplicate payment in the first place. The savvy advice from Jen will help you with that goal.
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Host: Mary Schaeffer ([ Ссылка ])
Guest: Jen Samper, Capital Group
