choosing the right duplicate payment software …...choosing the right duplicate payment software...

Choosing the Right Duplicate Payment Software Solution

Karl Andersson, Founder

Phone: 508-480-8990 Fax: 781-634-0500 www.technology-insight.com

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The next 30-45 minutes:

• About Technology Insight

• 9 Factors to Consider Before Implementing a Duplicate Payment Software Solution

• Question & Answer

Agenda

About Technology Insight

Internal Audit Accounts Payable

Procurement

Operational Analysis

P-to-P Data Analysis Tools

Duplicate Payment Identification

Think about software solution options: What makes a good spreadsheet functionality? • Everyone thinks of Excel although it wasn’t

the first

• Do something similar but how they do it is very different.

So, what are the key factors that you need to consider for a duplicate payment software solution?

Choosing the RIGHT solution

Data transferred to a cloud-based system – operated & maintained by the software provider

• Current trend

• Ask questions about data protection and security

Hosted vs. Non-Hosted Environments 1

HOSTED NON-HOSTED

Buy and install a server to host the software solution locally

• IT Resources to host and maintain

• Capital outlays to purchase server and equipment

Single feed from a single system vs.

Multiple feeds from multiple systems

• Does the solution analyze data from separate ERP or A/P systems as one data set or

• Does it analyze each data set individually?

Important to consider during company mergers and acquisitions

Single vs. Multiple Data Feed 2

Stay clear of a basic solution: any tool requiring just vendor number, vendor name, invoice number, invoice date and amount.

Look for solutions that handle more data elements like currency, exchange rate, who entered the invoice, type of document, source of transaction, general ledger details, PO #, vendor details etc.

The more data the better.

Data Requirements & Utilization 3

Does the solution handle P-Card data?

If yes,

Are there specific algorithms for P-Cards?

• P-Cards require unique algorithms

Can it handle enhanced data?

• Detailed information helps provide further reporting and analysis

P-Card Data Integration 4

Number of algorithms

How are these algorithms customizable for your business?

How do your algorithms learn as your business processes change?

Scope & Refinement of Algorithms 5

Tools to help you walkthrough the workflow

• Help with identification, collection and management of duplicate payments.

Root Cause Analysis

• Document and reporting

• Help with Internal Audit – collection process and research of duplicate payments

Workflow Support & Analysis 6

Easy to implement

• How long will it take to implement?

• How are upgrades handled?

• How many resources are needed from IT?

Do you need special training to use the software?

Implementation/Training/Ease of Use 7

Can the new software solution handle future business changes?

• What if you implement a new A/P system?

• What if you acquire another company?

• What if you start implementing new types of transactions such as EDI or e-invoicing?

Ability to Evolve with Business Changes 8

Karl Andersson CEO and Founder direct: 508.281.4697 mobile: 617.233.3525 email: kandersson@technology-insight.com www.technology-insight.com

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