Lavante Recovery for Duplicate Payments

Duplicate payments are the result of paying for the same product or service more than once. They occur at every company, across industries, and to organizations with even the strictest accounts payables processes and procedures. And, they are the source of often hidden revenue loss. Industry research estimates that an average of .1% of payments, are in fact, duplicate payments.

How do they happen? There are a variety of causes, such as having multiple payment types (i.e. invoice-to-pcard, pcard-to-pcard, invoice-to-T&E transactions) or different originating sources (i.e. EDI invoice, manual invoice, work order, shipping notice, statement, etc. ). Multiple payments could also go out to one supplier that is in your system under slightly different names, at multiple locations or under different vendor ID numbers.

Accounts payable departments are forced to do more with diminishing resources, all while they struggle to integrate multiple systems and processes due to mergers and acquisitions, and manage software and/or systems upgrades and conversions. As a result, duplicate payments are on the rise, translating into significant dollars lost for your company.

Lavante Recovery for Duplicate Payments

Lavante has led the industry in delivering technology-enabled recovery audit solutions for the last 10 years. Our Duplicate Payment practice combines our deep domain expertise in recovery audit best practices together with our patented SaaS technology solution to deliver recovered dollars quickly, and with minimal impact on your internal resources. The process and web portal give you full transparency into the results so you always have access to the recovery results, along with backup documentation.

Here’s the four-step Lavante Recovery for Duplicate Payments process:

 

1.
DISCOVERY &
PLANNING

The Lavante Duplicate Payment team conducts discovery sessions together with the client to build a project plan specific to that company’s requirements. Items that are taken into consideration include: data collection, payment processes, AP systems (i.e. ERP upgrades etc.), and vendor files.

 

 

2.
THE AUDIT
PROCESS

 

After the data has been prepared it is deployed through the Lavante Recovery process, where client-specific routines and unique algorithms are applied. This process quickly identifies possible duplicate payments, which are then reviewed and processed by the audit team. Lavante’s automated processes seamlessly connect with vendors to collect, manage and track these claims which are finally reviewed and verified by the audit team.

 

3.
VERIFIED CLAIMS
REVIEW

All Lavante verified claims are made available to the client through the Lavante Recovery online portal. This user-friendly dashboard makes it easy to review the verified claims and related back-up documentations. Final approvals are made by a single click of the mouse.

4.
PROCESS
IMPROVEMENT

Lavante documents all findings in an End of Audit Report, which includes root cause analysis, recommendations for process improvements and benchmarking data.


Download Datasheet PDF >>

 

The Lavante Recovery Difference for Duplicate Payments

Lavante delivers industry-leading solutions, with a long commitment to offering best-of-breed recovery technology and services. Here are a few benefits you will receive with Lavante Recovery for Duplicate Payments:

  • Deep Domain Expertise: Our highest level of experience is focused on what other firms normally treat as a “secondary” aspect of their post audit recovery projects, with audit teams made up of senior-level AP experts.
  • Proprietary Processes & Technologies: Payment analysis algorithms are developed and supported by a comprehensive understanding of our client's data, systems, and payment process.
  • Leverage Lavante’s Extensive Supplier Database: Lavante’s Audit Project Claim Tracking, Management and Outreach Tools are combined and leverage the industry’s most extensive supplier database with over 2.5 million supplier records with updated account information.
  • Full Access to Results via Online Portal: Clients have complete, fingertip access to all claims and supporting documentation through the Lavante Recovery online portal.
  •

Comprehensive Analysis Reports: Lavante’s End of Audit Report includes True Root Cause Analysis with Corrective Recommendations and Process Improvement Suggestions, along with industry benchmarking.

 

 

 

 

 

Easy Access to Verified Claims

Clients have full access to review and approve verified claims through the Lavante Recovery online portal.

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