How Overpayments Occur
Most Purchasing, Receiving and Accounts Payable departments within an organization are equipped with sophisticated computer systems, productive and lean staffs and challenging deadline commitments. Most organizations do not have specialists dedicated to identifying and recovering overpayments to suppliers and taxing authorities. OPR’s team of specialists is committed to the recovery of lost revenue to your organization.
Overpayments are created internally as well as externally. To name a few examples, overpayments are due to: complicated and multiple supplier invoices, system control weaknesses, and ever-changing tax laws from state-to-state. As a result, vendors may be paid unintentionally, or paid on multiple occasions for the same invoice, or paid tax for non-taxable items. Additionally, the misunderstanding of a purchased item’s use or the misinterpretation of a tax code, or both, can result in an overpayment.
The good news is overpayment errors can be identified and recovered and OPR welcomes the opportunity to help provide your organization with substantial recoveries.
Deposits or Prepayments Not Deducted From Final Billings
Incorrect Sales and Use Tax Charges
Missed Vendor Credits
Missed Credit for Returned Goods or Canceled Service
Missed Discounts & Allowances
Overpaid Payables Recovery, Inc. (OPR) provides comprehensive Accounts Payable and Sales Tax auditing services. We review for undetected vendor payment errors, sales and use tax assessments, pricing structure of utility and communication billings, vendor credit statements and real estate leasing contracts.