Procure To Pay Risks: How to guarantee it goes right…

In the past, it was possible (and even expected), for most companies to process accounts by hand. The number of payments to be processed were relatively small and easy for one person to keep track of without much difficulty. However, nowadays working between companies and across countries and even continents is much more prevalent, and therefore most businesses find themselves dealing with many different suppliers, providers and customers. There is, these days, a much greater risk of duplicate payments, missed discounts and even outright fraud.

There is nothing worse, in this modern world, than attempting to use archaic software to process payments. Such software includes a dependence on employee remembering the details of payments as the databasing and processing systems set up to keep records have to be manually updated and recorded. This old-fashioned way of working can be avoided, however, by using accounts payable audit.

Procure to pay risks can effectively expose the losses of thousands or even millions of dollars that come from missed invoices, over or under, or even duplicate payments, and forgotten rebates or VAT adjustments. Using an independent auditing service relieves the headache of worrying about these issues, allowing the accounts staff to get on with their day to day jobs without worry.

However, accounts payable audit can only go so far, and whilst they are an incredibly helpful tool for keeping on track of past mistakes, they still require action to be taken, credit notes to be requested etc, in order for the errors to be rectified. For larger companies, there is a method to discourage any losses being generated in the first place.

This can be achieved using recovery audit software. This software enables managers of larger companies to keep up a continuous scrutiny of outgoing payments, by alerting accounts payable specialists to issues, as and when they occur.

These days, a company of any real size will be dealing on a day-to-day basis with tens, hundreds, and for larger companies, thousands of suppliers of goods and services. These range from electricity, phone and heating suppliers, to contract caterers, handymen, courier services and plumbers – not to mention the specific suppliers a business utilises, from machinery for factories to food goods for shops and supermarkets, even including clothing suppliers for beauticians, train companies etc. Recovery audit software can keep on top of all of these numerous payments, eliminating the procure to pay risks of duplicate payments, undetected fraud and other error.

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Minimise Duplicate Payments risk with software from Fiscal Technologies

As with every step forward and with the crossing of each new frontier, the constant development of business€“ and the constant development of accounting technology and multiplication of business models and practices – presents firms with new challenges and new problems. Your Accounts Payable department is now a hugely more complex beast than its predecessors of even a decade ago were: and it is charged with burdensome and serious new responsibilities. What’€™s more, any increase in the size of your AP department, let alone in its complexity, inevitably opens the door to an increased threat of faults: and they can add up. The new complexity and diversity of the ways in which AP departments receive payments has created mind-boggling new tasks and this means new dangers of things falling between the cracks. In a more complex, modern department, old problems like fraud, duplicate payments and overpayment still loom large, but in new ways.

Rubbing out everyday errors like duplicate payments, faulty procedures or even failures to get the most out of the programmes that you use demands proactive self-auditing. In order to really get to grips with the challenges of a modern and expanding AP operation, you need an excellent Accounts Payable audit system. That’s where Fiscal Technologies €™AP Forensics software service comes in. AP Forensics is an easy-to-use system which can give you an oversight of your whole AP operation from A to Z.

The technology choices that businesses make are now crucial to the success of your accounts payable audit operation. The recovery audit software that you use has to be absolutely top of the range or else it is simply useless. Fiscal Technologies’ accounts payable audit software package AP Forensics falls firmly into the former category. One of AP Forensic’s greatest virtues is its simplicity. The system is designed to be as straightforward and intuitive for AP professionals as possible, so that information gleaned from your AP Forensics audit can be quickly converted into effective corrective action.

Accounts Payable Audit software isn’t the only important weapon in Fiscal Technologies’ armoury. Recovery audit software, designed to assist with recovery of money lost through overpayments or other errors which are detected after the transaction has been completed, is a vital tool: AP Forensics has the software solutions that are needed for effective recovery audits, as well as audits of your AP department’€™s procedures.

Fiscal Technologies’ decade of experience in the AP field points to the fact that if your staff are not adequately motivated; or if they are not suitably prepared for the fast pace of technological and organisational change, then even the most well-meaning management strategies for improving AP will leave your team feeling shell-shocked rather than empowered. AP Forensics is the software package that you need that can deliver the clear information and hard facts that AP teams require to navigate their way confidently through the changing AP environment.

Please visit https://www.fiscaltec.com/uk

Bacs software saves time and cash

Bacs is a catch-all term that describes a number of different sorts of electronic payment. Bacs payments will generally be a direct debit or credit. Once bacs software was also used for payments over the internet via online banking and over the phone. However, since 2007 the Faster Payments Service (FPS) has overtaken these, since it is almost instantaneous (whereas bacs takes three working days).

Bacs is generally still the default for many kinds of regular payments, such as pay cheques and utility bills. The process is extremely secure, with many different aspects of security built into it. Additionally, there is the peace of mind that you will be given a full refund in the unlikely case that you are a victim of fraud.

For organisations there are multiple benefits to switching to bacs, instead of working with more ‘traditional’ methods of paying employees and suppliers – such as cash and cheque. Security is obviously one of these. It is no longer necessary to keep large quantities of money on the premises, thereby reducing risk as well as the insurance payments you would have to keep up to protect you from theft. Reliability is another; bacs payments leave your account on the given date and arrive in the payee’s account three working days later. (Should you need a faster transfer there are other options, such as FPS or CHAPS, which charges a fee.)

This also streamlines accounting processes, since it makes for very predictable outgoings. You know exactly when and how much money will be leaving your account – and, if you are paid by bacs, you will have a reasonable idea of when money will come in. Bacs can also be integrated with many accounts packages, helping you to spend less time on your finances and get on with what really matters for your firm.

bacs software is supplied by different companies, each of which will need to meet rigorous criteria. As well as providing the needed hardware and enabling you to make bacs payments, most should offer some form of training to help you make the most of your new bacs capabilities – thus saving you time and money as well as decreasing the risk of fraud to your business. As fewer and fewer businesses still use cash and cheques for their chief transactions, there are more and more benefits to be enjoyed by moving to a system of electronic payments.

Please visit http://www.bottomline.co.uk/ for further information about this topic.

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Recovery audit software that helps small businesses focus on on their product

Accounts payable audit systems are almost crucial to the running of any business today. This year we have heard repeated stories about tax evasion, misspending, underhand expense claims, overpayment and underpayment. All of these stories have painted a sorry picture, and when big businesses have been revealed to be in the wrong great damage has been done to their reputation. At other times businesses who have mismanaged their finances have had to be bailed out by others or fork out large sums of money owed in compensation to those who have been taken advantage of. All in all, it’s a tough time to be in business: the utmost transparency is required and best practice systems must be put firmly in place. Duplicate payments are one issue that should be totally avoided: if your business has paid for a service twice it will often be difficult to prove your point and succeed in getting a refund. Sometimes these scenarios are unavoidable, however, at which point it is a great idea to have recovery audit software in place: if mistakes are made you will be able to look through a complete list of transactions and find out exactly what has gone awry. You will also be able to present the information such recovery systems find as evidence of legitimate mistakes and misjudgements.

Experienced accountants will attest the benefits of using digitised fiscal technologies. In some small businesses the use of computer reliant accountancy will signify that savings can be made on employing a full time accountant to the enterprise. Generally speaking though, accounts audit systems will assist professional accountants in keeping a check on the ins and outs of larger companies. They will help workers do their job more quickly and provide them with an option of checking the accuracy of their work at any given step in the proceedings – before it’s too late. It’s hard to make a profit these days but it is easier to break even and employ the ultimate level of professionalism with regards to incoming and outgoing flows.

In sum, accountancy has become a better profession since the launch of recovery audit software. What’s more, running independent and freelance businesses has become much more manageable since the dawn of the accounts payable audit. It would be embarrassing as an independent freelancer to ask for a sum of money that had already been handed your way. Duplicate payments are a source of great awkwardness best avoided.

Please visit http://www.fiscaltechnologies.com/ for further information about this topic.

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Accounts payable audit is a way to save you big money

An accounts payable audit is a way of searching your accounts records and finding out where the mistakes have occurred in the past – and, as a result, where they are likely to crop up in the future. Needless to say, errors of any sort in your accounts are a mistake you can’t afford to make – especially at the moment, in times of economic uncertainty. One of the most frequent problems is duplicate payments – paying the same individual or organisation twice for one invoice. This could be down to human error, but it can also happen more intentionally. This is another purpose of recovery audit software: to prevent fraud and regain money you have lost unnecessarily, whether through genuine mistake or through dishonest exploitation of the weaknesses in your system.

Estimates vary for the amount of money wasted by the average business on unnecessary payments, but it often comes out between 0.1 percent and 0.5 percent – that is, between one and 5 invoices per thousand. Needless to say, this can total a significant proportion of turnover. An examination of three years’ worth of accounts for many organisations can reveal discrepancies that run into three figures. The problem is that the average invoice has so many data fields that it is too easy to enter data inaccurately. In fact, auditors have found that errors of this type occur in the accounts for every single business whose accounts they have examined.

Depending on the size of your business, accounts mistakes could be costing you hundreds or thousands of pounds every month, if not more. That means that recovery audit software could net you tens of thousands of pounds back in bad payments. Even if the figure is less, it is likely to pay for itself the first time you ever use it, and continue to earn its keep in the months and years to come.

Such recovery audit software therefore promises a great return on investment and allows some peace of mind from the problems that human error always brings. Although it is probably impossible to eradicate duplicate payments altogether, an accounts payable audit will go a long way towards this goal. In an economic downturn or period of low growth, every method of saving money should be investigated. If checking your accounts can find the money you would have saved by making redundancies, then this has got to be a preferable option.

Please visit http://www.fiscaltechnologies.com/ for further information about this topic.

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Bacs software makes accounts a lot simpler

Bacs, or Bankers Automated Clearing System, has now been around since the late 1960s. It is the UK’s way of making electronic cash payments. Bacs payments mean that you can provide a business with your bank details – account number and sort code – and have money transferred directly into your account. This naturally has numerous advantages. Speed is one of them – bacs happens almost instantly in lots of cases (although this depends a lot on the banks in questions – some transfers between some banks can be extremely fast, whereas others can take three working days, which is the standard time advertised in the industry). In any case, even the three-day limit is probably as fast, in many cases, as paying in cash or a cheque and waiting for it to clear. Convenience is another benefit – it reduces trips to the bank, and therefore leaves more time for other things. Security is another obvious one; it prevents the need to have large quantities of money on the premises, which might be a particular problem on payday. In the past, this would have meant that the whole company’s payroll was present – a clear risk. bacs software can therefore be a huge advantage for modern companies.

If you operate a small business – or anything larger – you will likely benefit from incorporating such bacs software into your accounts procedures. Automating invoice payments greatly simplifies the monthly (or more regular) task, since everything can be automated to the desired degree. This means that you don’t have to do the job by hand. Even if you still use online banking, thereby avoiding the issues with writing lots of cheques or, worse, handing out physical cash, setting up and paying all the amounts can be a tedious process. It’s also likely to mean a lower degree of mistakes, and therefore less problem with duplicate payments, fraud and other issues than can eat away at your profit margin through poor accounting procedures.

Bacs is fast and easy (SWIFT, a faster version, guarantees same-day payment, for a fee). Bacs payments have so many advantages that it’s useful for any business to explore bacs software as an option for paying invoices. In the 21st century, cheques and cash are less and less common payment methods, and the future of the cheque itself is becoming increasingly uncertain. Simplicity, security and reliability are three reasons to look into the system more closely, if you haven’t already.

Please visit http://www.bottomline.co.uk/ for further information about this topic.

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