Category: Software

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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.

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

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Recovery Audit Software And Your Bottom Line

To err is human, even for humans who work in the accounts department. Sooner or later, someone is going to make a mistake paying an invoice, and it will cost you. That’s obvious: it’s just the law of averages. The question is, how regularly will it happen and what will the total cost be to your firm? Intuitively, you might assume it’s small, but the reality is quite different. Industry estimates suggest that one in every thousand transactions is an overpayment. There are many different reasons this can occur, but the most problematic is duplicate payments – where, by accident or dishonest design, the same invoice is paid twice. One in a thousand may not seem like much, but it all adds up. And if you’re a business that relies on very large volumes of low-value transactions – high numbers of low-margin payments – then you could be in a lot of trouble. Recovery audit software will show where this is happening and help you get back the money paid, assuming you act fast. An accounts payable audit shows you who still owes you money that, due to oversight or problems in your accounting systems, has never been received.

The larger your organisation, the greater this problem is likely to be – and not just because it means a larger number of transactions to go wrong. When you are making and receiving a lot of payments, it gets harder and harder to see the incorrect ones. These could be due to genuine misunderstanding, or sometimes fraud. If a supplier is raising the same invoice every month, it gets easier to send in a repeat which goes under the radar: the source of many duplicate payments. Of course, the same thing can happen through forgetfulness or accident. Either way, you’ll end up overpaying unless someone sees it, and in a busy accounts department there’s no way that someone will be able to remember and check all of your payments personally. That’s why recovery audit software can be so helpful, usually paying for itself the first time you use it. And problems with your accounts cut both ways. You may be overpaying other people, and your customers and others could be underpaying you. These payments can become lost in the system, with nothing in place to chase them up. An accounts payable audit searches out the offenders and ensures that they settle their bills.

Please visit https://www.fiscaltec.com/ for further information.

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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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Recovery audit software saves the hard work – and saves you money

Accounts payable audit software is a vital instrument in cutting down waste and inefficiency, which is possibly the most relevant and important measure for recession-hit businesses available at the moment. With more transactions being made than ever before, and the bulk of them electronically through banks and organisations such as BACS, the potential for duplicate payments is massive. Businesses are by extension at the highest risk so far of losing capital through such payments as well as through fraud. Even when they are able to isolate losses, it is very tough to solve the problem without top quality recovery audit software.

In the wake of the global economic downturn, the UK’s budget deficit, and the MP’s expenses scandal, the most important thing on most people’s minds right now is cost efficiency, and rightly so. There is something inherently unpleasant about waste: I’m sure we all had grandparents, or knew people of a similar age to our grandparents, who remember being brought up not to waste a single piece of food. Personally I remember my grandfather telling me that when he didn’t finish eating his meal one day, his father would keep it in the fridge and it would be his dinner the next day, and so on until he finished: only then would he have a new, freshly-cooked meal to eat.

It seems that somewhere along the way this tradition of frugality was completely and utterly lost, and not only where food is concerned! Government spending rose to all time highs, consumerism based on credit reached its peak, and banks were lending more than five times homeowners’ yearly salaries in the form of mortgages as house prices shot up. Inevitably, this didn’t last, and we saw a global banking crisis happen in 2007/08 that rocked everybody’s world. In the UK, the new government has decided it needs to quickly reduce the budget deficit by implementing a huge new spending review to save money.

It seems we are going back to a time of frugality, and with the recession affecting all of us, it is important for businesses to reduce waste and unnecessary expenditures. We can not afford too many duplicate payments going unrecovered, and we certainly can’t afford exposing ourselves to fraud by not giving our accounts payable teams adequate support. Accounts payable audit software and recovery audit software can give this support, and help your business to become leaner, and head into the future of doing more with less.

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

http://www.fiscaltechnologies.com/

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