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In the past, it was possible (and even expected), for most businesses to process accounts by hand. The number of payments to be processed were relatively small and simple 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 multiple 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 staff 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.

An accounts payable audit can effectively reduce 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 stress.

However, accounts payable audit can only go so far, and whilst they are an incredibly helpful tool for keeping on top 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 bigger 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 directors 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 interacting on a day-to-day basis with tens, hundreds, and for larger companies, thousands of suppliers of products 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 takeaway outlets, train companies etc. Recovery audit software can keep on top of all of these numerous payments, eliminating the risk of duplicate payments, undetected fraud and other error.

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Bacs software has been around for a long time now, but it still has not been universally accepted by businesses. This is curious when you consider the many advantages of making bacs payments, rather than older and less reliable or secure ways. There is still some suspicion about trusting computers to do your work for you, and people tend to be warier than ever where their money is concerned. The maxim holds that a chain is only as strong as its weakest link, but that weak link is normally down to human error. In practice, bacs is a speedy and reliable way of making payments to suppliers and receiving them from customers. It can save you time and money, and reduce the errors and risk associated with handling cash and paying third parties by other means.

Bacs stands for bankers automated clearing software. Essentially it is an electronic movement of funds from your account to another party’s account. This can take up to three days, but can often be almost instant. (There is another way, SWIFT, which is guaranteed same-day.) Even in the worst case scenario, then, bacs is as fast as paying in a cheque or cash. It has a number of advantages over and above that.

One of these is security. Making online payments means you do not have to have cash on the premises. It also decreases the scope for fraud, since you will no longer be sending out cheques. Consistency is another. The money leaves your account instantly, so you know how much is left, and you are not likely to be caused cash-flow problems by people delaying paying in cheques and then the money leaving your account at a bad time. And, once you have correctly entered a payee’s details once, they can be reused again. Paying the wrong person and having to get back the money shouldn’t be an issue.

Bacs software can be used to schedule payments, and in conjunction with accounting software can be used to take care of payroll issues – automating pay day and saving a massive amount of time and effort, as well as reducing the error inevitable in doing the job manually. bacs payments and receipts can also be combined with auditing software to further reduce error and duplicate payments, resulting in surprising savings for most businesses. In conclusion, there are numerous reasons to use bacs and none to ignore it.

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Every substantial company with significant numbers of clients and workers will know that accounts can be complex and problematic. That’s why an accounts payable audit is helpful at least once a year. Such an audit will enable you to pinpoint any errors in your accounting processes, one of the most common – and dear – of which will be duplicate payments. These can be easy to make, often through simple human error. However, they can also be hard to detect and address, and the longer the situation has been left, the harder it can be to rectify. Recovery audit software can make the process easier by automating it, leaving your staff to do what they do best.

One piece of research found that the impact of duplicate payments alone accounted for between 0.1 and 0.5 percent of company spending – not profit, spending, since these figures are about what is going out of your accounts. A company spending £50 million could easily expect to be losing £50,000, and entirely probably much more. And that’s just one type of overpayment. It’s likely that one in every thousand payments for your company is a duplicate. That all builds up, and yet you may not notice it until a supplier lets you know – assuming they notice themselves, or want to tell you. And, of course, once a supplier goes out of business – not a rare event in this economic climate – any chance of retrieving that overpayment goes out of the window.

Some firms hire recovery auditors to do similar work for them. Whilst valuable in tracking down problems, these individuals charge substantial fees. It also places control for your accounts auditing outside your own company, rather than within your accounts department – surely a poorer solution. Acquiring the right software can empower your own staff to find errors before they occur, and while there is still a good chance of fixing them.

These tend to be perennial and often costly problems. Recovery audit software can almost entirely eliminate the problems of duplicate payments, other overpayments and further accounting errors, from the simple human error side of things to the more subtle and sinister side of supplier fraud. It makes the yearly (if that) accounts payable audit process painless and easy, giving the initiative back to your own company rather than outside agencies.

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

http://www.fiscaltechnologies.com/

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