Category Archives: Finance

Eliminate Expensive Duplicate Payments Now

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If you’re concerned that your business is losing money through fraudulence and error, then turn to accounts payable audit systems to ensure that you are shielded from these unnecessary overpayments. Risky duplicate payments can add to up to costly amounts for many medium and large businesses. Recovery audit software can provide a low-cost solution to prevent duplicate payments and are an cost-effective alternative to expensive recovery auditing.

Implementing recovery audit software has many business benefits, and is more inexpensive and easier than you may think. First of all, recovery auditing software chiefly and crucially saves you money because it eradicate unnecessary payments. This is no small benefit. Recovery auditing software acts rapidly to recover duplicate payments, which is vital as the possibility of recovery diminishes every month as your suppliers go out of business, merge or get bought. The older your invoices are, the more they’ll cost to recover, so it’s advisable to get on top of them as soon as you can. Accounts payable audit systems allow you to act quickly.

Secondly, recovery auditing software is cheap compared to calling in recovery auditors to identify and recover duplicate payments. The software is capable of eliminating invoicing errors, compliance issues and supplier fraud, as well as duplicate payments. There is a considerable risk that medium and large organisations pay their supplier invoices twice. These are the most frequent and expensive overpayments in the accounts payable process, amounting to a non-trivial percentage of your organisation’s annual spend during the process from purchase to payment.

Thirdly, recovery auditing software requires no costly training, contrary to what you may think.  It is easy to use and free online training is often offered by the provider. This software empowers your own Accounts Payable teams with the correct tools to avoids overpayment, so costly auditor fees are cut and internal processes are improved. Auditing software helps your Accounts Payable team in their efforts to control and optimise processes. With these tools at hand, you can respond your business’s specific needs, reducing fraud and risk and increasing productivity. Once installed, the software stops duplicates before a payment run and therefore avoids the high expense of recovering money externally or internally.

It’s simple to health-check your business first to check whether overpayment is a problem for you. Most providers offer an AP health check for free if your organisation qualifies. The evidence produced forms a sound business case for implementing the software. To make a considerable difference to the cost-efficiency of your AP systems, consider recovery audit software. All past payment data is processed by accounts payable audit systems, so that not only are your previous duplicate payments accounted for, but you can look forward to compliant and accountable payments in the future. Protect your valuable working capital – at such a low cost of ownership, it makes excellent business sense.

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

Accounts Payable Audit Software and the Future of your Company

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An accounts payable audit is a straightforward way of trawling your accounts and finding errors over the last few years that have resulted in you being owed money. One of the worst of the issues it is good at uncovering is that of duplicate payments: where someone submits the same payment details twice, whether by accident or design, meaning that you end up out of pocket. Recovery audit software allows you to locate all the mistaken transactions and take steps to reclaim the money you are owed.

Most businesses are as careful as possible with their accounts. After all, providing accurate accounts is not only a legal and tax requirement: it is sound business sense if you are to have a good picture of where you stand. However, it’s equally true that no one is infallible and mistakes will always happen. This may not even be down to you. If a supplier or customer makes a request for a payment, you may not be aware of any errors it holds. Duplicate payments are the most common of these. It’s a particular problem if it’€™s a regular payment perhaps a monthly invoice from a supplier. Because it is regular and expected, if an additional submission is made then you might not recognise it for what it is. Especially if you have more than one person processing invoices, it is easy to miss.

It’s not just duplicates. There are any number of ways that errors can creep into invoices. With a dozen or so fields to fill out on the average invoice, it’€™s not surprising that around one in every thousand payments (0.1%) is a mistake. For high-volume, low transaction value businesses, that can be a real problem. If you’€™re just getting by, this reality can erode your profit margin and make the difference between going under and staying afloat.

An accounts payable audit should stop the problems in their tracks. Duplicate payments will become a thing of the past, putting you in a good position to go forwards and use the money that your business generates for growth not paying unnecessary bills. Better than that, recovery audit software means you can locate the suppliers and other parties who have overcharged you in the past, and take steps to reclaim the money that you are owed. This means that purchasing the recovery software can pay for itself the first time you run it, allowing you to reclaim up to six years of past overpayments: a welcome windfall for anyone.

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

BACS Software from Bottomline Technologies: new applications for a winning transfer formula

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“The past is a foreign country: they do things differently there.” – So says Leo Colston, the protagonist of L.P. Hartley’s famous book The Go Between. Certainly this is true of the worlds of business and computing when we look back to 1968 from the vantage point of the present day. Despite the inroads into the popular imagination made by programmes like Mad Men, the common impression one has of business life in the 1960s is of a rather sleepier, simpler era: the image of gentlemen in stuffy suits executing business deals in a formalistic and gentlemanly manner, their days punctuated by long and well-lubricated lunches. This world, in which old boys’ networks rather than social networking sites were the order of the day; when computers were frequently bigger than the plant machinery they counted or ran; when ‘bugs’ in computers more often than not were actual beasts burrowing in the works – seems to be separated from the ruthless, iconoclastic, fast-paced and carnivorous world of post-1980s economic life by a whole lot more than 46 years.Â

But one thing has remained unchanged in those 46 years: BACS payments. Invented in 1968 by Dennis Gladwell of the Joint Stock Banks Clearing Committee, BACS began life as the Inter-Bank Computer Bureau, it cut out the time-consuming and long-winded system of paper-based transfers between banks. Today, thanks to constantly-improving BACS software, BACS is continuing to cut down on paper usage, and make payments more reliable and rapid, for thousands of organisations around the world. Since 2005 the clearing-house has been moved from a telephone-based system to BACSTEL-IP servers, and BACS has really come into its own as an online service, making for even swifter transfers.Â

Even though some other services are challenging for its spot as the world’s premier payment transfer service, over 5 billion BACS payments are made every year, and while some competitors may claim to have faster systems than the BACS software, the majority of all the employees in the UK still receive their wages via BACS.

The continued dominance of this banking behemoth means that the BACS-accredited training schemes offered by Bottomline’s dedicated educators, who know the BACS system inside and out, are of irreplaceable value for businesses – and the same goes for the BACS and Faster Payments software which Bottomline services have developed. When it comes to the leading worldwide payments system, Bottomline Technologies lead the way in BACS software.

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

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Duplicate payments are potentially a source of waste

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Accounts can be a complex process, which in terms of the bottom line means they can be a costly business. There aren’t many firms that don’t have some kind of mistake in their books at the end of the year. That can have different consequences, some of them major. On the one hand, it might just mean the figures don’t quite add up, little more than a frustration to an accountant somewhere. On the other, it could result in a substantial loss of cash for your organisation, or a problem with the Inland Revenue. An accounts payable audit can help you smoothe out many of the glitches in your accounts, enabling you to locate issues such as duplicate payments and other types of overpayment. This is all possible using specialist recovery audit software, which checks your accounts and finds sources of mistakes. The results can be shocking, particularly for larger organisations, and can represent a significant saving. In fact, the software could easily pay for itself the first time you use it.

Audit software is versatile enough to check for not only problems that happen due to negligence or accident – simple human error – but also more sinister cases, such as fraud, when a client deliberately overcharges you or keeps funds that you have paid by mistake. (In fact, the Inland Revenue uses this kind of software to check returns, using the information to identify possible occurrences of fraud.) That’s important, because if your client list is long or complicated, there may well be opportunities to exploit that, costing you even more money. Running the software will flag up suspicious entries, enabling you to regain funds that you never should have paid in the first place. That’s got to be a good thing in difficult times, when every little extra could mean the difference between balancing the books and wondering about ‘efficiencies’ – usually meaning layoffs – or even worse.

If you’re in need of convincing, start with the (not unreasonable) principle that errors could account for 1 percent of turnover, perhaps more. What does that equal in cash terms, and is it worth pursuing – apart from any other concerns such as tax returns and catching fraudsters? For most companies, the answer will be a clear ‘yes’ – recovery audit software is inherently worthwhile. duplicate payments and other overpayments can be hugely and unnecessarily expensive, so an accounts payable audit is often highly illuminating.

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

http://www.fiscaltechnologies.com/

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