Category Archives: Software

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.

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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