Category: Finance

Recovery Audit Software -catch accounting errors before they start to hurt

Research has proved that duplicate payments can account for between 0.05 and 0.1 percent of financial transfers. This means that up to one in every thousand payments will be unnecessary. Not only that, but this is just one of many different forms of accounting error – which may be caused by human error or intentional fraud. A small to medium-sized business can easily be spending thousands of pounds every year by paying money they don’t need to – or not seeing cash that is due to them. An accounts payable audit will identify where the problems are occurring. This can be an eye-opening experience. Many people assume that duplicates and other accounting glitches are not a problem for their organisation. The immediate reason for this is that they are typically unseen, and it is therefore very easy to underestimate their impact. If you go through several years of accounts, the money wasted can easily run into five or six figures – recovery audit software can help you to get that back: no mean gift in the current economic climate.

Duplicate payments and other problems arise for a wide range of reasons. There are some fifty regular accounting errors, so there is huge scope for overpayments. The average invoice has something like twelve fields, and if these are filled in manually then mistakes can quickly multiply. That’s before you factor in deliberate fraud, where suppliers have submitted unwarranted claims, knowing that they will likely slip under your radar. The problem is that typical accounting software isn’t set up to catch these sorts of issues; it is designed to do a specific job, keeping track of your incomings and outgoings. Although it might do this very well, you need another package if you want to stop the overpayments than can cripple your business.

recovery audit software is the solution that can all but halt duplicate payments and other accounting errors. Although their total elimination is virtually impossible, you can cut them down to far more reasonable levels – with immediate benefits to your cash flow. An accounts payable audit will highlight the extent of the problem and enable you to avoid it in the future. This is essential when money is tight. Additionally, speed is important, since if you have overpaid then it is possible to reclaim the money – assuming the suppliers are still in business. As time passes more and more will cease trading, making it impossible to settle their debts to you.

Please visit http://www.fiscaltec.com/us for further info.

Duplicate Payments and Recovery Audit Software

Accounts payable audit are necessary for any corporation which worries it may be at risk of making duplicate payments, invoice payment mistakes or other financial hiccups – which can have a far-reaching and long-lasting effect on a company with a extensive accounts payable department. If a business is working with many different contractors and service providers, in can be easy to lose track of just how accurate its payments are. In the case of a company operating with out-of-date or ineffective systems, these payments can spiral until they represent significant losses.

That’s why most accounts payable departments commonly use a recovery audit, to see just where they’re missing money. However, recovery audits can be costly in themselves, and cumbersome, if the appropriate technologies are not in place. Increasingly, accounts payable audit are at their most effective when paired with recovery audit software that automatically sees errors in accounting and invoicing systems. This includes the identification of inaccurate or duplicate payments, overpayments, missed discounts, currency conversion errors, unclaimed cheques, inaccurate tax adjustments and even attempted fraud.

Due to the expense and complexity of good-quality recovery audit software, most firms use services that provide them with built-in tools. Because these tools are the main operation of an accounts payable software company, rather than a sideline, the company can invest a lot more in keeping them up to date and at maximum productivity – essentially, hundreds of clients will share the cost of one software system, and have the hassle taken off their backs.

Generally, recovery audit software is accessed online, with clients able to check in on the process and see results in an accessible format whenever they want to. No more waiting for office staff to write up reports or worrying about what they might have mistaken – the software is kept backed up and up to date by the company supplying and operating the software. Much of this software includes prevention tools that make recovery audit a constant process, rather than a regular mammoth task: and make sure that mistakes, frauds and overpayments are stopped at once. For some large companies, this represents a saving of millions of dollars, even before they factor in the work time and office resources that have been freed up by relying on a software system. Many systems will even automate historical claims to debtors or contractors, so that the lost revenue is back in the company’s account as speedily as possible.

In the department of accounts payable audit, this software can be an indispensable tool. Human error is all but eliminated, and employees can breathe easily, sure that they’re not throwing away money through mistakes that get lost in the net.

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

Bacs software is a must for modern organisations

It wasn’t so long ago that book-keeping was carried out manually – it actually was book keeping – and payments were made by cash or cheque. This was time-consuming and laborious, and vulnerable to errors that could cost you and your organisation a significant amount of money. Not only that, but dealing with cash or cheques could be insecure and slow. Fortunately, with the advent and popularity of bacs, this is no longer the case. Bacs payments are fast and secure, and bacs software can be integrated with most accounting software – meaning that all of your book-keeping practices can be neatly brought together so that there is no ambiguity and no surprises.

Bacs, or bankers automated clearing system, has been around for decades now but has only relatively recently been adopted on a large scale. Until a few years ago it was normal for employers – particularly smaller ones – to pay workers in cash or by cheque. In the 21st century there is no call for this, or for the problems it brings. Bacs payments mean that you do not have to keep large quantities of cash on the premises. Neither do you have to wait to have cheques countersigned, or have to wait for them to clear. Bacs is not instant, but it is predictable. (In fact, in many cases bacs payments will go through in just minutes, rather than the three-day standard. In any case, if you need quicker payments then the SWIFT system is available for an additional fee.)

You may be able to manage, just about, on your own without bacs. However, issues typically happen when you try to mix old with new – when you are paid by cash or cheque but your accounts are automated with bacs software, or when you don’t use bacs payments but clients and suppliers do. In these cases it is easy for payments to be overlooked, perhaps because one or other of you isn’t used to dealing with cash or paying in cheques, or else isn’t able to check accounts online and keep track of their cash-flow electronically. Since bacs has become the standard and most businesses and other organisations now use it, it makes sense to switch to this system. The savings of time and money it brings should soon pay for any one-off costs to your accounts department and will future-proof your organisation.

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

http://www.bottomline.co.uk/

5041c85b505c0

How to improve your accounts payable audit

The accounts payable audit is a necessary procedure in modern workplaces.  However talented and diligent accounts teams are, duplicate payments and other errors are always going to occur, and these can end up costing thousands of pounds. Many businesses pay professional recovery auditors, but these often charge extremely high fees.  If it is possible to train your own in-house Accounts Payable teams to conduct the recovery auditing, you may be able to save money and improve internal processes.  This can now be easily done thanks to recovery audit software.

The software detects duplicate payments, invoicing errors, compliance issues and supplier fraud.  Since it can be used by Accounts Payable teams, it not only increases control but also improves processes, thus preventing more errors from happening.  Using a combination of search algorithms and pattern matching technology, the software gives a detailed report of potential duplicate payments and errors that may have been made.  The benefits of using this technology are manifold.

The software allows you to pre-process your upcoming payments, so that you should never have to pay a duplicate invoice again.  You can audit all your past payment data in one easy step, and any money recouped through recovery will go straight to your bottom line, increasing your surplus.  Importantly, the software tells you the reason for each duplicate, enabling you to improve your processes and prevent it from happening again.  It is often a positive thing to recover control of your accounts payable audit process – it may be satisfying to see an outside team of experts come in and coordinate the process, but the knowledge and overview that can be achieved from conducting this process in-house is priceless.

What is more, surprisingly little training is required to use the software.  Anyone in the Accounts Payable team can use it, and there is no need for any auditing qualifications.  There are therefore no retraining fees.  Indeed installation and ownership also incur fairly little by way of cost.  Training and installation is very quick, and designed to work immediately.  Free online training is provided annually to ensure that ownership costs are as low as possible.

Recovery audit software really can revolutionise the way you conduct your accounts payable audit.  The process of checking for duplicate payments and other errors can tell you a lot about how the department works and how it can improve, so surely it makes perfect sense to conduct this process using your own existing team.

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

http://www.fiscaltechnologies.com/

4da7efcc8489c

Using CIS payroll to make payments easier

Working as a contractor can be tough at times.  Some contractors who work like this find that the busy schedule of a contractor leaves little time to handle the administrative tasks that come with it.  If this sounds like you, singing up with a contractor umbrella may be the best option for you, giving you security and the peace of mind of knowing that your payments are in order.  In addition, you may want to consider a cis payroll service, which enables you to receive your payments in the easiest way possible.  Payroll services like these are ideal because they are specifically used by established contractors, sub-contractors, sole traders and partnerships.

What is usually referred to as CIS stands simply for the Construction Industry Scheme.  It generally applies to contractors and subcontractors who are in mainstream construction work.  Essentially what happens is, under the scheme a separate company takes on the role of the contractor by fulfilling all the administrative tasks associated with the job.  HM Revenue and Customs designed the scheme, and those who wish to sign up will need to first visit the HM Revenue and Customs website in order to be given a Unique Taxpayer Reference Number, without which you cannot participate in the scheme. There is no long term commitment involved in signing up; while some contractors need a contractor umbrella for a few weeks, others will use their services for a number of years.

Once you have your Unique Taxpayer Reference number, you will be identifiable on the revenue and customs system.  The next steps are to send the number, as well as your name and National Insurance number, to the company you want to register with.  The tax rate on those with a UTR is 20%, but 30% for those without it.  Finding work and sorting out rates is still up to the individual contractor, as is the end-of-year expenses list.  By filling in a list at the end of the year of all the expenses incurred throughout the year, you can offset these against your tax rate.

Those working in the construction industry may wish to register with a contractor umbrella for a number of reasons.  For many, the simple time-saving element of being on the cis payroll makes it worth signing up. If you don’t have to go through paperwork to make sure you get paid, you might be able to fit in a trip to the playground with the children, or another pint at the pub.  Payroll services are there for you to make the most of – it’s up to you to go ahead and do it.

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

http://www.liquidfriday.co.uk/

4d237e82de231

Can recovery audit software really improve my organisation’s profitability?

The world is progressively emerging from the worst recession in years and companies, from multinationals down to sole traders, are considering their alternatives.

Getting to grips with their economic situation will be the number one thought in the minds of the majority of business owners. One of the several ways to do this is to cease the practice of making duplicate payments to suppliers.

Many businesses inadvertently make duplicate payments to their vendors so Fiscal Technologies designed a software package that would resolve the problem

Fiscal Technologies is the only enterprise in the world that is solely dedicated to manufacturing the best-in-class accounts payable audit software. Over the years they have analysed client accounts from all the major financial systems and in 100% of cases they have found accidental duplicate payments that clients were ignorant of.
To make matters worse, it is usually the case that the receiver is unaware that the mistake has occurred. Fiscal Technologies’ recovery audit software will erase the problems, saving you not only valuable time but also money.
Installation time for the accounts payable audit software package is less than one hour and anybody in the team can employ it. There’s no necessity to have a background in auditing and there’s no need to pay massive training bills.
Not only does the recovery audit software detect duplicate payments before they arise, it also reviews all of your old remittances and highlights any situations where the mistake has already happened. This powerful feature will enable you to commence recovery proceedings immediately.
Do you wish to know why duplicate payments occurred in the first place? When you use Fiscal Technologies’ recovery audit software, you will obtain a system generated report which clearly details the reason for the duplicate. Armed with this knowledge, you can set about changing your accounting processes to bar the problem occuring again.
There’s one final, but exceedingly important benefit to using this accounts payable audit software. You’ll not need to remit enormous sums of money to an external auditor!

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

http://www.fiscaltechnologies.com/

4c3d9497b9e5d