Category: Software

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 In the case of a company operating with out-of-date or ineffective systems, these payments can spiral until they represent significant losses.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

Duplicate payments prevented early

Mistakes are rarely, even never possible to defeat entirely. There are always things that with hindsight we would have done otherwise, a turn of events that we would rather reverse. And luckily, mistakes that happen in genuine error where it seems fate has conspired against someone are usually quickly forgiven. There are instances, however, where errors are less easily put out of mind. Take any instances involving our finances – a sudden loss of money, a mislaid or unpaid sum will provoke bad feeling, particularly in these times of austerity where many people feel an extra strong need to mind their assets. For those in business, accounts payable audit systems can help errors be avoided. When the books don’t add up, recovery audit software can rescue an unwanted situation from getting out of control, while also detecting any duplicate payments processed. The last of these mistakes is akin to throwing money down the drain! A careless act at any time, especially in the current economic climate.

Even small scale businesses should avoid trusting a single worker with the colossal responsibility of managing their accounts using excel spreadsheets, notepaper or a calculator. The danger of human error in this scenario is simply far too large. Instead, companies – whether of international standing or local nature – should come together in embracing excellent software that takes care of their accounting in the most streamlined of ways. Supplier fraud and compliance issues are two aberrant potentials in business that can be kept at bay once accounts teams start using accounts payable audit software. To put it simply, processes can be simplified by embracing this technology: control is increased and errors can almost always be prevented from happening.

An accounts payable audit can easily be spoken for. Recovery audit software allows businesses to assert themselves. Normally, a company will pay external auditors to help them identify any expensive over-payments made. But this is an expense that can be saved by the companies that decide, very sensibly, to internalise the process. duplicate payments can be spotted within the company when the right software is used that draws the attention of accounting teams to any mistakes. Unfortunately many payees will not own up to receiving a payment twice over so it falls to the paying party to rectify such a costly mistake.

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

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Bacs software makes your financial transactions instantly more reliable

Using bacs software for all your business’s financial transactions imparts greater reliability to your operations, a more fluid cashflow and makes instant cost savings on equipment such as cheque stationary and postage costs. Bacs can be used to pay wages and salaries, for supplier payments, refunds, pensions, dividends, employee expenses and insurance settlements, covering all expenditure demands of any size of organisation. What is more, bacs payments benefit both payer and payee.
For the payer, bacs saves on administration costs and time spent banking. Sorting, preparing and collating cheques is a time-consuming task, not to mention adhering to relevant remittance advice – whereas using bacs to generate and authorise a payment is simple and inexpensive. Bacs payments also give the payer greater control over cashflow management, so that the payer always knows specifically when the payment leaves their account. Thanks to this always up-to-date information, you can make your money work for you right up until the moment it leaves your account.

By generating only a single debit from your account on a specified date, the need to track individual payments is removed. As well as cutting down on reconciliation, bacs payments improve efficiency and put you, the payer, in the position of being able to negotiate more favourable payment terms.
As a payee, bacs software makes your life much easier. Organisations that pay using this system tend to pay earlier than those who do not use bacs. They also tend to be more consistent, as they rely less on more fallible human handling of payments. On top of being reliable, its is more secure than cheques and cash, which are more likely to go missing.

Like the payer, as a bacs payee you will save time handling and banking cheques and cash – with bacs, the money goes instantly into your account electronically. Cashflow is smoother, as payments instantly appear as cleared funds, ready to be withdrawn directly. And all this optimisation means you’ll earn interest earlier, too.

In conclusion, bacs software can really provide you with dependable solutions to slow financial transactions, greatly diminishing the margin for error, easing cashflow and saving time. For both payer and payee, bacs payments are faster and smoother, which leads to other benefits, such as negotiating potential and early interest. To make the most efficient use of your finance resources, bacs provides a solution and more.

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

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Bacs enables accounts departments to run more efficiently

Bacs payments have been around for a long time and bacs software has become a key part of the process of transferring money between accounts. Bacs stands for Bankers’ Automated Clearing Services, although this full name is little used now. The acronym, like the Bacs process, is a lot more convenient. The Bankers’ Automated Clearing Service was conceived and developed in the United Kingdom in the late 1960s by a man called Denis Gladwell. Since then it has proved extremely popular as a method of making payments and managing accounts both with commercial organisations and with the wider public.

One of the main boons of using Bacs is that there is a lot less paper to worry about and to keep track of when you are attempting to transfer money between bank accounts. It is efficient and straightforward. These attributes have made it a tremendously convenient means of settling invoices, paying salaries and paying the other sundry expenses that are a normal part of business life. It has also very much reduced the need to store large sums of cash to meet future expenses claims and has also greatly reduced the amount of time that a firm’s staff have to spend tracking down and storing the paper documents necessary to carry-out their transactions at the bank. This makes for a much happier and more productive workforce, because people are able to get on with other more interesting tasks to develop and improve the business.

Nowadays, many people in accounts departments make relatively few trips to banks and the same is increasingly true for individual customers. A substantial proportion of banking these days is done online. Using your knowledge of key details of your account (such as the account number and the sort code) and remembering passwords and security information enables people to conduct their banking business over the internet. This means that they are able to access their account information twenty-four hours a day, seven days a week from the comfort of their favourite armchair in their living room if they so wish. This means that bacs payments can now be planned and arranged much more easily. It should, however, be remembered that the bacs system does not make payments instantly, but normally takes three working days.

Bacs payments were an excellent invention and bacs software enables these transactions to be processed smoothly and securely. Bacs may one day be superseded by another invention, but members of accounts and finance departments will always be grateful to Denis Gladwell.

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

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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/

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