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In the past, it was possible (and even expected), for most businesses to process accounts in-house. 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 normal, 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 the 21st century, 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 programs 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 expert 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 vital 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 blunders to be rectified. For bigger companies, there is a method to minimise 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 are discovered.

These days, a company of any real size will be interacting on a day-to-day basis with tens, hundreds, and for larger interests, 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 outfitting suppliers for takeaway outlets, train companies etc. Recovery audit software can keep on top of all of these numerous payments, ruling out the risk of duplicate payments, undetected fraud and other error.

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Accounts payable is the outstanding sums of money owed to and by your organisation. In the course of doing business you will provide products and services to a number of parties, who will pay you for them. However, payment is not straight away; usually an accepted period of time will go by before the invoices are fulfilled. This may be 30 days, though in some instances it can be two months or more. In other cases just a fortnight is considered acceptable. An accounts payable audit explores what money is due to your company. recovery audit software can be used to investigate the different invoices that are outstanding and check out whether they should be paid (by you), or should already have been paid by clients. One of the most relevant forms of overpayment for businesses is duplicate payments, which can arise either accidentally or intentionally through fraud (a company that receives a large number of invoices may not know if a duplicate comes in, and will pay it without realising). Whichever one, you will want to avoid these and other forms of unnecessary overpayment, whilst ensuring that those who owe you money pay it when they should.

Most organisations underestimate the financial impact that accounting mistakes cause. If your accounts are in order, you will be paying suppliers on time. However, others may not be treating you with matching courtesy. There will be parties who pay late – perhaps consistently late, or perhaps some have never paid you for certain jobs. Then there are suppliers who have incorrectly invoiced you, or instances where unavoidable error has resulted in inaccuracies on an invoice or a copy; invoices typically have many fields of data on them, so this can be a common occurrence.

Estimates suggest that perhaps one in a thousand transactions is an overpayment, with duplicate payments being one of the most regular errors. If your business entails a large volume of transactions, you could be losing significant sums of money in this way. An accounts payable audit will find out exactly how much account errors are costing you every year. recovery audit software will enable you to gain this back, but this is something you should pursue quickly: the more time passes, the lower the chance of reclaiming the money. Additionally, where the errors are a result of fraud, you may need to take legal action – and, at the very least, put in place measures that stop it occurring again.

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Significantly sized companies often have unique intricacies that require specialist accountants to analyse. However, small businesses tend to lend themselves very well to computerised accountancy processes. If you prefer to delegate the eventual checking phase of end-of-year or other accounts to be done manually of course this can be established. The initial stages of calculating running income and outgoings can more easily be submitted to a specially designed, computer-based spreadsheet. When the time comes to do a tax return, the spreadsheet will already be filled in. Of course, physical evidence of receipts is sometimes useful to keep for the taxman too. But, if you are able to avoid paying by cash for even the smallest of supplies, the taxman will be just as happy for you to submit evidence of your cashflow in the form of an annotated bank statement. In fact such statements are often the clearest form of evidence as they show where bacs payments have been made and where bacs have been received. And if the above process still sounds slow and complicated, it might be worth investing in bacs software.

No matter the size of your business, balancing the books and staying in the black will be a ever-present issue. Cut-throat enterprises and easy going independents and not-for-profit groups will probably have differing priorities, but will often have a surprising amount in common when it comes to the everyday financial functioning of their outfits. After all, most companies large and small will have a set of employees to pay. And whether these employees are paid through a centralised system as PAYE workers or whether they make their invoices to the company according to services delivered as freelancers, all businesses run by more than one person will have a responsibility to its workforce. Often, freelance workers will struggle to wait the usual thirty days for their pay to arrive in their account. At a time when jobs are thin on the ground, employees such as these will greatly appreciate their bosses making direct transfers via bacs.

The speed of bacs payments will also be welcome to the employer as he or she will instantly be able to review how much money is available for new projects and the improvement of old ones. Slower payments simply encourage us to worry or get excited to excess about our balance. Altogether, bacs is best, with bacs software being among the greatest inventions of recent times.

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Accounts can be a complicated process, which in terms of the bottom line means they can be an expensive business. There aren’t many firms that don’t have some kind of discrepancy in their books at the end of the year. That can have different consequences, some of them serious. On the one hand, it might just mean the figures don’t quite add up, little more than a frustration to a bean counter somewhere. On the other, it could result in a substantial loss of funds for your organisation, or a problem with the Inland Revenue. An accounts payable audit can help you iron out many of the glitches in your accounts, enabling you to locate problems such as duplicate payments and other types of overpayment. This is all possible using specialist recovery audit software, which trawls 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 occur due to negligence or accident – simple human error – but also more sinister cases, such as fraud, when a client deliberately overcharges you or keeps money 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 recover 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) assumption 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 an emphatic ‘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.

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