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Accounts payable management can be a huge headache for lots of companies, with payments constantly going out and internal systems that can be prone to human error. Some small companies can manage to keep track of duplicate payments manually, however, larger companies have a lot more purchase orders to process, and their purchasing processes can be much more complex.

Accounts payable audit make this process much easier, with a lot less work for accounts payable staff in big companies. Duplicate payments are a huge problem for these larger businesses, which need more intelligent systems to ensure no mistakes are made. Many large companies have hundreds of different suppliers and service providers, as well as numerous members of staff authorizing payments. One very common problem, in the field of advertising alone, is when the same advertising space is sold to marketing staff twice, by two different contacts.

One of the best ways to ensure that payments are not being duplicated or overpaid is using a recovery audit. This enables businesses to find and recover any losses that occur due to clerical error. A recovery audit can be very costly, however, which explains the growing trend for recovery audit software that senses mistakes in accounts systems automatically, and flags them as errors for clerical staff to correct. Missing VAT, duplicate payments, discounts that have been missed, forgotten checks and – in rare cases – purposefully fraudulent payments can all be identified before a problem spins out of control or generates large losses for the business in question.

Accounts payable software companies can generate big savings for businesses that choose to take advantage of their recovery audit software technology. These companies specialize in accounts payable audit, and therefore can give not only peace of mind, but also value for money, as their software is used by many different companies.

Having recovery audit software sorted by a separate company enables businesses to focus on increasing sales, safe in the knowledge that they don’t need to concern themselves with overpayments or attempted fraud.

All businesses need a safety net in place to prevent clerical errors, and automating accounting audits narrows the holes in the net so that no errors can slip through, not even at the time of placing a purchase order. For large businesses, with millions of pounds outgoing every month, this is an easy solution to a vital concern.

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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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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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Everyone in business, from government agencies to corporations, will be acknowledge their need to productively manage their payments. Especially in our current climate of spending clampdowns, companies are very mindful of their duty to be cautious where their accounts are concerned. There never has been a good time to be frivolous with a budget whose spending affects the public at large but now more than ever the purse strings should be tightened. This is not to suggest that spending shouldn’t occur in areas of need such as on education and the public healthcare system. These areas should always come first. But losses can be minimised and money saved in other non-specific areas, through the use of an accounts payable audit. This is a kind of technology specially developed to help organisation – from small corporations to government agencies – whose budgets and accounts are complex and multiform; consisting of many different pockets to be dipped into on a whole host of wide-ranging occasions. Left to an automated programme, payments will be safely dealt with and, all importantly, dealt with on time. They will also be carefully monitored by a computer system. This means that duplicate payments will be avoided. And, if you are worried about losing data from the past, recovery audit software can bring mislaid information back to you.

Many people who have been in corporate or government posts for a long time now may fret about handing over formerly manual jobs to the technological domain. These concerns are understandable but happily unfounded. Physical archives of data take up a huge amount of space, for example, and also a lot of valuable time to maintain and monitor. In the past, if we have had to find record of payment we have had to sift through mountains of paperwork in one of several identical looking files or cabinets. And if we’ve been in a rush we may have easily put this record back in the wrong place so that if a payment issue persisted we’d have had to go through the whole process of searching and investigating again.

Recovery audit software, on the other hand, allows staff to go through a complete computer database with a few taps on the keyboard as they put in the relevant key words. This means that if any duplicate payments mistakes have occurred they can be resolved in record time. And as we all know, though it has become clichéd to repeat, time means money. So what are you waiting for? The time has come to adapt to accounts payable audit systems.

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bacs software has a wealth of advantages over the old ways of doing things – like efficiency, managing budgeting and the timing of payments, and reducing error in terms of missed payments or fraud. Bacs payments are used by individuals all the time, but any business that makes any volume of payments in a month should definitely look into bacs if they do not already use it as a matter of urgency.

Anyone who has worked in accounts before the bacs era (or in an old-fashioned accounts department now) will know how time-consuming it is to write out cheques or pay out specific sums of cash every month. If you have a large number of staff, or suppliers who regularly need paying, organising this can take a substantial amount of time. The same process done electronically can be completely automated. This not only saves time but substantially reduces the chance of error – writing cheque after cheque you are bound to make a mistake sooner or later, and a cheque that can’t be cashed means wasted time for both the payee and for you as you rectify the situation.

Bulk payments are one advantage of bacs. Another is keeping to time with payments. If the process is automated, there is no risk that factors beyond your control such as illness or absence prevent payments being made promptly. The money leaves your account on a given day (typically taking one to three working days to reach the payee’s account – at least as fast as cashing a cheque, and often much faster). This is beneficial in terms of budgeting, since you can predict when money will be paid out of your account.
For these reasons and others, it’s hardly surprising that almost three-quarters of the UK workforce is already paid by bacs. Bacs software is far more flexible than the alternatives, and can be integrated with new or existing accounting systems – thereby taking another layer of work and possible error out of that job, too. bacs payments can be made after the banks close, and even payments made in the late evenings are counted in that day’s transactions. Already widely used, it is set to become even more so as cheques become less and less popular and as clients and suppliers lack the time to go to the bank to cash them anyway. If you have not already looked into the technology, it will only be a matter of time before you need to.

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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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