Category: Finance

Recovery Audit Software – enabling your finance department to take control of their own auditing…

John

The Accounts Payable audit is a necessary procedure in modern workplaces.  However expert and diligent accounts teams are, duplicate payments and other errors are very likely to occur, and these can end up costing thousands of pounds. Many businesses call in the services of professional recovery auditors, but these often charge extremely high fees.  If it is possible to teach 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 done thanks to recovery audit software.

The software detects duplicate payments, invoicing errors, compliance issues and supplier fraud.  As 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 generates 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 profitability.  Importantly, the software informs you of the reason for each duplicate, enabling you to improve your processes and prevent it from happening again.  It is often a sensible thing to recover control of your accounts payable audit process – it may be satisfying to see an outside team of experts come in and deal with the process, but the knowledge and overview that can be achieved from conducting this process in-house is priceless.

In addition, 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 https://www.fiscaltec.com/uk for further info.

Bacs: fast, easy, safe

Annie

bacs software has been around for years now, but it still has not been universally adopted by businesses. This is strange when you consider the many advantages of making bacs payments, rather than older and less reliable or secure methods. There is still some suspicion about trusting computers to do your work for you, and people tend to be warier than ever where their money is concerned. The maxim holds that a chain is only as strong as its weakest link, but that weak link is usually down to human error. In practice, bacs is a fast and reliable way of making payments to suppliers and receiving them from customers. It can save you time and money, and reduce the errors and risk associated with handling cash and paying third parties by other means.

Bacs stands for bankers automated clearing software. Essentially it is an electronic transfer of funds from your account to another party’s account. This can take up to three days, but can equally be almost instant. (There is another option, SWIFT, which is guaranteed same-day.) Even in the worst case scenario, then, bacs is as fast as paying in a cheque or cash. It has several advantages over and above that.

One of these is security. Making online payments means you do not have to keep cash on the premises. It also reduces the scope for fraud, since you will no longer be making out cheques. Reliability is another. The money leaves your account immediately, so you know how much is left, and you are not likely to be caused cash-flow problems by people delaying paying in cheques and then the money leaving your account unexpectedly. Additionally, once you have correctly entered a payee’s details once, they can be reused after that. Paying the wrong person and having to recover the money shouldn’t be an issue.

Bacs software can be used to time payments, and in conjunction with accounting software can be used to take care of payroll payments – automating pay day and saving a huge amount of time and effort, as well as reducing the error inevitable in doing the job manually. Bacs payments and receipts can also be combined with auditing software to further reduce error and duplicate payments, resulting in surprising savings for most businesses. In conclusion, there are many reasons to use bacs and few to ignore it.

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

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

4ebd659794181

Using payroll services to deal with your financial interests

Charlie

Life as a contractor can be difficult.  Many workers who are employed like this find themselves stuck in a minefield of bureaucracy, without the time to handle the administration of a Limited Company or working on a short contract.  For those in this position, singing up with a contractor umbrella can be the best thing to do, providing peace of mind and complete security.  Similarly, if you want to receive your income in the most hassle-free way possible, it is often worth speaking to a CIS payroll service.  payroll services like these are used by established contractors, sub-contractors, sole traders and partnerships.

If you are a sub-contractor and would like to register on one of these schemes you need to go to the HMRC website.  You will be given a Unique Taxpayer Reference number that will identify you on the revenue and customs system, and will need to send that, as well as your name and National Insurance number, to the company you are keen to register with.  You will be taxed at 20% on this income at source as long as you have a UTR number.  Those without such a number will have tax deducted at 30%.  Contractors working on this basis must typically find their own work and negotiate their own rates.  They will also be required to send off a tax return at the end of the year in order to claim all of the work relate expenses incurred in the course of the year.  You can offset these expenses against the tax paid at source throughout the year.

The Construction Industry Scheme, or CIS, usually applies to contractors and subcontractors who are in mainstream construction work.  The scheme allows a separate company to take on the role of the contractor in terms of administrative tasks associated with the job.  It was set up by HM Revenue and Customs, which explains why those who want to register must first go to the government body.  Some contractors need a contractor umbrella for a few weeks, whereas others will use their services for a number of years.  They tend to offer a lot of flexibility, not necessitating a fixed contract.

Clearly, a contractor umbrella can offer a number of advantages to those working in the construction industry and other relevant areas.  The security of being on a CIS payroll can provide valuable security to those who lack the time or skills to deal with the administrative tasks that come with this kind of work.  Making the most of payroll services can be one of the easiest ways to give yourself peace of mind when it comes to financial matters.

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

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

4cfe13d541e03