Category: Software

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/

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Bacs payments are easy

Charlie

bacs payments have been around for a long time and bacs software has become an integral 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 far 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 immensely popular as a method of making payments and managing accounts both with businesses and with the wider public.

One of the main advantages of using Bacs is that there is far less paper to worry about and to keep track of when you are attempting to transfer money between bank accounts. It is efficient and easy. These attributes have made it a very convenient means of settling invoices, paying salaries and paying the other assorted expenses that are a normal part of business life. It has also significantly 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 business’ staff have to spend tracking down and storing the paper documents needed 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 large 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.

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

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