Accounts Payable Audit Systems – Provide A Preventative Solution To Expensive Recovery Audit

If you’re concerned that your business is losing money through fraudulence and error, then turn to accounts payable audit systems to ensure that you are protected from these unnecessary overpayments. Hazardous duplicate payments can add to up to costly amounts for many medium and large businesses. Recovery audit software can provide a cost-effective solution to avoid duplicate payments and are an affordable alternative to expensive recovery auditing.

Implementing recovery audit software has many business benefits, and is cheaper and easier than you may think. First of all, recovery auditing software chiefly and crucially saves you money because it prevents unnecessary payments. This is no small benefit. Recovery auditing software acts quickly to recover duplicate payments, which is vital as the possibility of retrieval diminishes every month as your suppliers go out of business, merge or get bought. The older your invoices are, the more they’ll cost to recover, so it’s advisable to get on top of them as soon as you can. Accounts payable audit systems enable you to act fast.

Secondly, recovery auditing software is low-cost compared to calling in recovery auditors to identify and recover duplicate payments. The software is capable of dealing with invoicing errors, compliance issues and supplier fraud, as well as duplicate payments. There is a significant risk that medium and large organisations pay their supplier invoices twice. These are the most common and expensive overpayments in the accounts payable process, amounting to a non-trivial percentage of your organisation’s annual spend during the process from purchase to payment.

Thirdly, recovery auditing software requires no costly training, contrary to what you may think.  It is easy to use and free online training is often offered by the provider. This software empowers your own Accounts Payable teams with the right tools to eradicates overpayment, so expensive auditor fees are cut and internal processes are improved. Auditing software aids your Accounts Payable team in their efforts to control and improve processes. With these tools at hand, you can respond your business’s specific needs, reducing fraud and risk and increasing productivity. Once installed, the software prevents duplicates before a payment run and therefore avoids the high expense of recovering money externally or internally.

It’s simple to health-check your business first to verify whether overpayment is an issue for you. Most providers offer an AP health check for free if your organisation qualifies. The evidence produced forms a sound business case for implementing the software. To make a substantial difference to the cost-efficiency of your AP systems, consider recovery audit software. All past payment data is processed by accounts payable audit systems, so that not only are your previous duplicate payments accounted for, but you can look forward to compliant and accountable payments in the future. Protect your valuable working capital – at such a low cost of ownership, it makes excellent business sense.

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Bacs software: speeding up direct debit payments

In the UK, direct debit is the most common method of paying bills, rent, subscriptions or charitable donations. People prefer to use faster, easier methods of payment, and Bacs payments allow the peace of mind which is necessary when it comes to making and receiving payments automatically.

Bacs software automates the processing of direct debit and credit payments. This is not only a benefit for individual members of the public, but also for public service providers such as those handling benefits payments including child benefits, job-seekers and disability benefits. Charities also need to process a large number of incoming direct debit payments from donations, which can be processed most securely using Bacs.PLC companies that need to deal with incoming direct debits have a legal responsibility to enable the use of Bacs software, as it is a reliable, secure and streamlined method of receiving payment. Bacs as a term refers to Bankers’ Automated Clearing Services, owned by a group of UK institutions, including all of the major high street banks, which is in control of the payment system.

Some smaller companies can manage handling payments manually, but human error can make the payments unreliable and vulnerable to fraud. Accounts payable staff always welcome the help of automated systems to make their jobs easier and simpler. Bigger companies particularly can have a big amount of direct debit payments to process at any time, and so automated Bacs software can be necessary to ensure the smooth and secure running of the accounts payable department.

Businesses have a need for using Bacs payments not only for incoming payments, but also for direct debits of staff salaries and setting up their own direct debit payments to service providers. These service providers can range from basic, everyday needs of any business operating within a building, such as electricity companies, heating and water suppliers, to regular suppliers of products or services, such as outside catering, maintenance or repair companies, which are paid using direct debit and are vital to ensure the smooth running of a business.

Safety is the most important aspect of making and receiving payments, whether you are an individual, charity, government organization or public company. Using automated Bacs payments is safe and secure, especially when taken care of by outside software solution providers, who are experts in the field of processing direct debit payments, especially across countries or territories.

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Bacs software to optimise safety and efficiency

Whether your company operates in the private, not for profit or the public sector, the chances are its payments systems need streamlining. Indeed, where such different areas of work come together is in the simple fact of their need to make and receive payments. As of 1961, when Dennis Gladwell invented the Inter-Bank Computer Bureau, the way in which the payments process is undertaken has been nigh-on revolutionised. More efficient than any previous method of administrating incoming and outgoing sums, Gladwell’s invention later became known as bacs, (an abbreviation of ‘Bankers’ Automated Clearing Services’ that has now evolved into ‘Bacs Payment Schemes Limited’). It goes without saying, the speed with which BACs payments can be processed is impressive and has undoubtedly helped us see the death of the cheque: direct debits and credits that use BACs take only three working days to clear. We may recently have come into an era in which instant transfers can be set up for moving money from one online account to another but because this way of operating is impractical and costly for businesses to take up BACs payments and BACs software still represent the working scheme of choice.

BACs is just as relevant for businesses to know about as the details of BACs payments in themselves. While BACs’ efficiency is guaranteed, BACs software adds that additional level of security that consists of protecting financial data and the personal data of a company’s employees and clients. Using the software can also bring with it the benefit of setting up a kind of financial calendar in which dates are matched with information regarding which payments need to be made each day and to whom. A piece of software that wields such organising influence really is worth buying: it will help secure the long term success and reputation of a business because BACs software helps prevent delays by submitting payments at the right time and place.

Payments software can be of particular benefit to small or young businesses who cannot afford the luxury of employing an accounts team. Beyond this, the software can often be more accurate and efficient than your average accountant so investing here leads to a win-win situation. Altogether, learning more about BACs payments and BACs software will ensure the long term goals of your company are met as far as possible. Electronic bacs assistance removes many stressful administrative processes.

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