Category Archives: Software

Eliminate Duplicate Payments…

Posted on by

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 safeguarded 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 affordable solution to avoid duplicate payments and are an low-cost 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 avoids unnecessary payments. This is no small benefit. Recovery auditing software acts quickly to recover duplicate payments, which is vital as the possibility of repossession 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 rapidly.

Secondly, recovery auditing software is low-cost compared to calling in recovery auditors to identify and recover duplicate payments. The software is capable of eradicating 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 recurrent 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 prevents overpayment, so expensive auditor fees are cut and internal processes are improved. Auditing software supports 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 halts 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 a concern 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.

Please visit https://www.fiscaltec.com/uk for more.

Bacs payments: pros and cons

Posted on by

bacs has now been around for nearly 45 years and offers a smooth and relatively painless way to transfer money from one account to another. Bacs software can be integrated with your existing accounting systems, taking a lot of the time and worry out of moving money around. But if you’re thinking of making the update from more traditional payment systems to bacs payments, you’ll no doubt have a few questions to ask. Is it worth the trouble that always comes with change? In an age of cyber-theft, is it really secure? In general, do the advantages outweigh the problems and potential pitfalls?

1) Speed. The first advantage of bacs is the speed with which transfers are made. Although three working days is generally the stated time frame – still faster than a cheque – most payments today are made with the Faster Payment System (FPS) which is all but instant. This means almost all of your payments will appear in the target account on the same day, if not sooner.

2) Security. Although many people have concerns about the safety of transferring funds electronically, bacs has many levels of security and is an extremely safe way to move money. In the highly unlikely event that you do run into problems, there are measures in place to recover your money, anyway. In times past employers and businesses would have dealt more in cash, meaning that they would have to keep large sums of money on the premises – itself a security risk. Cheques, too, can get mislaid – meaning you’re never sure if or when they’re going to be cashed.

3) Cost. Transfers are free within the UK, so there’s no cost to your business aside from that of installing the new systems.

There are arguably one or two downsides to using bacs, but these are negligible. Bacs payments are free within the UK but there are charges for transferring money to other countries. Bacs software is extremely convenient and powerful, but you may not receive notifications of money reaching your account – hardly a problem in most cases, and not something you’d enjoy with a cheque either. Also, if there is a mistake with an account number, it can be hard to reclaim your funds – assuming it’s a valid, if mistaken account number. In almost every case, though, the advantages far outweigh any downsides and so moving to bacs will rarely be a bad move for a business.

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

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

50e9f603f0fe6

Accounts payable audit could save a fortune

Posted on by

Accounts can be a complex business, which in terms of the bottom line means they can be a costly business. There aren’t many companies that don’t have some kind of mistake in their books at the end of the year. That can have various consequences, some of them major. On the one hand, it might just mean the numbers don’t quite add up, little more than a frustration to an accountant somewhere. On the other, it could spell a substantial loss of cash for your organisation, or a problem with the taxman. An accounts payable audit can help you smoothe out many of the kinks in your accounts, enabling you to locate issues such as duplicate payments and other forms of overpayment. This is all possible using specialist recovery audit software, which checks your accounts and finds sources of mistakes. The results can be surprising, 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 happen due to negligence or accident – simple human error – but also more malicious cases, such as fraud, when a client deliberately overcharges you or keeps funds 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 cases 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 regain funds that you never should have paid in the first place. That’s got to be a good thing in tough 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) principle 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 wider concerns such as tax returns and catching fraudsters? For most companies, the answer will be a clear ‘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.

http://www.fiscaltechnologies.com/

4dc9cf36a7326

BACS software takes the hassle out of payday

Posted on by

If you’re working for a large business then you are probably already paid by BACS. In fact, most or all of the accounts will be settled this way, since BACS payments are fast, secure and simple. The word stands for Bankers Automated Clearing System, and essentially means electronic payments. When you log in to online banking and send money to someone else, or pay a bill, this is usually done by BACS (a variation is SWIFT, which is the same except that the payment goes through on the same day rather than in three working days; it does, however, cost more). Many medium and small businesses do not use bacs software for their accounts, preferring to stick with cash and chequebooks. It may simply be that the company was started before BACS became common, and the accounts department never updated their methods. Either way, upgrading can be a smart way to streamline your finance department.

BACS has a number of advantages over the old-fashioned way of doing things. For starters, it means you don’t have to keep a lot of cash on the premises, since on payday the money automatically goes to workers’ bank accounts. If you’ve been working by cheque, this is a step in the right direction, but it is still subject to error and other problems – not to mention the trouble of making out a separate cheque for the correct amount to every employee. BACS software can be integrated with your accounts software, so the right amounts are calculated for you. This can save a vast amount of time, and avoids most errors you might make – as well as delays. Even if a cheque takes no longer to clear (which is not always the case – BACS varies and some payments seem to go through very quickly), people still have to pay them into the bank. If you’re pushed for time, a cheque can sit around for days or weeks before you get around to it.

There have been loads of news stories in recent years about the disappearance of the chequebook, as cards become more and more popular. Like cards, BACS is fast and secure – another reason to expect that the cheque will one day become a thing of the past. bacs software therefore has a number of advantages over the alternatives and is well worth considering if you don’t have it already. BACS payments have well established themselves over recent years for good reason.

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

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

4dc9ba9d5097b

Bacs payments can be effortless with software

Posted on by

BACS (which stands for: Bankers’ Automated Clearing Services) is a convenient way to transfer cash from one bank account to another. bacs payments usually take three working days to clear. On the first day the command enters the bank’s system, on the second day it is processed, and on the next day the payment is cleared. Many businesses make use of Bacs software in their accounts departments to streamline the way in which they process financial transactions. This automated clearing service for processing financial transactions is normally the method by which employers choose to pay their employees their wages and it has proved really useful since its invention over 40 years ago.

The Bankers’ Automated Clearing Service was invented in the UK by Dennis Gladwell. The service was set-up in 1968 in order to circumvent the need for paper documents and contracts to be used during the process of transferring money between bank accounts. It has remained faithful to this concept ever since. In recent years, however, it must be recognised, there has been some criticism of the system because of the length of time it takes to process a financial transaction. Some organisations would like the process to be speedier.

The Bankers’ Automated Clearing Service has changed in some ways since its inception. Since 2003 the Bankers’ Automated Clearing Service has been shifting from a telephone dial-up service (BACSTEL) to an internet-based service known as BACSTEL-IP. And when BACSTEL-IP was established it was resolved that all software which is used to make a connection to the clearing service had to have approval from the clearing service itself.

Software which is used to manage payments is a real benefit for organisations that often use the Bankers’ Automated Clearing Service. Any successful business, whatever size it may be, and regardless of which industry it is operating in, appreciates the importance of having secure systems for processing financial transactions. Tight control of a business’s financial transactions is imperative for strategic planning and maintaining cost-effectiveness. BACS software enables businesses to trace payments and improves the auditing process.

In order to ensure that payment process management within a company is efficient and secure, the type of software alluded to above can be tailored to suit any size of business and to almost all requirements. Using Bacs software, a company’s financial officers will be able to make fully informed decisions about the state of the company’s finances. bacs payments are an integral part of the daily life of many companies and many of these see the rewards of using software to manage the process.

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

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

4c599484b0fa5