Accounts Payable Audit Software- Recovering Lost Income

Back in the good times it was easy to be a little lax about accounting and cash flow. Confidence was high, credit was cheap, business was easy. But then everything changed and even those companies that were strong on paper found it hard to get a loan, and as the climate changed many found themselves running too close to the wire for comfort. Now, scrupulous accounting isn’t a luxury: it’s a necessity. The problem is that mistakes still happen; they are almost unavoidable. The good news is that they are not completely unavoidable. An accounts payable audit will tell you where you have lost money in the past – thereby giving you a chance to claw it back. Recovery audit software uncovers the vulnerabilities of your systems, allowing you to pre-empt errors in the future that have already cost you money. One of the chief accounting errors that cost businesses money is duplicate payments. These occur when, for one reason or another, you end up paying a supplier or client twice. It can be due to honest error; invoices typically have a dozen or so fields of data and it is quite possible to make mistakes and have two sent through unnoticed. However, there are the cases in which unscrupulous individuals exploit holes in your accounting systems and submit two identical invoices, knowing that you probably won’t notice the duplicate.

Duplicate payments are just one common form of many different accounting errors. These all add up and can drain the resources of a company – especially at a time when there is very little room for manoeuvre. Real problems can occur if your business is reliant on a large number of small transactions and has a high turnover but comparatively modest profit; in those cases, there is far more room for minor errors to aggregate unnoticed, killing your profit margin.

This is why recovery audit software can pay for itself the first time you use it. For a small or medium-sized company an accounts payable audit can turn up a five-figure discrepancy – and obviously, the larger your company and the longer the problem has been going on for, the bigger the sum of wasted money is going to be. Duplicate payments are just one of the types of overpayment, but they are very common and you will certainly want to put a stop to them.

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Community broadband – for the solitary freelancer

While a selection of underground stations in London have begun offering a free Wifi service to tube travellers, much of the rest of the nation is only just getting up to speed above ground. It might be expected that Britain’s capital, soon to be host to the Olympic games, would offer the best in internet speed but it would be totally unjust if rural Britain were left lagging behind in future. Indeed, though we are suffering the consequences of an economic programme of austerity it is important that money is not withdrawn from projects designed to improve next generation access and community broadband. Because, as people face joblessness, pay cuts, and ‘streamlined’ conditions of employment, many of the most enterprising will take it upon themselves to set up mini businesses, sell unwanted or handmade goods, and even try going it alone in the freelance world. All of the above are good survival strategies when the state fails to provide us with support. But many of these strategies rely on strong ICT infrastructure.

So it transpires that excellent connectivity would boost the whole of Britain and not just those living in London and within commuting distance. Beyond the opportunity to be more business-minded, better access to the internet also helps build a more cohesive society. Web forums full of consolation and counsel have helped many a person get through a whole range of difficulties from hands-on DIY technical hitches to emotional break-ups and stressful exam times. In fact, access to the internet is of increasing importance to young and old single people who are so busy in their professional lives and so set in their social habits that they find online dating the most effective and fun way to find a lover or friend.

And we hardly want to deny exciting romantic adventures and friends to people on the sole basis of them having poor internet service. Next generation access should definitely be evenly distributed and soon will be thanks to progressive improvements in the UK’s investment in ICT infrastructure. Of course, community broadband projects will not only help solve the local issues described above. They will also encourage British citizens to stay abreast of international goings-on and current affairs, stay in touch with friends, family and business partners abroad, and, crucially, get access to information, educational resources, entertainment and work.

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Minibus Hire: The easy way to organise your getway…

One of the worst parts of your summer vacation is the travel arrangements. Once you’ve found your accommodation, there’s still the question of getting there. Given that many of us spend several hours or even a whole day on the road, that’s no minor thing to overcome. Joined with that is the vast expense of simply getting from A to B, with a tank of diesel easily costing £50 or £60. If you’re travelling with a large group of people, multiplying that up – along with the uncertainty of ensuring everyone gets to where they need to be at the same time – can be costly and stressful. Minibus hire is one way around the stress for mid-sized groups of up to 12 or 15. For larger parties, luxury coach hire can be a very good solution. Coach hire London allows you to sit back and enjoy the journey in peace, complete with creature comforts in an air-conditioned environment.

Nowadays, coaches are a far cry from the ones you will remember from times past. They are clean, well-equipped and properly maintained. Not only that, but it can work out extremely cost-effectively. The reduced per-head cost of going in large numbers means that you can travel in far more style than you would if you were going separately. For those organising office getaways, group outings, days to sports fixtures or even large family breaks, this is truly the thinking person’s choice. There’s more space, drinks and entertainment on offer – and you don’t even have to do the driving. The coach firm will lay on a trained driver, or drivers if the journey is long enough. This is certainly a relief if you are going abroad or on a very long trip, since it means you can travel through the night (if you prefer) and waste as little time as possible.

Coach hire London gives you access to much better ways to travel than cars or public transport. It’s enormously flexible: since you’re paying, you set the itinerary and the schedule. Luxury coach hire isn’t a possibility that will occur to most people, since it seems out of their price bracket. And yet this can be a top solution to the problems of holiday travel – or, indeed, transporting any group of people. For smaller outings, minibus hire might be a better choice. This does, additionally, give you the chance to drive yourself, which may be a mixed blessing.

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Invoice processing improves companies financial ecosystems

Forward-thinking companies have been able to manage their invoices and other document processing completely electronically since the 1960s. But in the twenty-first century, electronic document management has transformed, with the use of software as a service (SaaS), cloud technology and other advanced forms of new technology for business, to become almost expected in firms which take their management seriously.

Invoices, sales reports, payroll records, direct debit reports, sales orders, pay slips…

There are an endless amount of documents running around an office of almost any size nowadays. Companies which are scaling up, or which have an international presence or a complex corporate network, nowadays usually find it absolutely impossible to manage with a manual document processing system. Those which are soldiering on with conventional administration for their sales, payments and processing departments lose an untold amount of staff hours to effectively managing an unwieldy system, while also swelling their spend on office space and equipment.

Far more effective to outsource the management of all of these documents to an efficient, tried and tested digital document processing solution, whether in house, out of house or in the cloud, which can create a brilliant hassle-free solution for offices of all sizes. No need to worry about backing up, updating software or IT solutions: an efficient invoice processing company can take care of all of that.

This also removes all the worry around security, always a concern for companies and staff working in the sensitive divisions of accounts payable and financial affairs. An outsourced document management company will guarantee security – and because it’s working on a far larger scale, by managing documents for, sometimes, hundreds of different firms, it can invest in the most up to date security storage techniques.

Completely digital financial documents are the future. In a decade or so, it will almost certainly become an industry standard. The EU has put through government legislation strongly encouraging and incentivizing businesses to do all of their invoice processing electronically. And major organisations, such as the NHS, have fixed targets in place to apply electronic document management across all aspects of their work.

This isn’t just going on in Europe. In 2012, the US Government commissioned a survey which showed that if every office of the federal government switched to electronic invoicing, administrative costs would be slashed in half. This would save the US Government a whopping USD450 million every year. It’s obvious that the advantages of digital documents are not going to take long to overwhelm existing systems, and that the sooner a company transfers to an electronic system the more efficient it will stay.

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Bacs payments are quicker but still not universal

Bacs has been around for 45 years now. Despite this longevity, and its track record of being fast, easy and secure, bacs software has not been universally adopted by businesses and other organisations. It tends to be the smaller outfits who hold out the longest, for obvious reasons. However, instead of making bacs payments, many of these are still paying their bills with cheques or, in some cases, even with cash. This raises a number of issues and makes for inefficient and even risky practices.

Times are changing, and now the vast majority of financial transactions take place in the virtual world. The reasons for this are varied, but speed and security are common ones. It is very easy to transfer money with bacs, and because it includes several layers of safety measures it is very secure; should you – against all odds – run into a problem, you will almost certainly be insured and protected from any financial consequences, unless the issue is undeniably your fault.

Bacs transfers take a maximum of three working days to complete, but the new FPS (faster payments system) is almost instant, and costs no more. Effectively, when people talk about bacs nowadays, they are using it as a catch-all term for electronic transfers, including FPS.

All of this is important for organisations, even the smaller ones who are clinging to cheques and cash. (Although there was an outcry at the time, quite recently the banks suggested that they would be phasing out cheques within the foreseeable future – indicating the low regard in which they hold them…) No organisation, large or small, wants to have substantial quantities of cash on the premises. Furthermore, cheques are time-consuming to fill out, require counter-signing, and you have no idea when they will be cashed – which can cause cash-flow headaches.

So, if you haven’t already adopted bacs payments for your business, now is a good time. So many other outfits use bacs that it smooths the process of making payments – allowing you to budget more easily, and to devote time to other areas of your business that are more important. Everything can be automated, and bacs software can even be integrated with your accounts package, streamlining things further. Bacs is safe, secure, fast, and saves you time and money. At a time when every pound counts, this cannot be a bad thing.

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Brise soleil that compliments existing buildings

If you haven’t heard of glass louvres before just think to the beautiful city of Paris, famed for its artistic heritage and buildings such as the Louvre. This museum’s architecture is highly unique: the older edifice that stands on this site dates back to 1793, while its modern glass pyramid was officially opened in 1989. This is an unusual mixture of old and new, especially in a place such as Paris, where public space is normally conformist and conservative. For this reason many people received the pyramid with displeasure – it was a shock to the eye and to the mind. But what the naysayer forgot to bear in mind was the highly practical nature of external louvres such as this one. Eventually, most extensions and additions to existing buildings end up ageing well; architects and urban planners have long studied the effects of new developments on the surrounding cityscape and on the inhabitants that use it. brise soleil take even less work to incorporate into old edifices; they can, at their most slimline, simply act like hard-wearing awnings that fold out and retract to provide more or less shade.

The idea of an architecture that responds to the changing times of the day as well as to the seasons is a truly innovative one. What’s more, responsive architecture can help companies make huge savings on energy because they almost always find themselves keeping the heating on lower, if at all, as well as keeping the air conditioning off a lot of the time. This is something we can all be glad of: it helps decrease our collective carbon footprint. And it is just generally a respectful stance to take in relation to human use of non-renewable reserves of coal, and oil and gas.

We have yet to think about one of the biggest benefits of these developments, however. External louvres are special because they help employees to feel comfortable at work. We all know that pretty much the most important thing, with regards to deriving enjoyment from our work, is getting on with our colleagues. But after that our personal, physical comfort comes into the equation. Who has ever worked much while worrying about sweat patches, or while shivering? brise soleil can’t claim to totally fix your problems of course, but it is something, along with glass louvres, that needs more investment soon.

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Coach hire London allows magnificent views of historic buildings

In this day and age, rather than using coach hire london, we are accustomed to travelling at high speeds. We don’t take pleasure in waiting, wasting time or having to endure unoccupied periods where we risk getting bored. Plane travel and fast shuttle trains have given rise to this modern phenomenon where fast equals good and slow equals bad. And this trend has accelerated since the advent of budget air travel in the 1990s, though such flights offer a less high quality experience than can be had with minibus hire. Obviously, it is easy to see budget air travel through rose-tinted glasses while we are on our computers at home, busily reserving the latest cut-price deal to a new destination. The reality, however, is rather less rosy: once on board a budget plane you will most likely be cramped, aurally harassed by constant advertisements and charged unbelievable prices for anaemic looking sandwiches or tea in a cardboard cup. With this reality in mind, it might be time to make the case for luxury coach hire.

With luxury coach hire, your space genuinely is your own. Your seating will be made of plush and comfortable materials rather than the terrible polyester on display in most planes. More interestingly, the seat will be generous in width, long and possible to tilt to a fully reclined position. With these types of luxuries, you will be able to sleep undisturbed and wake up in your destination refreshed. Or, if you are not the sort of traveller who likes to cover ground with your eyes closed, you can drink in the views from the road through windows that have been specially adapted for the best panoramic views. What can be emphasised, in either scenario, is that coach travel is all about rediscovering the joy of the journey: so much is lost in the desire of many to get straight to their destination without living any of the rich moments of the in-between.

Leaving luxury coach travel aside, the smaller journeys within cities can also be improved through coach hire london. For one thing, you are physically at a height when you’re in a coach and consequently able to rise above the people to get the best views of the UK’s celebrated sights and historic buildings. Minibus hire sets the traveller at a slightly lower position. This position is perfect for those who are looking to enjoy the company of their fellow passengers. Or, in the case of a sports team, engage in tactical and team bonding talk.

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Bacs payments used by companies who most value their partners and staff

When we hear mention of business we often think in very narrow terms of people working in tidy office set-ups, wearing tidy clothes and making a tidy profit. But we you think just a little longer about what the term business actually means we soon realise that the category is much wider than that and can include everything from law firms to travelling circuses and more. But while it’s important to think in terms of diversity, it is also important to think what all businesses have in common: namely a need to make and receive payments of some form as part of a steady cash flow that will hopefully keep an activity afloat for as long as required. This may sound obvious but keeping on top of one’s accounts frequently proves a headache for even the simplest of enterprises. So that’s where bacs software comes in: allowing you to streamline your income and your outgoings, bacs is perfect for making regular automated payments to loyal customers. Originally standing for Bankers Automated Clearing Services, bacs payments can be used by anyone in need of a reliable service.

If you’ve decided against making automatic online transfers your habitual mode of payment you need to know that the alternative is up to scratch. And there are many good reasons for finding such an alternative. One would be the inefficiency of logging into an online account every single time you need to process a payment: just think how long that would take to do as soon as you have a body of freelance employees on your books, all in need of payment at round about the same time. Another reason to streamline your payments using bacs software could be rooted in a need to avoid human error.

Indeed, it’s crucial to remember that as a business you have just as much responsibility towards your employees as you do towards your customers. So using bacs payments for your staff is a really good idea. In our current climate of recession we need to remember that a late payment can result in an employee being out of pocket. And this is something businesses absolutely need to prevent because your staff may see late or erroneous payment as disrespectful of their hard work. Bacs and bacs software can therefore reinforce your company’s strength from within. These great payment technologies can simultaneously afford you time and peace of mind enough to look outwards and upwards to ways of growing your business.

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Student Loans Come In Handy For Xmas

As the university term comes to an end, all the students struggling to make ends meet on their student loans are faced with a brand new expense: the party season is just around the corner, and whether you plan to celebrate Hanukkah, Christmas, or just a booze filled and exuberant New Year, many people are digging around for a little extra cash. It isn’t just these students who could do with a little cash advance to help them out till 2012: many of these students’ parents, as well, would like to be able to show them a good time over the seasonal holidays. That’s why many people in British families this year will be taking out unsecured loans for large and small amounts, in order to have a merrier Christmas.

Often, an unsecured loan is used to meet other debt payments such as outstanding credit card bills, rent payments, mortgage payments or bills. People like to use unsecured loans for these purposes because they offer fast cash payments (often made available within a week or a few days of application), and are easy to access. Often, these loans can be accessed by people who find it problematic otherwise to get a loan: i.e., people with very bad credit scores, those who have gone bankrupt, etc. But during Christmas time, many people who would be able to obtain credit cards or bank overdrafts choose instead to take out these types of loans, simply because when the sales are coming up, it can make all the difference to get one’s hands on cash fast!

That’s why people who can meet all their needs – for most of the year – with just their student loans, student grants or bursaries find themselves, at Christmas, needing to borrow funds in order to buy their families, friends and partner great Christmas gifts, or to travel to see their loved ones. Students are great candidates for a cash advance through unsecured loans, because the lender know that the students will be given the money to pay the debts back very soon, in their loan instalments due in January. Nothing can prevent an enrolled student receiving the student loan instalment – unlike other unpredictable sources of income, such as wages from a job the customer may be fired from, or repayments which others may fail to make. So don’t be surprised if you see the students you know with unexpected amounts of cash; there are more ways than one to make a student loan pay for itself!

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Duplicate payments can be errors consigned to yesteryear

For any business not specifically working in finance, the job of making and receiving payments effectively can be nerve-wracking to say the least. In all likelihood, employees will have been chosen because their skills match the creative aims and objectives of the business, not because they make great accountants. As such, many companies without the resources to employ an additional economically-minded member of staff can be left in the lurch; ill equipped to deal with the precisions and lengthy processes sometimes involved in carrying out successful transactions. Help is on offer, however, and the answer doesn’t have to lie in hiring more people: accounts payable audit and recovery audit software can be acquired instead so that much of the hard work involved in tracking duplicate payments, or protecting a business against fraud, for example, can actually be shouldered by a computer system using fiscal technology software.

And fear not, this is not an instance where we need worry about technology overtaking us: far from undermining the capabilities of the staff, the above kind of software actually allows employees to be more focused on the kind of challenges with which only humans can properly deal. Once financial matters are under control, businesses can focus on the kind of strategies they wish to make themselves known for; those involving press and learning work, for instance, can be developed to the highest of standards using thorough research and testing. In any case, the cost of letting the company’s payments fall by the wayside is far too great for it to be worth struggling on without the assistance now on offer from this software. Many business people fail to realise just how much money they could be saving if they just ensured that double payments, invoicing mistakes, compliance issues and supplier fraud were avoided once and for all. And beyond the matter of cost effectiveness, there is the crucial matter of business reputation to bear in mind.

Indeed, strong business reputations are arguably more important than ever in our current post-deficit financial climate: more and more now we are hearing public calls for companies to be more transparent, responsible and open. And this responsibility can begin with businesses ensuring outgoing and incoming sums are being made and received fairly. Accounts payable audit technologies will help everyone keep on top of this sort of thing while a stop can be put to duplicate payments through the use of recovery audit software.

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