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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Rent or Buy Optimal Commercial Property North London

When it comes to choosing a site for commercial property london is an affluent location for all kinds of businesses, large and small. Searching high and low for shops to rent in north London can be a tedious business however. Going to a good consultant is by far the most stress-free way to find a shop for sale in London, without all the hassle of independent research.

Choosing to take on the work of renting a new shop space yourself is far from easy. All sorts of difficulties can turn the process of finding your dream property into a nightmare. Hiring a professional consultant will eradicate all of these complications. Their help and guidance are invaluable when it comes to assessing insurance claims, property management, boundary disputes and mortgage valuations. Taking on a new property is a important decision, and it’s in your interest that you choose prudently. expert consultants undertake systematic building and structural surveys to ensure your property is in good condition. If landlord-tenant relations become tricky, your consultant can act as a mediator and help resolve arguments An adept consultant will also be able to offer investment advice and make valuations. Having a guide to take you through the process will safeguard against ill-informed decisions, and expose difficulties such as dilapidation and non-regulatory compliance.

Regardless of whether your business is a café, boutique, estate agents, hairdressers or bookmakers, there will be an ideal shop space in London to fulfil your business’ every need. When it comes to choosing between a fully fitted shop space or an empty space with the potential for refitting, consider your requirements carefully. It may be that even if your business is specialised, for instance a beauty salon, choosing a property that has been used for similar purposes before may save you time and money. Current fittings can be made use of, and your budget spent on developments instead. For more generalised enterprises, basic but high quality fittings will be apt for small market businesses. Several features to look out for are wooden or ceramic floors, air conditioning, central heating and good natural or artificial light sources. Pre-fitted security systems can also save you money on installing them yourself.

Length of lease, the scope for potential and flexibility such as longer opening hours to optimise turnover should all be taken into consideration. The locality of the property is another consideration. Is there already a glut of cafés in the area you’re considering? Is there local demand for a hairdressers?

Having taken all these factors into account, it’s important to recall how much potential a shop to rent in North London could bring to your business. Finding a shop for sale in London could change the course of your business forever. Custom and turnover will effectively increase in an optimum location so find your ideal commercial property london is waiting for you.

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Duplicate Payments within your AP systems

Accounts payable audits are utilized by many companies to cut back on unnecessary costs which may slip between the cracks within a busy organization. If a company suspects it is paying too much, efficient recovery audit software can isolate duplicate payments and disparities between payments negotiated and payments received. Normally, this software is installed alongside existing accounting software, and can be run on a regular basis to search for and analyse unnecessary payments or over-payments. Over time, these recovered claims often add up to millions of pounds. The software works across different departments, making sure that system disparities between accounting or data entry are identified and either eradicated or accounted for by those dealing with finance.

A full-scale accounts payable audit will also involve accounts payable consultants coming in to the organization to talk with staff, inspect systems, and give recommendations for doing things in a different way in order to prevent losses and overpayments before they ensue. However, such an audit is not needed frequently. Reliable recovery audit software can run on its own once it is installed, showing results to workers in a clear and readable way, and automatically implementing necessary changes. Companies are generally encouraged to make corrective claims as soon as possible after the incorrect payment is made: during a delay, a vendor may go out of business, become hard to contact, or simply spend the duplicate payments or overpayments made to them.

Often savings are made byfinding duplicate claims and incorrect statement claims by vendors. These are not necessarily deliberate attempts at fraud or incorrect payments: busy people, on both the supply and payments side, can make blunders. Especially in a large organization, changes in complex invoicing systems, staff turnover and the structure of the company can mean that many payments slip through the net. Meanwhile unclaimed cheques, errors with inaccurate currency conversion, application of taxes, VAT and discount offers, all cause problems.

Computers, however, have no margin of human error, which is why many companies opt for the forensic proficiency of recovery audit software. Forensic data analysis is a sophisticated way to investigate and correct historical overpayments, and to make recommendations for avoiding error in the future. And if there is fraud going on at some stage, in the company or with a supplier, the sooner it’s found out the better. The larger the organization, the more money they inevitably save by doing an accounts payable audit.

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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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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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Document management that does away with paperwork for good

Business reputation is everything these days. In the current climate of recession businesses are being held responsible and required to prove their worth. In such a situation it is recommended that all financial dealings are documented and filed in a highly-organised way. If ever an auditor wishes to question the investments made, expenses claimed or taxes paid by your company it is best for a business to have a transparent and comprehensible set of numbers and written procedures to hand. If this kind of paperwork is unavailable suspicions may be aroused. All of this may sound scary, especially if your company’s administration if not in the best of shape. There is no need to panic unnecessarily, however, nor rush into expensive procedures for getting on track after years of being set in bad ways. Indeed, studies have shown that businesses who take on new employees to scan and capture invoice data actually waste valuable resources: these employees doubtless have more valuable abilities than those required to manage scanners and copiers. They also inevitably make errors from time to time – as all humans do. More cost effective, then, is the option of digitising your invoice processing: accuracy and speed will be improved, much as document management and document processing systems will be if they too are left in the safe hands of specially adapted software.

All sectors whose daily practice involves making and receiving payments can gain from digitising their data. This includes pretty much every institution, small business or collective, from schools to shops to media services and manufacturing companies. The idea may seem daunting for those who have never used computers for such tasks before, preferring to do them manually. But with good training, encouragement and ongoing technical support the change from manual to digital processing will feel like a breath of fresh air. The more mature employee, for example, will doubtless remember the days where the filing cabinets took up half of the office space, even seemed to be colonising it as the years went by! Nowadays, when documents are saved and managed on computers, clutter can be properly controlled.

Furthermore, when document management, document processing and invoice processing are all achieved digitally, businesses are at far lower risk of losing data. The same data can be saved on a shared drive, for example, and thus if one computer crashes there are several other systems from which ‘lost’ information can still be retrieved. Not only is this useful for the company’s transparency, it also allows managers to monitor business success over long periods of time.

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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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Video conferencing and its benefits

As websites and the internet have quickened the speed of communication, it seems that the ability to be in several places at once without leaving your office will be the key to succeeding in business.  video conferencing allows us to do just that.  Audio visual conferencing is an excellent driver for productivity, allowing us to keep in closer contact with customers.  The new closeness brought by telepresence video conferencing often leads to new ideas on how to speed up the development of new products and services.

During a videoconference call, all participants can see the facial expressions and body language of all the other participants.  These vital aspects of communication are lost with a basic telephone call.  In addition, if this technology is used for customer service and sales, it has major implications for improving customer relations.  If customers with a query or a problem can effectively meet internal employees by using telepresence video conferencing, your business relationship with customers could be significantly improved.

Furthermore, video conferencing offers a fantastic opportunity to cut travel expenses – a real winner in today’s economy.  While many individuals still like to get out of the office and visit clients and associates in person, there are many situations where it is possible to save massive amounts of money on airfare and hotel costs, as well as the loss of productivity that results from being out of the office.  Although shaking hands with somebody can never really be replaced, video conferencing allows us to ask ourselves whether the cost of that handshake is really justified in every instance.

With video conferencing, you can quickly put together a meeting of various people from different locations, to discuss whatever it is that unites them.  Whether they are at different ends of the same county or opposite sides of the globe, communication is just as easy.  Many of us feel we can express more through facial expressions than through the tired clichés of business speak, which is why a live video call is often much more effective than a telephone call.  In addition, if anything technical needs to be explained, the visual element is extremely valuable in facilitating an easily understandable demonstration.

Video conferencing is not just a new technology that might be worth getting used to, it is the future of communication.  With telepresence video conferencing, participants genuinely feel as if they are sharing a room with fellow conference participants.  Audio visual conferencing is there to make our lives easier – we would be foolish not to take advantage of it.

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