Software – Dispatch Announcement

Recovery Audit Software Can Retrieve Lost Money

How much oversight do you really have over your accounts? You might have a reasonable idea of what is coming in and going out every week, but what do you know of the detail? The fact is that it would be terribly time-consuming to have every payment you make or receive compared against invoices, statements and other paperwork. That’s why duplicate payments, fraud and other faults can cost businesses so much. The more transactions you make, the more money you are likely to be wasting due to payments that are unnecessary. An accounts payable audit helps you to see where the leaks are in your system, throwing up warning signals when it seems like you have paid customers or suppliers when you shouldn’t have done. recovery audit software allows you to claim back what you have lost over time.

Often the problem will be innocent enough. The average invoice might have something like twelve fields of data in it. Fill out or copy one of these incorrectly and the result could be an inaccurate payment – perhaps too much, perhaps too little, perhaps something that has been paid in the past. The mistake could have happened at your end or when the invoice was created. However, in some cases it’s more unpleasant than this. Unscrupulous suppliers might double-send an invoice, knowing that you don’t have the systems in place to catch such events. The amount might be familiar, and so it goes through the accounts without a second thought.

Duplicate payments and other sorts of overpayment can total a significant fraction of a business’s turnover. If you engage in large volumes of minor transactions, then even a small proportion of these will start to make a hole in your profit margin – and could mean the difference between sinking and staying afloat. Carrying out an accounts payable audit will often pay for itself the first time you do it. However, you should try recovery audit software as soon as possible, because the longer you leave it the lower the chances of reclaiming your money. Companies go out of business, and individuals die or move away. If this has happened then realistically there is no chance of being compensated. Perhaps more importantly, you need to know what is going wrong at the moment – it won’t just be past mistakes. There may be instances of ongoing fraud you need to protect yourself against, or cases where repeated problems occur month after month, and cost you more and more as you go on.

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Bacs payments are faster but still not universal

Bacs has been around for 45 years now. Despite this duration, and its track record of being speedy, easy and secure, bacs software has not been universally adopted by companies and other organisations. It tends to be the smaller outfits who refuse 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 brings up a number of problems and makes for inefficient and even risky practices.

Times are changing, and now the vast majority of financial transactions happen in the virtual arena. The reasons for this are different, but speed and security are repeating ones. It is very convenient to transfer money with bacs, and because it includes multiple 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 fallout, unless the issue is unarguably your fault.

Bacs transfers take a maximum of three working days to finish, 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 encompassing term for electronic transfers, including FPS.

All of this is important for organisations, even the smaller ones who are relying on cheques and cash. (Although there was an outcry at the time, quite recently the banks suggested that they would be eradicating cheques within the foreseeable future – reflecting the low regard in which they hold them…) No organisation, large or small, wants to have significant quantities of cash on the premises. Furthermore, cheques are time-consuming to complete, 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 organisation, 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 allow 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 is important, this cannot be a bad thing.

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

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Bacs software offers functionality, efficiency and safety

When we hear discussion of business we regularly think in especially 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 designates 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 vital to think what all businesses have in common: namely a need to make and receive payments of some type 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 often proves tricky for even the simplest of organisations. 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 exchanges your habitual method of payment you need to know that the alternative is up to scratch. And there are several decent 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 consider how long that would take to do once you have a body of freelance employees on your books, all in need of payment at around the same time. Another reason to streamline your payments using bacs software could be a need to avoid human error.

Indeed, it’s crucial to consider 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 very good idea. In our current climate of recession we need to remember that an overdue payment can result in an employee being out of pocket. And this is something businesses absolutely need to prevent since your staff may see late or incomplete payment as disrespectful of their hard work. Bacs and bacs software can therefore galvanise 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 improving your business.

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

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Accounts payable audit systems can prevent fraudulence and error

Is your organisation paying more than it needs to? Look to world-class accounts payable audit software to eradicate unnecessary duplicate payments, as well as invoicing errors, compliance issues and supplier fraud. Recovery audit software can be used to aid your Accounts Payable team in their efforts to control and optimise processes. Using this software removes the need to employ pricey Recovery Auditors to identify and recover duplicate payments. Instead, by empowering your own Accounts Payable teams with the right tools, expensive auditor fees are cut and internal processes are improved.

There is a considerable risk that medium and large organisations pay their supplier invoices twice. Duplicate payments are one of several overpayment errors that go undetected in the accounts payable process, and usually the most expensive. The total amount overpaid, one way or another, can run into many thousands of pounds or more for small or medium-sized businesses.

If you are unsure whether this is an problem for your organisation, recovery audit software providers can usually provide evidence with an AP health check that is often offered for free to qualifying organisations. This check consists of a partial analysis over several days to show any errors, compliance issues or supplier fraud within your system. This evidence then forms the foundation for a sound business case. The benefits of using this software are mainly cutting unnecessary costs – which is no small benefit. It is important to act quickly as the chance of recovering extra payments lessens each month. This is because every month some of your suppliers go out of business, merge or get bought. Old invoices cost more to recover, so cost increases with each month, too, and so it makes sense to obtain a health-check as soon as you can in order to act on any inconsistencies.

The software is simple to use, and requires no special training. In fact, free online training is often offered by the provider. Tailored specifically to your business’s needs, fraud and risk are reduced and accountability increased. When put into place before a payment run, the software stops unnecessary payments and therefore avoids the high expense of recovering money externally or internally.

For effective prevention and protection from fraudulence and error, improvement of your cost efficiencies and current AP systems, recovery audit software provides the solution. accounts payable audit programmes can process all previous payment data for duplicate payments, ensures you comply with internal and external guidelines, and protects valuable working capital – all at a low cost of ownership.

Please visit http://www.fiscaltechnologies.com/ for further information about this topic.

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Bacs software, its origins and uses

bacs, or Bankers’ Automated Clearing Services, is a United Kingdom scheme for the electronic processing of financial transactions. Taking a normally fairly long-winded process and making it secure, reliable and very efficient, the bacs software revolution has proved extremely useful for many organisations. Making bacs payments takes much of the hassle out of dealing with debits and credits, meaning that staff can devote more time to more important, skill-based tasks.

Bacs payments are particularly useful on account of their guaranteed efficiency in terms of speed. A payment made through this method will take three working days to clear. According to the method, they are entered into the system on the first day, processed on the second day, and cleared on the third. Invented as far back as 1968, the technology was intended to facilitate the electronic transfer of funds between banks, and abolish the need for paper documents as part of the money transfer process. The original company that set up the service was called ‘Bankers Automated Clearing Services Limited’. This system was augmented in 1983 by the introduction of a telephone service, BACSTEL, which reduced the need for magnetic tapes. The popularity of the system increased during the 1980s, and more banks and building societies joined in 1985, when the company shortened its name to ‘Bacs limited’. Bacs Payment Schemes Limited split from Bacs Limited in 2003, creating a separate not-for-profit body with members from the banking industry which promoted the use of automated payment schemes and governs the rules of the scheme.

Since 2003, Bacs has been moving from the telephone dial-up service to an internet-based service, which is quicker and more secure. All bacs users were at this point required to move to the internet service by 2005, or return to using cheques. Currently, it is only possible to make a connection with software from the list of bacs-approved solution suppliers. While it may sound like there are stringent requirements for the use of this technology, it is actually fairly simple to set up. Once it is in place, the payments system is so straightforward that the installation effort is likely to be seen as worthwhile.

In fact, bacs is so efficient that many companies will assume that any monetary transfer will be done using bacs software. Once you become accustomed to using bacs payments, your payments systems will be so efficient that you should never have to worry about a delayed money transfer ever again.

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

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