In the past, it was possible (and even expected), for most companies to process accounts manually. The number of payments to be processed were relatively small and easy for one person to keep track of without much difficulty. However, nowadays working between companies and across countries and even continents is much more common, and therefore most businesses find themselves dealing with many different suppliers, providers and customers. There is, these days, a much greater risk of duplicate payments, missed discounts and even outright fraud.
There is nothing worse, in this day and age, than attempting to use archaic software to process payments. Such software includes a dependence on employee remembering the details of payments as the databasing and processing software set up to keep records have to be manually updated and recorded. This old-fashioned way of working can be avoided, however, by using accounts payable audit.
An accounts payable audit can effectively minimise the losses of thousands or even millions of dollars that come from missed invoices, over or under, or even duplicate payments, and forgotten rebates or VAT adjustments. Using an outside auditing service relieves the headache of worrying about these issues, allowing the accounts staff to get on with their day to day jobs without worry.
However, accounts payable audit can only go so far, and whilst they are an incredibly useful tool for keeping on track of past mistakes, they still require action to be taken, credit notes to be requested etc, in order for the mistakes to be rectified. For larger companies, there is a method to eliminate any losses being generated in the first place.
This can be achieved using recovery audit software. This software enables managers of larger companies to keep up a continuous scrutiny of outgoing payments, by alerting accounts payable specialists to issues, as and when they happen.
These days, a company of any real size will be dealing on a day-to-day basis with tens, hundreds, and for larger businesses, thousands of suppliers of goods and services. These range from electricity, phone and heating suppliers, to contract caterers, handymen, courier services and plumbers – not to mention the specific suppliers a business utilises, from machinery for factories to food goods for shops and supermarkets, even including uniform suppliers for beauticians, train companies etc. Recovery audit software can keep on top of all of these numerous payments, narrowing the risk of duplicate payments, undetected fraud and other error.
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