11Jul 2022 by Daniela

Duplicate Payments are A Substantial Source Of Money Loss For Businesses

Finance, Software
Did you know what percentage of your organisation’s annual spend is lost in duplicate payments each year? During the process from purchase to payment, all sorts of problems can occur, and all these add up. The best solution is to install recovery audit software that will detect all unnecessary payments as well as other sorts of fraud and invoicing errors. Implement an effective accounts payable audit programme, at a low cost of ownership, as soon as possible to make immediate cost efficiencies. Out of the many problems that can occur when processing payments, duplicate payments are the most costly. Medium and large organisations are at considerable risk of paying their supplier invoices twice. To augment the detection and prevention of these errors, it’s not necessary to employ a costly Recovery…
Read More
28Sep 2019 by Daniela

Accounts Payable Audit Software: How to Ensure it Goes Right

Business, Finance, Software
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…
Read More
21Feb 2018 by Daniela

Duplicate Payments Can Be A Thing Of The Past

Finance, Software
There’s a rule that organisations that start in a recession tend to be leaner and tougher than those which get going in happier times. The same is essentially true, though to a lesser degree, of businesses that survive a recession. Some make it because they slim down and make every pound count; others only because they have savings to rely on and not because their model is viable. Either way, a recession is a good time to make sure that waste is at a minimum and you are making the most of every opportunity. That goes for your accounts as well as advertising and product design or service provision. An accounts payable audit can show up where you have been going wrong for maybe years, without realising it – those…
Read More
08Aug 2013 by Rob

Bacs software -€“ what are the upsides?

Business, Finance, Software
Bacs software has a number of upsides over other payment systems (including the traditional solutions of cash and cheques). Since Bacs was launched in 1968 it has become extremely popular for businesses and other organisations. Bacs payments have recently been complemented and surpassed by the FPS (Faster Payments System) service, although in practice the two acronyms are used synonymously. Bacs has huge benefits for both you and your customers. It’s not perfect, of course – no system of payment can be. But in general it represents a large improvement over the alternatives. Here are a few of them: It’s free. Customers don’t have to pay to send cash, as they do with postal orders and other similar systems. That makes it good for both small and large transfers. It’s fast.…
Read More
28Jun 2011 by Daniela

Advice on incorporating bacs into your systems

Business, Finance, Software
Bacs, or Bankers’ Automated Clearing Services, is a British scheme for the electronic processing of financial transactions.  Taking a traditionally fairly long-winded process and making it fail-safe, reliable and highly efficient, the bacs software revolution has proved highly useful for many businesses.  Making use of bacs payments takes much of the hassle out of dealing with debits and credits, meaning that one 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.  Developed as far back as 1968, the…
Read More
16Jun 2011 by Adam

Recovery audit software will make substantial savings

Business, Software
Accounts are simple in theory, but all too often extremely complicated in practice. Thanks to that unfortunate but unavoidable fact, your business could be losing surprisingly big amounts of money through duplicate payments and other sorts of accounting glitch. An accounts payable audit can enable you to find these, thereby clawing back money that you have already wasted and preventing the same thing from happening again. You may be under the impression that your company is already as smoothly-run as it needs to be in this area – or perhaps you just think that these sorts of errors are unavoidable, and the price of doing business. However, this is not true, as recovery audit software will prove. The most reasonable estimates suggest that somewhere between 1 in every 1,000 and…
Read More