Category: Finance

Accounts Payable Audit – facilitating an overview of complete financial histories

Accounts payable audit systems are almost essential to the running of any business these days. This year we have heard story upon story about tax evasion, misspending, underhand expense claims, overpayment and underpayment. All of these stories have painted a sorry picture, and when big businesses have been revealed to be in the wrong great damage has been done to their reputation. At other times businesses who have mismanaged their finances have had to be bailed out by others or pay out large sums of money owed in compensation to those who have been taken advantage of. All in all, it’s a tricky time to be in business: the utmost transparency is required and best practice systems must be set firmly in place. Duplicate payments are one issue that should be totally avoided: if your business has paid for a service twice it will often be difficult to prove your point and succeed in getting reimbursed. Sometimes these scenarios are unavoidable, however, at which point it is a great idea to have recovery audit software in place: if errors are made you will be able to look through a comprehensive list of transactions and find out exactly what has gone wrong. You will also be able to present the information such recovery systems find as evidence of honest mistakes and misjudgements.

Experienced accountants will testify to the benefits of using computerised fiscal technologies. In some small businesses the use of computer based accountancy will mean that savings can be made on employing a full time accountant to the firm. Generally speaking though, accounts audit systems will assist professional accountants in keeping tabs on the goings on in larger companies. They will help staff do their job more quickly and provide them with an option of checking the accuracy of their work at any given stage in the proceedings – before it’s too late. It’s hard to make a profit these days but it is easier to break even and employ the ultimate level of professionalism with regards to incoming and outgoing payments.

Altogether, accountancy has become a better profession since the launch of recovery audit software. Moreover, running independent and freelance businesses has become much more manageable since the dawn of the accounts payable audit. It would be embarrassing as an independent freelancer to ask for a sum of money that had already been thrown your way. Duplicate payments are a source of great awkwardness best avoided.

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Recovery audit software – for an excellent ROI

An accounts payable audit is a straightforward way of trawling your accounts and finding errors over the previous few years that have resulted in you being owed money. One of the worst of the issues it is good at uncovering is that of duplicate payments: where someone raises the same payment details twice, whether by accident or design, meaning that you end up out of pocket. Recovery audit software allows you to locate all the mistaken transactions and take steps to reclaim the money you are owed.

Most companies are as careful as possible with their accounts. After all, keeping accurate accounts is not only a legal and tax requirement: it is sound business sense if you are to have a good picture of where you stand. However, it’s equally true that no one is beyond fault and mistakes will always happen. This may not even be down to you. If a supplier or customer makes a request for a payment, you may not be aware of any errors it has. Duplicate payments are the most common of these. It’s a particular problem if it’s a regular payment – perhaps a monthly invoice from a supplier. Because it is regular and expected, if another submission is made then you might not recognise it for what it is. Especially if you have more than one person processing invoices, it’s easy to miss. That’s going to cost you.Â

It’s not just duplicates. There are any number of ways that mistakes can creep into invoices. With a dozen or so fields to fill out on the average invoice, it’s not surprising that around one in every thousand payments (0.1%) is a mistake. For high-volume, low transaction value businesses, that can be a real problem. If you’re just surviving, this reality can erode your profit margin and make the difference between going under and staying afloat.

An accounts payable audit should stop the problems in their tracks. Duplicate payments will become a thing of the past, putting you in a better position to go forwards and use the money that your business generates for growth – not paying unnecessary bills. Better than that, recovery audit software means you can contact the suppliers and other parties who have overcharged you in the past, and take steps to reclaim the money that you are owed. This means that purchasing the recovery software can pay for itself the first time you run it, allowing you to reclaim up to six years of past overpayments: a welcome extra for anyone.

Please visit http://www.fiscaltechnologies.com/ for more.

Is bacs worth it?

Bacs has now been around for nearly 45 years and offers a quick and relatively painless way to transfer money from one account to another. bacs software can be integrated with your regular accounting systems, taking a lot of the time and worry out of moving money around. But if you’re thinking of making the update from more traditional payment systems to bacs payments, you’ll no doubt have a few questions to ask. Is it worth the trouble that inevitably comes with change? In an age of cyber-theft, is it really secure? In general, do the advantages outweigh the problems and potential pitfalls?

1) Speed. The first advantage of bacs is the speed with which transfers are fulfilled. Although three working days is generally the stated time frame – still faster than a cheque – most payments today are made with the Faster Payment System (FPS) which is all but instant. This means almost all of your payments will turn up in the target account on the same day, if not sooner.

2) Security. Although many people have anxieties about the safety of transferring funds electronically, bacs has many kinds of security and is an extremely safe way to move money. In the highly unlikely event that you do run into problems, there are measures in place to recover your money, anyway. In times past employers and firms would have dealt more in cash, meaning that they would have to keep large sums of money on the premises – itself a security risk. Cheques, too, can get mislaid – meaning you’re never sure if or when they’re going to be cashed.

3) Cost. Transfers are free within the UK, so there’s no cost to your business aside from that of getting the new systems.

There are arguably one or two downsides to using bacs, but these are negligible. Bacs payments are free within the UK but there are fees for transferring money to other countries. bacs software is extremely convenient and powerful, but you may not be sent notifications of money reaching your account – hardly a problem in most cases, and not something you’d enjoy with a cheque either. Also, if there is a error with an account number, it can be hard to reclaim your funds – assuming it’s a valid, if mistaken account number. In almost every case, though, the advantages far outweigh any downsides and so moving to bacs will hardly be a bad move for a business.

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

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Bacs software offers functionality, efficiency and protection

When we hear discussion of business we often 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 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 vital 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 often proves a headache 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 transfers your habitual method of payment you need to know that the alternative is up to scratch. And there are many 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 think how long that would take to do once 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 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 very 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 since your staff may see late or erroneous 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 growing your business.

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

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BACS software takes the problems out of payday

If you’re a member of a large firm then you are probably already paid by BACS. In fact, most or all of the accounts will be operated this way, since BACS payments are speedy, secure and simple. The acronym stands for Bankers Automated Clearing System, and just means electronic payments. When you log in to online banking and send money to someone else, or pay a bill, this is mostly done by BACS (a variation is SWIFT, which is the same except that the cash goes through on the same day rather than in three working days; it does, however, cost extra). Many medium and small businesses do not use bacs software for their accounts, preferring to work with cash and chequebooks. It may simply be that the firm was started before BACS became common, and the accounts department never updated their software. Either way, upgrading can be a good way to streamline your finance department.

BACS has a number of benefits over the old-fashioned way of doing things. For starters, it means you don’t have to keep a lot of cash on the premises, since on payday the money automatically goes to people’s bank accounts. If you’ve been working by cheque, this is a step in the right direction, but it is still subject to error and other glitches – not to mention the pain of making out a separate cheque for the correct amount to every employee. BACS software can be merged with your accounts software, so the right amounts are calculated for you. This can save a massive amount of time, and avoids most errors you might make – as well as delays. Even if a cheque takes no longer to clear (which is not always the case – BACS varies and some payments can go through very quickly), people still have to pay them into the bank. If you’re pushed for time, a cheque can sit around for days or weeks before you get around to it.

There have been lots of news stories in recent years about the disappearance of the chequebook, as cards become more and more normal. Like cards, BACS is fast and secure – another reason to expect that the cheque will soon become a thing of the past. bacs software therefore has a number of advantages over the alternatives and is well worth looking into if you don’t have it already. BACS payments have well established themselves over recent years for good reason.

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

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Recovery audit software is worth its weight in gold

Any accounts manager will know that things don’t always add up as tidily as they should. It ought to be simple in principle: incomings, outgoings, profit, loss – the numbers should balance. When they don’t, you can be almost certain of the reason why: human error. Duplicate payments are easy to make when people are disorganised and don’t keep track of invoices. An accounts payable audit is likely to turn up a number of such mistakes and glitches, highlighting just how expensive this can be for a company. recovery audit software is one way of pinpointing and tracking the discrepancies in your accounts system, gaining back the money you have unnecessarily paid out and preventing the same thing from happening again in the future.

Whilst automated systems are reliable and logical, people often don’t work the same way. Duplicate payments can occur when invoices are submitted twice, perhaps mistakenly due to miscommunication, or perhaps because the client has emailed it to two different people in the illusion that it will get dealt with more quickly. If clients are disorganised, this can be even worse – you could be dealing with a backlog as they try to get up to date, and be expected to sort out the chaos of their own accounting system. Then there are the rarer cases of fraud, where people deliberately try to use loopholes in your accounts department. Naturally, you will want to be aware of these, since this represents a deliberate and malicious attempt to siphon money off from your company – rarer than simple error, but by no means unheard of.

Estimates range wildly about the extent of the problem of duplicate payments and other unnecessary payouts, and naturally it will depend on the scope and size of your company, as well as how organised and qualified your accounts department is. However, an accounts payable audit on the average business might typically reveal a one percent over-payment – a deceptively small figure which can nevertheless add up to a significant amount of money, especially if a company is very large or perhaps close to the edge anyway. For a one-off outlay, recovery audit software can avoid such problems occurring again in the future – and help you to recoup any past losses at the same time: a nice bonus that might pay for the investment at a stroke. Put in those terms, there’s no downside to putting that kind of procedure in place.

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

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I need a CIS payroll services that fully conforms with HMRC rules and regulations.

Administering and supervising payroll services can be a difficult job. Outsourcing your payroll services and cis payroll to a contractor umbrella may be the most sensible solution for your company.

Liquid Friday is a contractor umbrella organisation that offers top class professional expertise, experience and competence to all its clients in payroll services and CIS payroll. Their clients come from both the public and private sectors. As a contractor umbrella company, they offer a wide range of payroll services (like CIS payroll) that are carefully selected to fit in just what the client needs.

The company guarantees that their client’s business interests are continually the top priority. All of the cis payroll services they offer meet with HMRC rules and regulations so clients are assured of security.

Liquid Friday is proud to be one of the market leaders; carrying out its first-class service within a growing industry. The company is committed and fervent about remaining competitive in today’s cut-throat environment.

Liquid Friday sees to it that you obtain the best and nothing but the best. Here at Liquid Friday, all employees and sub-contractors continually show the dedication needed to ensure that the highest standard of customer service is consistently maintained.

And just to verify that we’re not lying; we have achieved significant growth, a lot of which has been driven by referrals|recommendations|testimonials} from satisfied clients.

Liquid Friday has three distinct divisions; Liquid CIS, Liquid SOLO, and Liquid PAYE.

Liquid CIS is specifically aimed at sub-contractors working in the construction industry. Once you have registered with Liquid Friday, they will take over the task of paying you and forwarding your tax deductions to HMRC on your behalf.

If you’re hunting for freedom, flexibility and all the other advantages that come with being self-employed, contact Liquid Friday now and discover  how they can aid you.

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Pay rapidly and easily with bacs software

Bottomline Technologies is the payments industry market leader in providing collaborative payment, invoice and document automation solutions to businesses worldwide.

All firms have to keep tight control of their outgoings, especially as the world is just recuperating from the worst monetary crisis in decades.

One way to ensure you stay in control is to use Bacs payments software for all your monetary transactions. bacs software will track all your incoming and outgoing funds; a measure which is absolutely vital when you come to provide a precise statement of accounts for audit purposes.

Bottomline Technologies have more than 20 years experience in tailoring payment solutions to suit individual business needs.

Some people avoid modern technology because they believe their financial information will be stolen. That is definitely not the case if you employ Bacs software. We assure assure you that the security of your data is of top importance to us.

Our Bacs payments system allows you to submit all your payment files reliably and efficiently.

Bottomline Technologies have various different bacs software solutions so they can accommodate the requirements of all organisations, from large multinationals to tiny family concerns.

Now that the economic crisis is over, many small businesses are considering growth. Bottomline Technologies has a perfect product especially for them. It’s called PayBase and combines three solutions in one package.

Growing entities will enjoy several key economic benefits when they use this software. First of all, it’s extremely straightforward to use and install. It offers total security for all your cheques, remittances and direct debits, and its performance is proven to be both invincible and cost effective.

You owe it yourself and your business to apply Bottomline Technologies payment solutions immediately.

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