Conducting an accounts payable audit is a very important activity for all businesses. Installing recovery audit software in your business’s accounts department can make the process much simpler and could save your business a considerable amount of money. Potential duplicate payments, for example, can easily be tracked down and weeded out when your organisation uses this software. Auditing software is designed to be quick and easy to use for any finance professional and can help lower costs, detect fraud and optimise working capital. A great many businesses have installed it already.

Errors in processing payments affect all businesses, however expert and diligent your accounting staff may be. The Institute of Internal Auditors (IIA), established in 1941, has examined the problem and estimates that as many as one in every thousand payments may be a duplicate. Other common problems that affect the accounts department of organisations are overpayments, process and input errors, typographical mistakes, fraud, compliancy issues and data inefficiencies. All of these can be avoided by using auditing software.

Auditing software can be run on a daily or on a weekly basis which means that your accounting systems are being monitored frequently and regularly. They can be set up to run alongside an existing system, or they can be integrated into it directly. In addition to the time that auditing software will save your staff, the software will also serve to give you peace of mind. This will enable you to concentrate fully on managing your business and allow you to manage your business’ working capital more effectively.

Although money can be recovered after an error has been found in the accounting system, prevention is certainly much better than cure. There is a low cost for ownership of auditing software and the fees your business pays to external auditors will also be reduced. In addition to increasing your level of control over your business’ finances, running auditing software in your accounts department can lead to process and compliance improvements. Auditing software will help make sure your business has first class automated accounting practices.

Recovery audit software has been available for a number of years and the best providers have been consulting with their clients over that period to ensure that the best possible service is provided. When choosing a supplier, consider asking for testimonials and reports of the success of their software being used in clients’ businesses. An accounts payable audit is a requirement for all businesses, but, with regular monitoring, costly errors such as duplicate payments can be avoided.

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