An Accounts Payable audit is a very important part of most workplaces.  However experienced and careful accounts teams might be, duplicate payments often remain a problem, and these can incur major costs. Lots of companies pay professional recovery auditors, but this can be an very expensive way of doing things.  If you can train your own in-house Accounts Payable teams to deal with the recovery auditing, this can be a great way to save money and improve internal processes.  Performing an in-house audit is now usually quite simple thanks to the development of recovery audit software.

With this software, you can pre-process your upcoming payments, which means that you should never have to pay a duplicate invoice again.  It is possible to audit all your past payment data in one easy step, and regain any money that you have gained back, which often substantially increases your surplus.  Significantly, the software tells you the reason for each duplicate, which means that the audit becomes a way of improving processes rather than just finding individual errors, so that they are unlikely to happen in the future.  Taking control of your accounts payable audit process if often a positive thing.  It can be reassuring to see an outside team of experts come in and handle the entire invoice, but the knowledge and overview that can be gained from  this process in-house is often invaluable.

This program finds duplicate payments, invoicing errors, compliance issues and supplier fraud.  Since it can be used by Accounts Payable teams, it not only increases control but also improves processes, thus preventing future errors from happening.  Using a combination of search algorithms and pattern matching technology, the software gives a detailed report of potential duplicate payments and errors that may have been made.  The benefits of using this technology are surely clear.

What is more, fairly little training is needed to use the software.  Usually everybody in an Accounts Payable team can use it, without need for any auditing or accounting qualifications.  This is another cost-saving factor, as it means there are no expenses involved in training staff. The installation of this software also tends to incur fairly little by way of cost.  It is a particularly swift process, and designed to work immediately.  Free online training is provided annually, which keeps running costs at a fairly low level.

For many businesses, recovery audit software makes a major difference to the accounts payable audit process. Much can be learnt from the process of looking for duplicate payments, particularly in terms of how the accounts payable department works and any weaknesses it might have, so using your existing team to find these errors is often a wise business decision.

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

http://www.fiscaltechnologies.com/

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