Category: Finance


Bacs, or Bankers Automated Clearing Software, has been around a long time. Essentially, though, bacs payments just mean transferring money directly from one bank account into another. FPS or Faster Payments Service is much the same, but it generally happens almost immediately, whereas Bacs takes up to three working days. Bacs software is therefore different to credit or debit card transfer, and has advantages and disadvantages in comparison.

Since bacs payments are made directly from one bank account into another, they are effectively irreversible. With credit cards, the transaction can be cancelled and the funds returned to you if there is good reason (such as fraud, or the goods you ordered turned out not to be as advertised, or never arrived at all). With bacs, this is far harder. That is a good thing for merchants, since you won’t have to worry about customers making unnecessary chargebacks if they change their minds. For buyers, though, it means transactions cannot be undone. In most cases, this will not be a problem because bacs tends to be used for paying suppliers and for staff’s wages, and so on. These are generally predictable and are paid in arrears. However, if a mistake (such as a typo) happens, it is not a simple matter to reclaim the money. Without the goodwill of the recipient, it can be extremely time-consuming. If you are making monthly payments, it might simply be easier to reduce the next one rather than rectify the last one.

Bacs software can be linked into your accounting package to ensure that mistakes don’t routinely happen due to human error, but it’s impossible to eliminate them altogether. That bacs payments are made in their millions every day shows that this need not be a fatal flaw for bacs, and that there’s no reason your organisation should not use it too. Indeed, the advantages far outweigh any minor problems that might arise from its use. Bacs is more secure, faster and easier than paying by cash or cheque. It’s also the standard, now – or, at least, FPS is – which means that if you’re still paying by more traditional methods then you will naturally find yourself at a competitive disadvantage. There is really no good reason to hold large amounts of cash on the premises or to use time-consuming and inefficient cheques when fast and straightforward transfers are possible at minimal cost.

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

http://www.bottomline.co.uk/

532e9e0d28b7a

Bacs software is now a well-established tool that enables you to pay customers and suppliers quickly, securely and easily by means of electronic transfer. bacs payments are a far more reliable option than paying by cheque or cash, since you don’t have to worry about keeping big quantities of cash on the premises – a potential security problem – or cash-flow problems brought about by people cashing their cheques at unexpected days in your financial month. Bacs, the acronym for for bankers’ automated clearing standard, is a well-tried and tested means of payment that can save you a lot of time and money, as well as having other advantages.

Bacs usually takes three days to go through as standard, although depending on the sending and receiving banks it can be virtually instant. If you are concerned or there is reason to make a fast transfer, SWIFT (Society for Worldwide Interbank Financial Telecommunication) is guaranteed same-day. However, this means an additional cost, so for modest payments it is rarely worth it. For larger sums or urgent orders and payments, SWIFT may be a good choice and the costs will be proportionately smaller if the transfer is large.

One of the top things about Bacs software is that it can be integrated with your other accounting systems and databases. If you haven’t done this, it can be a real headache and a drain on resources, because different transactions have to be logged and entered into various systems. If you take the time to set up your systems correctly, however, you can save a significant amount of time (and potentially expensive errors) and streamline your accounts in a way that is simply not an option if you are using several applications or processes.

Bacs software consultants will be able to advise you on the best programmes for your accounts, and whether your present systems can be used in conjunction with bacs payments. Migrating your accounts can be a lengthy task, though the benefits are exceptional. Once you have completed the process, you can use Bacs automatically – paying workers on time, every time; ensuring that suppliers are paid and that customers are respecting their commitments to you; and recording every transaction to make sure that there are no surprises hiding in your accounts to cause problems at the end of the tax or accounting year. Moreover, auditing processes can be started to identify and fix past accounting errors – something which can cost businesses a significant proportion of turnover.

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

http://www.bottomline.co.uk/

501d7a9828d54

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 errors can occur, and all these add up. The best solution is to implement recovery audit software that will detect all unnecessary payments as well as other kinds of fraud and invoicing errors. Deploy an effective accounts payable audit programme, at a low cost of ownership, as soon as possible to make instant cost efficiencies.

Out of the many issues that can occur when processing payments, duplicate payments are the most costly. Medium and large organisations are at substantial risk of paying their supplier invoices twice. To increase the detection and prevention of these errors, it’s not necessary to employ an expensive Recovery Auditor. By empowering your own Accounts payable team with the right software, you will be able to improve internal processes without paying auditor fees.

Do you need to spend any money at all controlling your financial transactions? Recovery audit software providers can give you an answer. Most offer a free AP health check to qualifying organisations, which provides evidence of any compliance issues or fraud within your system with a partial analysis over several days. You can then move forward with the assurance that there is a sound business case for installing this software.

Obtaining a health-check as soon as possible will also save you money. The chance of recovering duplicate payments decreases each month as suppliers go out of business, get bought or merge. The older the invoice, the more it costs to recover. Act on any inconsistencies sooner rather than later. This is simple with audit software, which is easy to use and providers offer free online training for your staff. Each programme will be specifically tailored to your organisation’s needs.

To optimise profitability, and protect your business from fraud and error, turn to recovery audit software. Additional benefits are the improvement of your current AP systems. Duplicate payments will become a thing of the past with an accounts payable audit system in place to process all your payment data and shield your valuable working capital.

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

http://www.fiscaltechnologies.com/

4fa6f3513407f

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/

4e220cbd588e7

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.

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

http://www.fiscaltechnologies.com/

4cb5028d2a742