An accounts payable audit is a powerful 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 showing up 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 initiatives to reclaim the money you are owed.
Most companies are as diligent 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 strong picture of where you stand. However, it’sequally 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 submits a request for a payment, you may not be aware of any errors it has. Duplicate payments are the most common of these. It’sa serious problem if it’sa regular payments 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 staff member processing invoices, it’seasy to miss. That’sgoing to cost you.’S
It’s not just duplicates. There are any number of ways that mistakes can creep into invoices. With a dozen or so areas to fill out on the average invoice, it’snot 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 halt 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 company generates for growth by 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 ordering 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 https://www.fiscaltec.com/uk for more…