Accounts payable management can be a huge headache for lots of companies, with payments constantly going out and internal systems that can be affected by to human error. Some small companies can manage to keep track of duplicate payments manually, however, larger companies have a lot more purchase orders to process, and their purchasing processes can be much more complex.
Accounts payable audit make this process much simpler, with a lot less work for accounts payable staff in big companies. Duplicate payments are a huge problem for these larger businesses, which need more advanced systems to ensure no mistakes are made. Many large companies have hundreds of different suppliers and service providers, as well as numerous members of staff authorizing payments. One very common issue, in the field of advertising alone, is when the same advertising space is sold to marketing staff twice, by two different contacts.
One of the most efficient ways to ensure that payments are not being duplicated or overpaid is using a recovery audit. This enables businesses to find and recover any losses that occur due to clerical error. A recovery audit can be very costly, however, which explains the rising trend for recovery audit software that senses mistakes in accounts systems automatically, and flags them as errors for clerical staff to correct. Missing VAT, duplicate payments, discounts that have been missed, forgotten checks and in rare cases â purposefully fraudulent payments can all be identified before a error spins out of control or generates large losses for the business in question.
Accounts payable software companies can generate large savings for businesses that choose to take advantage of their recovery audit software technology. These companies specialize in accounts payable audit, and therefore can give not only peace of mind, but also value for money, as their technology is used by many different companies.
Having recovery audit software sorted by a separate company enables companies to focus on increasing sales, safe in the knowledge that they donât need to concern themselves with overpayments or attempted fraud.
All businesses want a safety net in place to prevent clerical errors, and automating accounting audits narrows the holes in the net so that no errors can pass through, not even at the time of placing a purchase order. For large businesses, with millions of pounds outgoing every month, this is an easy solution to a vital concern.