Category: Finance

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Duplicate Payments – Now Easily Detected

Everyone in business, from government agencies to corporations, will be realise their obligation to strategically manage their payments. Especially in our present climate of budget cuts, companies are very concerned with their duty to be careful where their accounts are concerned. There never has been a good time to be frivolous with a budget whose spending affects the public at large but now more than ever the purse strings should be tightened. This is not to suggest that spending shouldn’t occur in areas of need such as on education and the public healthcare system. These areas should always come first. But losses can be minimised and money saved in other non-specific areas, through the use of an accounts payable audit. This is a form of technology specially developed to help organisation – from small corporations to government agencies – whose budgets and accounts are complex and multiform; consisting of many different pockets to be dipped into on a whole host of wide-ranging occasions. Left to an automated programme, payments will be safely dealt with and, all importantly, dealt with on time. They will also be carefully monitored by a computer system. This means that duplicate payments will be avoided. And, if you are worried about losing data from the past, recovery audit software can bring mislaid information back to you.

Many people who have been in corporate or government roles for a significant period now may worry about handing over traditionally manual jobs to the computerised realm. These worries are understandable but happily unfounded. Physical archives of data take up a huge amount of space, for example, and also a lot of valuable time to maintain and monitor. In the past, if we have had to find proof of payment we have had to sift through mountains of paperwork in one of several identical looking files or cabinets. And if we’ve been in a rush we may have easily put this record back in the wrong place so that if a payment issue persisted we’d have had to go through the whole process of searching and investigating again.

Recovery audit software, on the other hand, allows workers to search through an entire computer database with minimal taps on the keyboard as they type the suitable key words. This means that if any duplicate payments errors have occurred they can be solved in record time. And as we all know, though it has become clichéd to repeat, time means money. So what are you waiting for? The time has come to adapt to accounts payable audit systems.

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Bacs payments benefit employees and employers alike.

Significantly sized companies often have special intricacies that require specialist accountants to analyse. However, small businesses tend to lend themselves very well to computerised accountancy systems. If you prefer to delegate the eventual checking phase of end-of-year or other accounts to be done manually of course this can be established. The initial stages of calculating running income and outgoings can more easily be submitted to a specially designed, computer-based spreadsheet. When the time comes to do a tax return, the spreadsheet will already be set to go. Of course, physical evidence of receipts is sometimes useful to keep for the taxman too. But, if you are able to avoid paying by cash for even the smallest of supplies, the taxman will be just as happy for you to submit evidence of your cashflow in the form of an clearly marked bank statement. In fact such statements are often the clearest form of evidence as they show where bacs payments have been made and where bacs have been received. And if the above process still sounds slow and complicated, it might be worth investing in bacs software.

No matter the size of your business, regulating the books and staying in the black will be a ever-present issue. Predatory enterprises and easy going independents and not-for-profit groups will probably have divergent priorities, but will often have a surprising amount in common when it comes to the everyday financial functioning of their outfits. After all, most companies large and small will have a set of employees to pay. And whether these employees are paid by a centralised system as PAYE workers or whether they make their invoices to the company according to services lent as freelancers, all businesses run by more than one person will have a responsibility to its workforce. Often, freelance workers will find it difficult to wait the usual thirty days for their pay to arrive in their account. At a time when jobs are thin on the ground, employees such as these will greatly appreciate their bosses making direct transfers via bacs.

The efficiency of bacs payments will also be welcome to the employer as he or she will instantly be able to see how much money is available for new projects and the improvement of old ones. Slower payments simply encourage us to worry or get excited to excess about our balance. Altogether, bacs is best, with bacs software being among the greatest inventions of recent times.

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

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Bacs is the standard for moving money

bacs software has a number of advantages over the old ways of doing things – chiefly efficiency, managing budgeting and the timing of payments, and reducing error in terms of missed payments or theft. Bacs payments are used by individuals all the time, but any business that makes any volume of payments in a month should certainly look into bacs if they do not already use it as a matter of urgency.

Anyone who has worked in accounts before the bacs era (or in an old-fashioned accounts department now) will know how time-consuming it is to make out cheques or pay out specific sums of cash every month. If you have a large number of employees, or suppliers who regularly need paying, organising this can take a substantial amount of time. The same process managed electronically can be completely automated. This not only saves time but substantially reduces the probability of error – writing cheque after cheque you are bound to make a mistake sooner or later, and a cheque that can’t be cashed means wasted time for both the payee and for you as you rectify the situation.

Bulk payments are one advantage of bacs. Another is keeping to time with payments. If the process is automated, there is no danger that factors beyond your control such as illness or absence prevent payments being made promptly. The money leaves your account on a specified day (typically taking one to three working days to reach the payee’s account – at least as fast as cashing a cheque, and often much faster). This is helpful in terms of budgeting, since you can predict when money will be paid out of your account.
For these reasons and others, it’s hardly surprising that almost three-quarters of the UK workforce is already paid by bacs. Bacs software is far more flexible than the alternatives, and can be integrated with new or existing accounting programs – thereby taking another layer of work and possible error out of that job, too. bacs payments can be made after the banks close, and even payments made in the late evenings are counted in that day’s transactions. Already widely used, it is set to become even more so as cheques become less and less popular and as clients and suppliers lack the time to go to the bank to cash them anyway. If you have not already invested in the technology, it will only be a matter of time before you need to.

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

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Payroll services from umbrella companies may make life easier for sub contractors

If you wish to continue to work as a self employed or freelance contractor, it is a good plan, if you have not done so already, liaising with a contractor umbrella company to make use of the payroll services given by these companies. Not only will you obtain CIS payroll benefits (if you operate in construction), but you will have a better level of stability this way, which is especially valuable these days. Even in tough times it is still desirable to be self employed, provided that there is enough work available.

One reason for this is that self employed traders are often required to pay not as much in national insurance contributions to HM Revenue & Customs. Another is that by being self employed you are able to offset your work-related expenditure against the income tax that you owe on your earnings. Also, of course, you have the final say over what contracts you take on, or decline to take on, which can be vital, especially to freelancers with more than one profession: if times are busy in a contractor’s first profession, he or she might reject contracts in his or her secondary profession until there is a fall in trade in the first. In other words, self employment is an excellent way to attach new strings to your bow.

Freelancers and sole traders from a whole range of different industries utilise the services offered by contractor umbrella companies. Whether you work in logistics, construction, teaching, Information Technology Services, or even social care, making use of payroll services can augment your earning potential and save you money at the same time. In addition, it can simplify the intricate procedure of ensuring that you are CIS compliant, according to the rules and regulations of HM Revenue & Customs.

A contractor umbrella company can provide qualified freelance contractors to its clients at short notice, enabling these clients to temporarily bring up their staff numbers in order to complete projects, without all of the associated hassles that they get with long term employees, such as sick pay, NI, maternity or paternity leave, and so on. In the construction industry, however, all transactions made to sub contractors must be made in compliance with the Construction Industry Scheme regulations (cis payroll). Umbrella companies can provide payroll services to sole traders, pending a successful registration process, checking, among other things, the sub contractor’s eligibility to work in the UK. They will have a system in place to process payments between themselves, their clients, and their sub contractors.

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

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Bacs payments are carried out using approved software suppliers

The Bankers Automated Clearing services, generally identified by the abbreviation BACS, is an organisation for processing payments in Great Britain and Northern Ireland. It is not for profit, and the scheme was originally developed to process electronic payments, diminishing the need for paper documents where the transfer of money is concerned. According to its official website, 5.6 billion bacs payments were effected in 2009 alone, accumulating a cumulative value of £3.83 trillion. Sizeable, individual companies are likely to make thousands of such payments, to the value of hundreds of thousands, or even millions, of pounds each year. For those large companies, processing these payments can constitute a significant obstacle in terms of administration and paperwork. Accounts payable teams can, if the situation is not checked, and an adequate solution devised, end up swamped in stressful, confusing, and tiresome paperwork. It is for this reason that many companies select solutions involving specially made bacs software.

Bacs is the best method of payment for managing automated transactions to and from repeat suppliers and customers. Also, of course, it is good for managing salary payments, because of their regularity and consistency. In fact, there is a significant chance that your salary has, at some point in your working life, been paid through the scheme, for this is how the majority of the UK workforce is paid.

When accounts payable is run badly or on dubious software in a company, this can have a knock-on effect that trickles through the entire range of aspects of that particular company. Worse, it can result in payment errors and vulnerability to fraud. The scheme provides a rigorous approval process for would-be software suppliers, to make sure that their software is adequate. There are lots of criteria, among which is the authentication of parties that communicate with Bacstel-IP, or, in the case of faster payments, Secure-IP. When a software supplier satisfies this and many other requirements, it will have permission to use the ‘approved software’ logo.

The bacs scheme is an effective way of processing large numbers of secure payments. Your company’s bacs software needs to come from a fully approved supplier, otherwise you are at risk from insecure bacs payments and payment errors costing noteworthy amounts of money.

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

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