Accounts payable audit software is an essential instrument in cutting down waste and inefficiency, which is probably the most relevant and important measure for recession-hit businesses available at the moment. With more transactions being made than ever before, and the majority of them electronically through banks and organisations such as BACS, the potential for duplicate payments is massive. Businesses are by extension at the biggest risk so far of losing capital through such payments as well as through fraud. Even when they are able to isolate losses, it is very hard to solve the problem without top quality recovery audit software.
In the wake of the global banking crisis, the UK’s budget deficit, and the MP’s expenses scandal, the most important thing on most people’s minds right now is cost efficiency, and rightly so. There is something inherently unpleasant about waste: I’m sure we all had grandparents, or knew people of a similar age to our grandparents, who remember being brought up not to waste a single bite of food. Personally I remember my grandfather telling me that when he didn’t eat all of his meal one day, his father would keep it in the fridge and it would be his dinner the next day, and so on until he finished: only then would he have a new, freshly-cooked meal to eat.
It seems that somewhere along the way this way of frugality was completely and utterly lost, and not only where food is concerned! Government spending rose to all time highs, consumerism based on credit reached its peak, and banks were lending more than five times homeowners’ yearly salaries in the form of mortgages as house prices kept rising. Inevitably, this didn’t last, and we saw a global banking crisis happen in 2007/08 that rocked everybody’s world. In the UK, the new government has decided it needs to quickly reduce the budget deficit by implementing a huge new spending review to save money.
It seems we are returning to a time of frugality, and with the recession affecting all of us, it is important for businesses to reduce waste and unnecessary expenditures. We can not afford too many duplicate payments going unrecovered, and we certainly can’t afford exposing ourselves to fraud by not giving our accounts payable teams ample support. Accounts payable audit software and recovery audit software can give this support, and help your business to become leaner, and head into the future of doing more with less.
Please visit http://www.fiscaltechnologies.com/ for further information about this topic.
http://www.fiscaltechnologies.com/
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