The Accounts Payable audit is a necessary procedure in the majority of workplaces. However talented and thorough accounts teams are, duplicate payments and other errors are always going to occur, and these can end up costing a great deal. Many businesses pay professional recovery auditors, but these often charge unnecessarily high fees. If it is possible to train your own in-house Accounts Payable teams to do the recovery auditing, you may be able to save money and improve internal processes. This can now be easily done thanks to recovery audit software.
The software scans for 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 any more 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 numerous.
The software allows you to pre-process your upcoming payments, so that you should never have to pay a duplicate invoice again. You can audit all your past payment data in one easy step, and any money recouped through recovery will go straight to your bottom line, increasing your surplus. Crucially, the software tells you the reason for each duplicate, enabling you to improve your processes and prevent it from happening another time. It is often a positive thing to take control of your accounts payable audit process – it may be satisfying to see an outside team of experts come in and coordinate the process, but the knowledge and overview that can be achieved from conducting this process in-house is certainly worthwhile.
What is more, surprisingly little training is necessary in order to use the software. Anyone in the Accounts Payable team can use it, and there is no need for any auditing qualifications. There are therefore no retraining fees. Indeed installation and ownership also incur fairly little by way of cost. Training and installation is very quick, and designed to work immediately. Free online training is provided annually to ensure that ownership costs are as low as possible.
recovery audit software really can revolutionise the way you conduct your accounts payable audit. The process of checking for duplicate payments and other errors can tell you a lot about how the department works and how it can improve, so surely it makes perfect sense to conduct this process using your own existing team.
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