Accounts payable audit are necessary for any business which suspects it may be at risk of making duplicate payments, invoice payment mistakes or other financial hiccups – which can have a far-reaching and long-lasting effect on a company with a complicated accounts payable department. If a business is paying many different contractors and service providers, in can be easy to[…]
As with every step forward and with the crossing of each new frontier, the constant expansion of business â and the constant development of accounting technology and multiplication of business models and strategies â presents firms with new challenges and new dangers. Your Accounts Payable department is now a hugely more complex beast than its predecessors of even a decade[…]
Bacs is a not-for-profit member organisation which has been an essential part of automated payments and electronic transfers in the UK, US and Europe for decades. An industry body owned by 16 prominent banks and building societies, it uses Direct Debit and Bacs Direct Credit to carry out transactions, and is the hidden spine of the UKâs automated payments system[…]
It doesn’t matter what kind or what size of business you are in, it is inevitable that it has in common with all businesses the need to make and receive payments. Indeed, the very definition of the word business infers the practice of buying or selling goods or services. The most commercially successful businesses tend to be those that make[…]
Finance officers working for companies of all sizes in the United Kingdom rely on Bacs payments to make their working lives simpler. Storing cash, making repeated and time-consuming trips to the bank, and keeping track of the innumerable pieces of important paper necessary to transfer money is a stressful and needlessly difficult chore. The majority of businesses now use Bacs[…]
As contracting has really taken off in recent years, and especially since IR35 became law in 2000, there has been a surge in the number of contractor umbrella companies. These companies offer the opportunity to be on the CIS payroll, working for a number of different companies at once. You can then take advantage of the payroll services offered by[…]
To ascertain the profitability of a company’s, an audit is usually done. This can actually give exact figures of the financial standing of the business whether it made a profit or a loss from its last fiscal year of operation. An accounts payable audit is mainly a part of the full accounting audit usually done by large companies to review[…]