Recovery Audit Software, Duplicate Payments – and your profit margin…

To err is human, even for humans who work in the accounts division. Sooner or later, someone is going to make a mistake paying an invoice, and it will cost you. That’s obvious: it’s just the law of averages. The question is, how regularly will it happen and what will the end cost be to your firm? Intuitively, you might guess it’s small, but the reality is quite different. Industry estimates show that one in every thousand transactions is an overpayment. There are many different reasons this can occur, but the most problematic is duplicate payments – where, by accident or dishonest design, the same invoice is paid twice. One in a thousand may not seem like too many, but it all adds up. And if you’re a business that relies on very large volumes of low-value transactions – high numbers of low-margin payments – then you could be in a lot of trouble. Recovery audit software will pinpoint where this is happening and help you get back the money paid, assuming you act soon. An accounts payable audit shows you who still owes you money that, due to oversight or problems in your accounting systems, has never been received.

The larger your business, the greater this problem is likely to be – and not just because it means a larger number of transactions to go wrong. When you are making and receiving a lot of payments, it gets harder and harder to see the incorrect ones. These could be due to genuine misunderstanding, or in the worst cases, fraud. If a supplier is raising the same invoice every month, it gets easier to send in a repeat which gets in under the radar: the source of many duplicate payments. Of course, the same thing can happen through forgetfulness or accident. Either way, you’ll end up overpaying unless someone sees it, and in a busy accounts department there’s no way that someone will be able to remember and look over all of your payments personally. That’s why recovery audit software can be so helpful, usually paying for itself the first time you use it. And problems with your accounts cut both ways. You may be overpaying other people, and your customers and others could be underpaying you. These payments can become buried in the system, with nothing in place to chase them up. An accounts payable audit searches out the offenders and ensures that they settle their bills.

Please visit https://www.fiscaltec.com/uk

 

Commercial Property North London – to purchase or to rent?

Commercial property in North London is subject to change at a second’s notice. Fluid demographic trends, new economic figures, the ups-and-downs of the retail sector: in order to grab a bargain you have to be prepared to put in the time and keep up with what’s happening. The choice of whether to look for shops to rent in north London or go all-in and look for a shop for sale in London will depend very much on what relative costs are doing at any one time, as well as the long-term prospects and, of course, your own financial status.

As things currently stand, there is significant downward pressure on retail rents across London. There are a number of reasons for this, but chief amongst them are continuing economic worries, and limited confidence in the Eurozone, as well as the competition represented by the ever-growing online market. Several high-profile bankruptcies – very recent and more broadly since the beginning of the Credit Crunch – have underscored the fragility of the high street. 2012 was not a good year, with Blockbuster, HMV and Jessops (to name just three) dropping from the scene.

Why might this be good news? Well, it’s a brave firm that looks to set up in this climate, for starters. But those businesses which do get going in a recession are generally leaner and tougher than the ones which start in good years. Plus, rents are lower at the moment than at any period in the recent past. Empty shops mean decreasing rents, and many surveyors think the trend may continue longer still. This is in contrast to the industrial and office sector, where demand is gradually picking up.

Where does this leave you? If you are looking for shops to let in north London, there may never be as good a time as now. If your business is viable and waiting to start – or expand – then you can snatch a bargain and hit the ground running. If you’re a landlord looking for a shop for sale in London to add to your portfolio, then this presents a rather different dynamic, with lower yields than you might otherwise enjoy. The key thing is to remember that the commercial property London market is not homogeneous; the headline figures you read in the papers hide a vast difference between sectors and in different areas. Choose carefully, plan well and act decisively – and you won’t regret it.

Please visit http://www.claridges-commercial.co.uk