Press Releases

Accounts Payable Audit Software Provider Upgrades AP Forensics®
Includes Significant Enhancements To Protect Against Vendor Fraud

Reston, VA – 6 July 2010: FISCAL Technologies, provider of world-class accounts payable audit software, today announces significant enhancements to its leading AP Forensics® software suite. The main upgrade has been to the Duplicate Supplier Finder module that helps protect against vendor fraud, invoicing errors, and duplicate suppliers. These latest updates provide the next phase in a continuous program of product improvement and enhancement.
The presence of duplicate vendors and errors on a master vendor file is one of the main causes of vendor fraud and making overpayments in accounts payable departments.  Duplicate Supplier Finder module identifies potential duplicate vendor entries, fraud and errors in the accounts payable master vendor file. Like other modules in the AP Forensics® suite, it uses world-class pattern matching and search algorithms, and generates a number of reports to identify potential duplicate vendor accounts.  Used on a regular basis, it rapidly cleans and maintains master vendor files, supporting the drive by both AP managers and audit departments for AP best practice.

With a major emphasis on helping AP teams to combat fraud, Duplicate Supplier Finder™ module now offers over 20 new or improved features. These include:

• Enhanced algorithms to detect vendor fraud
• Ability to compare one vendor file against another and show the duplicates
• Ability to compare an employee file against the master vendor file
• Improved management reporting
• A series of new exclusions and ways to filter data, to allow AP teams to conduct more tailored searches
• New reports to validate VAT number and zip codes
• More granular breakdown of duplicate types
• An improved look and feel that brings it in line with other AP Forensics® modules

FISCAL offers a series of free webinars designed to help AP managers develop best-in-class AP teams. The next webinar addresses the issue of reducing vendor fraud. For more details, check the FISCAL website here: http://www.fiscaltec.com/events/index.html

Lesley Reeve, COO of Solution Development, says: “AP Forensics® is a must-have toolset for anyone managing or overseeing Accounts Payable. We have listened closely to our customers to ensure the latest software generates greater business value in a quicker and easier to use way.”

About FISCAL Technologies

FISCAL Technologies Ltd, founded in 2002, provides world-class accounts payable audit software for corporations and government agencies to detect duplicate payments, fraud, invoicing errors and compliance issues. Organizations trust these solutions to meet their needs for cost reduction and increased control and protection of their working capital.

FISCAL's AP Forensics® suite consists of three core modules to analyze invoices, supplier accounts and VAT line items. Using industry-leading algorithms and pattern-matching technology, these modules have been designed specifically for Accounts Payable staff to easily run on a weekly or constant monitoring basis. They can work alongside any accounting system and have been used to scan hundreds of millions of transactions across the globe.

About AP Forensics®

AP Forensics works by analyzing accounts payable transactions, processes, people and suppliers to avoid accidental duplicate payments, invoicing errors, compliance issues and supplier fraud. Most accounting systems are designed to carry out only basic checks, leaving a need for additional specialist software like AP Forensics to prevent organizations losing sometimes hundreds of thousands of pounds a year.