Customer Login
 



PROCESS IMPROVEMENT

 

For finance departments under pressure to continually improve, the challenge comes when the easy fixes have been made with automation. To get to the next level of improvement requires addressing more complex risks such as fraud, process failures, compliance issues and overpayments. By the time these have been identified by retrospective audits, it is often too late to remedy them without incurring significant costs.

A proactive, preventative solution is needed to improve processes on a daily basis and protect purchase-to-pay teams against a wide range of risks. The AP Forensics® software suite does just that. It is designed as an easy-to-use tool for Accounts Payable, Purchase-to-Pay and Shared Service teams to routinely audit their transactions and proactively cut costs, increase control, and address process issues.

The actionable insights provided by AP Forensics® enable P2P teams to significantly improve their processes and both monitor and improve their performance, thereby better serving their organization and suppliers.

A Unique View  

AP Forensics® provides a crystal clear overview of the organization’s transactions, increasing visibility both within the team and between the finance functions. Not only are performance metrics and KPIs generated automatically via the reporting module, AP Forensics® includes over 80 reports to identify the real root causes that are leading to errors and process issues, which can then form the basis for remedial action.

Corrected process errors ultimately bring significant down-the-line savings to the organization.

Proactive Supplier Management  

In the battle against fraud, a basic but effective weapon is regular cleansing of a centralized master supplier file. Using world-class pattern matching and search algorithms, AP Forensics®’ various detection and management functions allow P2P teams to monitor suppliers and internal processes more closely to uncover possible fraudulent accounts and thereby ensure they comply with increasing legislation and financial regulation. Identifying the worst-performing suppliers and engaging them with evidence ensures further invoicing errors are avoided.

Improved Audit Results

P2P departments can now thoroughly prepare for external audit exercises, both through their daily preventative activities and by conducting a comprehensive historical audit themselves beforehand.  This will also reduce any auditor fees payable.

Additionally, since annual auditors typically review controls around organizational spend and the master supplier file, demonstrating the proactive use of a tool such as AP Forensics® gets a tick in the box from the auditors and helps support SOX compliance.

Improved Error Resolution

Error prevention at source is a key characteristic of all best-in-class P2P teams and AP Forensics® allows teams to find a wider range of errors more easily and more quickly than ever before. Constant transaction monitoring and automated reporting mean staff time otherwise spent to identify or research errors is saved to resolve them instead.

Would you like more information?

 


FISCAL Technologies Inc. Contact Us | Privacy Policy | Careers | EMEA Website www.fiscaltec.co.uk | Google+ © 2002-2015.  All rights reserved  .