The Virginia Department of Transportation (VDOT) Selects FISCAL Technologies for the Protection of Spend
Press Release | 21st November 2016
Raleigh, NC – November 21st, 2016: FISCAL Technologies, the world-leading provider of accounts payable forensic software, has been awarded a three-year contract to provide the Virginia Department of Transportation (VDOT) with its AP Forensics® software to reduce risk, improve compliance, detect fraud and prevent overpayments.
VDOT is responsible for building, maintaining and operating the state’s roads, bridges and tunnels. Its decentralized accounts payable department processes over 100,000 payments and transactions valued at approximately $4 billion. VDOT chose AP Forensics® to help protect its working capital while also driving efficiencies and savings for the benefit of their ambitious transportation programs and projects.
FISCAL Technologies initially provided VDOT a complimentary risk review exercise that identified retrospective overpayments that were prioritized for recovery at no charge to VDOT. With full implementation, the AP Forensics® software solution will generate perpetual savings by identifying and preventing overpayments, as well as flagging potentially fraudulent transactions and ensuring up-to-date master supplier data.
According to Eric Hayes, FISCAL Technologies’ US Director of Client Development, “The Virginia Department of Transportation should be commended for the considerable number of best practices and controls currently in place to review transactional activity. The incremental and actionable insights that AP Forensics® provides will further strengthen VDOT’s forensic abilities to protect organizational spend.”
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About FISCAL Technologies:
FISCAL Technologies is the leading provider of forensic solutions that empower purchase-to-pay teams across the globe to protect organizational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL solutions are used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of payments and is now relied on by over 250 leading organizations.
For more information, please visit www.fiscaltec.com.
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