Leveraging your spend with suppliers is key to your success
With student numbers declining, budgets for the finance department inevitably reduce. Without change, leaner operations create a breeding ground for increased risk and fraud within Procurement and Accounts Payable.
The challenge is to introduce risk reduction and additional compliance controls without increasing overall supplier invoice processing costs. This can only be achieved by moving from reactive recovery to proactive prevention of irregular payments and needs to be introduced alongside other cost reduction initiatives.
Drivers that increase risk and fraud in education finance departments include;
- Increased competition for a shrinking pool of students
- The need to generate new revenue streams
- The increasing cost of providing student value
- The drive to leaner operations
- Adopting new technologies to be more cost efficient
FISCAL solutions use forensics and artificial intelligence to check every transaction with a battery of tests that identify possible errors, compliance issues or fraud. Armed with this insight, educators can protect their supply chain, safeguard working capital and reputations, drive cost efficiencies and protect margins.
Our education customers include
"FISCAL’s solution is an excellent tool to assist you with what you can’t see, it helps us catch mistakes and gives us ultimate control."
AP Manager, University of Richmond
Over 15 years, FISCAL has built up an in-depth understanding and appreciation of how educational customers need to protect their organizational spend.
To find out how you too can benefit, contact FISCAL Technologies here to discuss a no-cost, no-risk demonstration of the protection enjoyed by over 250 organizations.
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University of Richmond
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Brochure: Transforming Financial Operations in Education
5 key steps for implementing a self-funding AP risk management program.