Protecting public spend is key to your success
The demands on financial operations in local government are more challenging than ever before. Teams are under pressure to reduce operating costs and simultaneously reduce improper payments.
Factors such as high staff turnover – leading to the loss of experienced finance personnel and dual roles for those that remain, reducing central funding support and new financial systems significantly increase the risk of errors and fraud occurring.
“The use of proactive data monitoring and analysis correlates with 52% lower fraud losses and 58% faster resolution, yet only 37% of organizations implement these controls.”
- ACFE Report to the Nations 2018
Drivers that increase risk and fraud in government finance departments include;
- Reduction in budgets
- Master vendor file cleansed infrequently
- Lack of actionable insight from operational finance data
- Reduction in financial operations headcount
- Increasing automation and lack of human oversight
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, local government finance teams can protect their supply chain, safeguard working capital and reputations, drive cost efficiencies and protect margins.
Our government customers include
"Once we saw NXG Forensics we wanted to start using it as soon as possible. The increased visibility benefits the whole team as we identify a broader range of processes and errors to address than was possible before"
Income & Payments Manager, East Ayrshire Council, Scotland
Over 15 years, FISCAL has built up an in-depth understanding and appreciation of how government 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 organisations.
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