IDENTIFYING PROCURE-TO-PAY (P2P) TRANSACTIONAL RISK
The majority of organizations with an annual spend in excess of $10 million are unknowingly losing revenues to disbursement errors and fraud.
Even organizations that utilize a high degree of automation and apply strict 3-way matching procedures inevitably lose money due to human error, invoicing errors, non-compliance, process issues and vendor fraud. Current accounts payable technologies and manpower simply cannot protect against all of them.
The best approach when considering a P2P risk mitigation is to be proactive and use continuous monitoring controls such as AP Forensics. It employs a unique combination of sophisticated search algorithms and machine learning that are constantly refined and improved to produce the most comprehensive analysis of P2P transactional risk ever. Since 2003, hundreds of organizations around the world have saved billions of dollars with FISCAL’s solutions.
The benefits of AP Forensics®:
- Prevents payment hazards by identifying high risk transactions such as duplicate payments, fraud, missing credits, and compliance issues
- Increases AP control by generating actionable insights
- Drives performance improvements through root cause analysis
- Saves AP and audit time efficiencies by having the most comprehensive P2P risk rating system
- Strengthens compliance by identifying invoicing errors and anomalies
- Offers extensive pre-built reports to highlight areas for operational process improvement
- Provides improved visibility of proactive controls as required by Sarbanes-Oxley and similar regulations