IDENTIFYING PROCURE-TO-PAY (P2P) TRANSACTIONAL RISK
The majority of organizations with annual spend in excess of £10 million are unnecessarily losing working capital to disbursement errors and fraud, or by simply not following Accounts Payable and P2P best practices.
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 supplier fraud. Current Accounts Payable, P2P and Enterprise Resource Planning (ERP) technologies simply cannot protect against all risks.
The best approach when considering a P2P risk mitigation is to be proactive and use continuous monitoring and controls. NXG Forensics® provides this with a unique combination of advanced search algorithms and machine learning that are constantly being refined and improved to produce the most comprehensive analysis of P2P risks possible.
Since 2003, hundreds of organizations around the world have saved billions of pounds with FISCAL's solutions.
The benefits of NXG Forensics®:
- Prevents payment hazards by identifying high risk transactions such as duplicate payments, fraud, missing credits, and compliance issues
- Increases AP and P2P control by generating actionable insights
- Drives performance improvements through root cause analysis
- Creates AP/P2P and audit time efficiencies with our unique risk rating system
- Strengthens compliance by identifying invoicing errors and anomalies
- Offers extensive pre-built reports and dashboards highlighting areas for operational process improvement
- Provides improved visibility of proactive controls as required by internal best practices and external regulations