This UK subsidiary of a major US corporation is a world-renowned multi-channel online retailer, shipping over 15 million units per year.
The Accounts Payable team processed over 85,000 invoices a year and made payment runs every two days. The retailer needed a quick and easy-to-use system to detect invoice and payment errors and their causes. They also wanted to protect their financial operations and ease the transition during an ERP upgrade. In addition to identifying potential overpayments, AP Forensics® pinpointed the main issues within the retailer’s processes, prompting improvements.
The AP team had been used to laboriously cross-referencing monthly and cumulative spreadsheets on a retrospective basis to identify any possible errors. The whole process was very time consuming, taking up to four full days of each month, due to the volume of transactions. They were ultimately constrained by the functionality of their accounting system and their automation tools.
The retailer selected the AP Forensics suite after a Risk Review uncovered significant problem payments and errors within previously recovery-audited records. The AP team now download transactions daily and run them through AP Forensics before the payment runs are produced. This enables the company to catch any payments before they go through the system and adjust the account before payment is made.