Software
Transaction risk intelligenceMaintain control of transaction risks to protect spend and improve cash flow. AI analyses and identifies risks across every transaction including duplicate invoices, data discrepancies, suspicious activity and incorrect POs. Use these insights to resolve exceptions faster and pay suppliers correctly.
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Automated supplier statement reconciliationMatch more statements, more often. AI automatically requests, collects, processes, and compares ERP data to find exceptions, saving time and increasing productivity. Shift team focus to recovering overpayments and missing credits.
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Supplier risk intelligenceTransform supplier file maintenance challenges into payment confidence and audit readiness, and highlight compliance and supply chain risks. Our software intelligently detects dormant or duplicate suppliers and incorrect supplier data, to prevent fraud and losses.
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Managed AP recovery auditA focused review of historical overpayments and recovery of lost value to improve your ledger accuracy, completed by the FISCAL team.
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Supplier file performance reviewA review of your master supplier file, giving you the ability to cleanse it of dormant and duplicate suppliers, to prevent payment delays and decrease fraud risk.
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Forensic risk analysisA comprehensive review of AP transactions, suppliers and statements, best during times of change to protect from fraud, overpayment and non-compliance.
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Consulting and bespoke reportingAdditional tailored project work including training, consultancy and reporting, including analysis and reporting led by our experts.
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Local Government organisations across the UK trust our software to indicate transactional and supplier risks. Discover how our solutions can reduce overpayments and spot attempted supplier fraud.
40+ AP teams in public and private healthcare organisations trust FISCAL to find and mitigate risks. Learn how we protect your working capital and help continuously improve process efficiency, so you can focus on providing care.
Our end-to-end transaction and supplier risk solutions are trusted by over 100 businesses. From national retail chains to international currency providers, we've helped clients reduce cash leakage and improve their P2P processes.
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The Specsavers Finance Shared Services Division supports over 2,000 stores in the UK, Ireland and the Netherlands. The AP team processes more than 100,000 invoices each month using one ERP system, Open Accounts V8, across multi-organisational entities. FISCAL’s unique software gives Specsavers instant £1.5 million ROI and slicker processes.
Specsavers is a British multinational optical retail chain, operating mainly in the UK, Ireland Australia, New Zealand, Canada, Norway, Sweden and the Netherlands. As well as optician services and eyesight testing, Specsavers sells glasses, sunglasses, contact lenses and hearing aids. It employs over 32,500 people who work across its 1,978 stores, as well as its support offices and throughout the supply chain.
The Specsavers Finance Shared Services Division supports over 2,000 stores in the UK, Ireland and the Netherlands. The AP team processes more than 100,000 invoices each month using one ERP system, Open Accounts V8, across multi-organisational entities.
Historically, each store would send its invoices daily via post bag, making the AP team’s work manually intensive, frustrating and time consuming.
Just prior to contacting FISCAL Technologies, the team had introduced a .pdf plug-in solution to enable the stores to electronically forward invoices to an AP mailbox. The ERP system could pick up these invoices for the processing teams to manage. But due to the high volume of invoices, there were still major risks of errors and fraud which meant daily checks on all payment runs.
The AP team wanted a solution that:
FISCAL’s solution involved implementing our cloud based Procure-to-Pay risk management software. This happened in February 2020, at the beginning of the COVID-19 pandemic.
Store closures during lockdown allowed the AP team to review their processes and focus on improvements. The software was crucial, giving the team extra forensic analysis to identify errors while enabling them to process more transactions daily.
The team found the software easy to navigate, and described the onboarding, support and workshops as “second to none”. Specsavers were able to replace their old and “tiresome” manual process with new, slicker ones that make use of automation. This gives them confidence that erroneous transactions can be rectified before payment is made.
The team has evolved and restructured because of these improved processes. A new ledger maintenance team was made to manage the daily forensic reports, KPIs and dashboard. Team members are empowered to build better supplier and stakeholder relationships. The AP career path became clearer, and team members have time to work towards professional finance qualifications.
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