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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An evening of practical discussion on where AI is genuinely earning its place in finance functions, and where it isn't yet.
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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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Guy’s and St. Thomas’ NHS Trust had over 360,000 annual supplier invoices that were being manually checked. They wanted to secure their payments process against irregularities and chose FISCAL to help – to date, they have achieved over 1000% ROI!
Guy’s and St Thomas’ NHS Foundation Trust (GSTT) comprises two of London’s best-known teaching hospitals, Guy’s Hospital and St Thomas’ Hospital. It is home to the Evelina London Children’s Hospital and provides community services in Lambeth and Southwark. Collectively, they form one of the largest and most successful Foundation Trusts in the UK, with an annual turnover of £1.6 billion and providing 2.6 million patient contacts a year.
Across the NHS, there is a constant need to identify new opportunities for cost savings and process improvements to ensure maximum funds are available for patient care. This requires NHS Trusts to identify supplier payment irregularities. But like most Trusts, GSTT’s existing controls for supplier invoices were manual and time consuming.
The Accounts Payable (AP) team processes 30,000 invoices processed per month, of which 55% are received electronically. The rest are paper based, with the AP team manually entering these into their system.
With this volume of invoices and manual processing, the team’s reactive checks were no longer adequate. Internal audits had confirmed that some AP processes were inefficient and the Trust was making incorrect payments. It needed a new solution that:
• Identifies all erroneous payments
• Proactively checks payments before they are made, to avoid working capital leaving the Trust only to be recovered sometime later
The Trust’s Chief Accountant and AP Manager engaged FISCAL Technologies to conduct a Risk Review, in which a sample of AP transactions are run through FISCAL’s forensic solution, identifying highrisk transactions and other potential areas of risk. Supplier payments were proactively checked before being issued.
The Risk Review uncovered sufficient duplicate payments that, when recovered, would make the solution self-funding for the initial 3-year service agreement. By using the Trust’s actual data, the Risk Review demonstrated, with a high degree of accuracy, the latent value that would be unlocked with FISCAL’s solution.
With the business case established, the Trust decided to move away from retrospective auditing to continuous, preventative control. FISCAL’s Forensics solution was fully implemented to identify transactions that have a high-risk of being fraudulent, incorrect or in breach of compliance, and alert the AP team prior to payments being made
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