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.
Discover more
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.
Discover more
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.
Discover more
Managed AP recovery auditA focused review of historical overpayments and recovery of lost value to improve your ledger accuracy, completed by the FISCAL team.
Discover more
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.
Discover more
Forensic risk analysisA comprehensive review of AP transactions, suppliers and statements, best during times of change to protect from fraud, overpayment and non-compliance.
Discover more
Consulting and bespoke reportingAdditional tailored project work including training, consultancy and reporting, including analysis and reporting led by our experts.
Discover moreIn-person event
An evening of practical discussion on where AI is genuinely earning its place in finance functions, and where it isn't yet.
Reserve a place
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.
Customer Support:[email protected]
Visit our Knowledge Base
for FAQs and live service status.
Your trusted advisor for all things Accounts Payable.
Islington Council were facing prompt payment pressures, whilst also working with fewer resources. Overpayments were being missed, and using external auditors was expensive and time-consuming. After implementing FISCAL’s solution, they now enjoy best-in-class payments processing and analysis, past overpayments are easily recovered, and future errors are proactively avoided.
Islington Council is a local authority for around 190,000 residents in North London. With high volumes of invoices to pay and a long list of suppliers, the council knew that even the best accounting systems and internal procedures couldn’t necessarily prevent all duplicate payments and errors. However by using highly specialised accounts payable audit software daily, Islington can catch these errors early, save time and improve cost-efficiency.
As with many local authorities, Islington has a large master supplier file and manages tens of thousands of supplier invoices each year. Nationally, duplicate payments make up between 0.5% and 0.1% of all annual invoice payments, meaning that one in 1000 payments could be a duplicate. The council was rightly concerned about the risk of overpayments and fraud.
Since 2008, Islington has been under increasing pressure from central government to pay suppliers quickly, typically within 10 days, while simultaneously maximising public funds. To help meet these objectives, its main goals were to:
The Accounts Payable (AP) team recognised a need to improve the existing systems and processes. With this in mind, Rezan Watts, the council’s Payment Services Manager, was keen to identify a software solution that would become part of its payment processes, reinforce its own audit checks, and help develop best-in-class accounts payable practices.
Islington installed FISCAL’s industry-leading accounts payable audit software, to help strengthen its existing payment controls. Thanks to highly sophisticated unique search algorithms and pattern matching techniques, the software identifies duplicate payments, supplier fraud and errors.
It has the ability to work alongside any accounting system, without requiring a lot of IT resources as it does not need a direct interface with the council’s existing accounting software. Islington was impressed that the software was simple to install and use, with no need for extensive training. Additionally, as it takes less than an hour to highlight real results, the council uses it every day to provide the greatest protection.
FISCAL provides the council with the right solution at the right price, which is particularly important in the current economic climate. FISCAL’s Forensic solution is used and trusted by more than 50 local authorities in the UK.
If you found this useful, you may like the recommendations below
This CPD accredited webinar explores the full spectrum of spend risk in purchase to pay, from invoice fraud and duplicate payments to supplier data gaps, and why traditional controls alone
Learn all about the UK e-invoicing mandate and how to prepare in finance
FISCAL believe in allowing you to use our software in the best way for your processes. So we’ve developed AI connectivity to help you access FISCAL data from your AI.
Early supply chain warnings before a supplier failure costs you.
We’d love to show you our solutions in action!
