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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Perth and Kinross Council had a decentralised payments function that led to one employee being responsible for all 75,000 supplier invoices – valued at £274M! It was an inefficient process and left the organisation vulnerable to overpayments and fraud. FISCAL’s solution enabled a more efficient, protected P2P process with greater visibility of transactions and erroneous payments.
Perth & Kinross Council is one of 32 local councils in Scotland, serving a population of over 150,000 and running services including housing, transport, planning and schools. Its former slow and decentralised P2P processes were unable to offer the best protection against fraud. With high volumes of invoices and a large annual supplier spend, an efficient system that minimises the risk of errors and attacks is imperative.
The Financial Systems Team has five members, with one full[1]time employee allocated to collating 75,000 invoices each year from over 4,000 suppliers for schools, property maintenance and utilities. In the financial year 2020/21, Perth & Kinross Council’s net revenue budget was £379 million and its annual supplier spend was £274 million. Lynn Law, Financial Systems Team Leader was concerned that due to a decentralised function and the increasing number of fraudulent attacks across the sector, their P2P cycle could be open to errors such as overpayments on invoices, and could be a target for supplier fraud. To address these concerns, Lynn wanted to find a solution that was able to:
In short, she needed a solution that would give her team and the council’s spend the best protection.
As a member of the Scottish Council Accounts Payable Forum, Lynn discovered that FISCAL’s P2P risk management solutions were enabling other councils to protect their supplier spend before payments were made.
Many of her peers on the forum who used FISCAL’s solutions were saving valuable time by improving process efficiencies and gaining increased visibility into their transactions. They had recovered thousands of pounds in overpayments, with return on investment sometimes being more than 400%.
In 2019, Lynn had an initial meeting with FISCAL to agree on a free Risk Review offered by our Services team. After a simple download of data, a few weeks later the insights were astounding. The amount the council could recover completely covered the investment of purchasing FISCAL’s solution.
Lynn said it was a “total no-brainer” to FISCAL’s P2P risk management solutions. The implementation was simple, with zero downtime to the systems they already had in place.
FISCAL provided thorough training, which was reinforced by our online training platform where the team can access recorded presentations and webinars. Our Services team organised regular virtual interactive training sessions for the council to use as timely refreshers. If the team needs any extra help, our support desk is highly responsive, with any user issues answered the same day.
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We’d love to show you our solutions in action!
