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.
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.
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Fruit of the Loom depended on a complete manual audit of each invoice prior to system release for payment to catch duplicate or erroneous entries. Discover how we helped them automate this process and achieve 100% ROI within a short time.
Fruit of the Loom Inc (FOTL), a Berkshire Hathaway company, is a long-established global manufacturer of quality clothes. The company has over 32,500 employees worldwide. The company’s AP team of 30 employees used Oracle as their ERP platform. They processed 150,000 invoices per year with a 75% purchase order match rate, issuing payments weekly. Although the payments were centralised, invoice entry was decentralised.
The company had five full-time employees who completed a manual audit of each invoice before system release for payment. This process was time-consuming and tiring, and despite their efforts payment errors were still a risk. Several large, long-term finance projects were also in progress, requiring the team to stretch their efforts. The Treasury department owned the company’s 7000 strong master supplier file and were responsible for yearly reviews. However, Fruit of the Loom wanted a way to cleanse the supplier file more often without it impacting too much staff time.
They also brought in external auditors every three years, and Accounts Payable staff performed quarterly post-audits by analysing system dump data in Excel. This took several weeks due to the sheer volume of transactions, and human error meant there was a risk of mistakes or oversights. The review could also only look at three months of data at a time. The team knew they needed to extend this time range and make the process less labour-intensive.
The company’s US headquarters selected FISCAL’s software to protect their accounts payable operations, then quickly decided to roll out the implementation internationally, incorporating their UK and European operations. By choosing our software, the team could automate their controls and find exceptions, duplicate invoices and other risks before payment. This prevented erroneous payments before they occurred, rather than incurring the fees that come with audit and post-review. FISCAL also provided transactional review across a three-year span of data in an easy and efficient way.
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