Top 5 Purchase-to-Pay Risks You Need To Know In 2024 And How To Mitigate Them - Tuesday 9th July- 2:00 PM (GMT) l 9:00 AM (ET)

Expert consulting and training support.

FISCAL customers have access to consulting, training, and recovery audit services that help them plan, implement and achieve their desired business outcomes.

We work with you to understand your organisation’s objectives.

We provide guidance on getting maximum value from our software

Our consultants deliver supporting services including statement reconciliation, benchmarking, master data management, recovery audits, and process improvement analysis. We help you develop your best practices for financial transformation.

Find out more about our services.

Recovery Audit

Our recovery audit is a financial data-mining service that involves using our software to identify and verify duplicate and overpayments already made, and any potential fraud within your historical payments. We then work to recover these from suppliers.

Our trusted experts identify, analyse, and work with you to identify then recover lost funds. We rely on these essential insights to help you develop best practice routines in your finance department, and this in turn improves your bottom line and future cash flow.

Statement Reconciliation & Management Service

A targeted statement reconciliation process is a vital control that many Accounts Payable teams are unable to perform; there is never enough time.

Using our solution to direct their statement reconciliation efforts, our consultants can perform statement matching with your suppliers to identify any discrepancies between your accounts payable and your supplier’s statements.

Adding statement reconciliation into your control process improves the accuracy of your ledgers, and can release locked-up cash in your P2P cycle in the form of unused credit notes and previous overpayments made that can be recovered.

Forensic Review Service

Our recovery audit is a financial data-mining service that involves using our platform to forensically audit your data. We identify and verify duplicate and overpayments already made, and any potential fraud within your historical payments. We then work to recover these from suppliers.

During periods of increased workload and working practice changes, Accounts Payable teams can find themselves struggling to prioritise the risks needing resolution or escalation. They may have staff shortages, audits or other priorities which take time away from reviewing our softwares’ reports and risk lists.

With our Forensic Review Service, our consultants will be an extension to your Accounts Payable team. We use our knowledge of risk identification, interpretation and mitigation, when you don’t have the resource to utilise our software fully.

This helps you receive the maximum benefit from our solution in the near-term, and through knowledge transfer, learn how to use the system fully for long-term benefit.

Accelerated Forensic Analysis

Reviewing historic transactions and Master Supplier Files (MSF) can be time-consuming, which is why they are often placed on the back burner with the number of payment risks rising and being missed.

Used in conjunction with our software, an Accelerated Forensic Analysis (AFA) is designed to comprehensively review historical transactions and MSF, accelerating ROI, and prompting effective next steps. The review can present customers with a manageable and prioritised set of overpayments as well as provide root cause analysis.

Our consultants will provide a full walkthrough of all results and findings, as well as providing recommendations for proactive best practice of software usage.

P-Card Spend Analysis

While purchasing cards (P-Card) have many benefits, it is important that you review P-Card spend for exceptions. Even the strongest internal controls will not completely eliminate the risk of duplicate payments, fraud or compliance issues. As well as checking spending within the P-Card stream, we compare P-Card to AP ledger spending to check for duplicate payments across the two methods.

Our P-Card Service offers an easy, cost-effective way to protect your P-Card spend from risks. The service is based on our core software technology and has been designed to specifically interrogate P-Card transactions.

A trusted expert will work with your organisation to reconcile P-Card transactions with your AP ledger and pinpoint areas of concern, refining criteria.

Read our blog: PCards – Does the ‘new normal’ change the landscape?

Supplier File Performance Review

More often than not, P2P teams do not have enough hours in the day to check Master Supplier Files thoroughly and regularly. A poorly managed MSF is a breeding ground for fraud and payment issues and without a proactive, intelligent approach, these risks typically worsen over time.

A Supplier File Performance review includes making an analysis of dormant accounts, duplicate supplier records and carries out data validation checks, all of which are vital in reducing the possibility of fraud and payment errors.

FISCAL’s performance review does all the hard work, and our expert consultants will analyse and interpret the review outcome, enabling them to offer customers steps to take to ensure a cleaner and more manageable MSF to work with across P2P teams.

Personalised Training, Consulting & Reporting

We understand each of our customers are unique and all have different business requirements. Here at FISCAL Technologies, we offer additional tailored project work to our clients, including training, consultancy, and reporting.

Our consultancy team can create a customised set of reports on many different areas, including fraud risk analysis, which can be delivered monthly, quarterly, or yearly. These additional reports and insights can be used to further fine-tune our customers financial processes and ensure the software is continuously being utilised to ensure maximum value from the investment of our solution.

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