Public sector bodies can now defend against procurement error and fraud more easily following FISCAL Technologies’ acceptance to the government’s digital marketplace.
FISCAL Technologies, the Procure-to-Pay risk management solution provider, has today announced that it has been awarded a place on the G-Cloud framework, offering its expertise in identifiying historical payment errors and adverse payment trends. Through identifying these errors lost working capital can be uncovered, and saving on costs and increasing effectiveness.
FISCAL Technologies already has a strong footprint in public sector, working with organisations to implement predictive forensics in order to retain and protect cash proactively. Its NXG Forensics product – a cloud-based Procure-to-Pay (P2P) assurance solution allows customers to comply with finance best practices all while identifying risks and streamlining user workflow across P2P. It enables public sector organisations to identify historical payment errors and adverse payment trends with exceptional accuracy and clarity, to uncover lost working capital, through its Forensic Payables Analysis service.
Refined over 12 years of working with over 100 public sector organisations, FISCAL’s unique service uses payables data from any ERP system to apply an extensive range of AI powered tests and logic to support financial stability and maintain supply chain relationships.
Colin Rigby, Director of Channel and Alliances at FISCAL Technologies says; “The G-Cloud framework is designed to make procurement of cloud services by public sector bodies easier and more cost effective so we couldn’t be happier to now be part of this framework and offer our expertise.
“While a need to focus on cost savings and increased efficiencies across public sector has been present for some time, the COVID-19 pandemic has shone an ever brighter light on this as new pressures have presented additional challenges. Furthermore remote working has opened up further vulnerabilities, worsening fraud cases. It’s therefore become imperative that public sector organisations address these issues and this is where we come in. Ultimately, any AP teams that are able to act on data and factual information and have oversight, rather than reacting in hindsight, will be in a strong position to battle these challenges.”
Colin concludes, “Without strong controls, the risk of financial loss is greatly increased. Continuous, preventative analysis and monitoring of payments – independently from the ERP system – delivers greater control and reduces loss due to error and fraud. Ultimately, in the current climate it’s never been more important to protect cash and uncover lost income. Having the right predictive forensic insights in place enables councils to do this.”
About FISCAL Technologies
FISCAL Technologies is a world leading provider of forensic solutions and services that empower purchase-to-pay teams across the globe to protect organisational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL Technologies’ award‑winning, cloud-based risk management platform is used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of transactions and is now relied on by leading private and public sector organisations.
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