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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Blaenau Gwent Council were challenged by difficulties paying an ever increasing number of invoices in a timely manner. After implementing FISCAL’s solution, they had better control of Accounts Payable, including improve profitability, cash flow and a reduction in fraud and financial risk.
Covering an area of approximately 10,900 hectares and with a population of 68,400, Blaenau Gwent Council has an Accounts Payable (AP) team of six people. The team processes over 110,000 transactions per annum, split between 83,000 paper invoices and 27,000 electronic invoices. As AP teams in the public sector are becoming increasingly regulated, centralised and automated, there is a greater need for the correct tools to be used on a regular and timely basis to ensure against duplicate payments, fraud and other errors, as well as reducing costs.
In 2008, the Government took many steps to create a level playing field for public sector suppliers and announced a 10-day payment policy. In the March 2010 budget, it went one stage further and Government bodies are now required to pay 80% of all undisputed invoices within five days. This puts extreme pressure on the public sector AP teams who already have the responsibility of providing an excellent service at a low cost.
Nationally, duplicate payments make up between 0.05% and 0.1% of all annual invoice payments, meaning that one in 1000 payments could be a duplicate. With Blaenau Gwent Council processing in excess of 110,000 invoices a year, this could leave them open to thousands of pounds wasted through erroneous payments.
Although it had excellent systems and processes already in place, the team needed a bolt on solution that would:
Blaenau Gwent Council established that FISCAL’s Forensic solutions suite is a set of powerful tools that financial professionals can use to reduce costs, detect fraud and optimise working capital. The solution can identify overpayments and potential risks in present and past accounts payable data, either on a daily, weekly or constant monitoring basis.
Its detection and management function has numerous features that allow the AP team to monitor invoices and supplier accounts more closely in order to comply with internal and external finance rules and policies, which perfectly suits the Council’s needs.
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