FISCAL Technologies offers a cost-effective way to get the best value from taxpayers’ money. Their forensic software acts as a guardian of council spend by continuously monitoring accounts payable transactions and suppliers to protect against high-risk payments, fraud, invoicing errors, and compliance issues.
Local authorities are exposed to potentially high levels of losses through overpayments and fraud, which can exceed £500k p.a. per local authority. FISCAL already protects 14 London councils who have saved millions of pounds and countless hours of manual checks and historical recovery costs by enlisting FISCAL’s sophisticated algorithms.
So what’s it all about?
FISCAL Technologies’ AP Forensics® software solution is designed for use by councils’ own AP, Procurement and Audit departments. It works alongside all Enterprise Resource Planning (ERP) systems on a continuous monitoring basis to reduce the need for time-consuming manual checks and recovery audit fees, saving time and money.
Councils can request a free risk review which will analyse and report on the local authority’s own transaction data, including examples of transactions that may have resulted in historical overpayments. The software is furnished via a renewable cloud service which will then continuously monitor all the accounts payable transactions and provide master supplier file analysis to prevent potentially erroneous or fraudulent payments being made.
Developments in Purchase-to-Pay have significantly increased the complexity of transactions and, as many processes are automated, these transactions are now happening faster and faster. Outsourcing transaction processing to third parties and upgrading or changing ERP systems in particular increase the risk of errors or fraud at a time when councils are under pressure to spend frugally and save money where they can.
We spoke to Michael Duffy, Regional Head of Customer Development
· How did you get involved with London Ventures?
FISCAL were thrilled to have been identified by London Ventures as an innovative company which offers solutions specifically geared to helping local authorities safeguard public spend for the benefit of the communities they serve.
· What do you think is FISCAL’s unique selling point?
We’re the only audit software firm to focus specifically on continuous monitoring, so even after our risk review has identified historical overpayments, councils will continue to benefit every day from ongoing error prevention, time and cost savings, and process improvement.
· Why is FISCAL an exciting opportunity for London local authorities?
Typical payback is under three months, and the free risk review will provide tangible evidence of overpayments and process gaps even when councils believe their processes already protect them from most errors or fraud. Councils have to be seen to be doing everything they can to protect taxpayers’ money and that should start with how well they spend it.
Why you should get involved?
Council finance chiefs who have a fiduciary duty to limit risk and ensure compliance need to recognise that many of the standard controls--like three-way matching--are not robust enough to protect from errors and fraud.
FISCAL’s software offers many ways to protect council spend through:
§ Reduced Risk from duplicate payments and invoicing errors
§ Working Capital Protection through preventing overpayments at source
§ Time and resource efficiencies owing to fewer manual checks, historical recovery and raising of credit notes
§ Process Improvement driven by actionable insight from pre-defined reports
§ Strengthened compliance by monitoring and enforcing adherence with established AP policies
§ Counter-Fraud via a consolidated report highlighting high-risk suppliers
§ Increased control due to heightened visibility
§ Master File maintenance by regular proactive cleansing and de-duping
§ Recovery of historical overpayments upon implementation, yielding lost revenue
FISCAL Technologies in a nutshell
FISCAL Technologies provides the most comprehensive protection for councils’ accounts payable finances. Like all government departments, London councils are under pressure to spend frugally, which is why recovering historical overpayments and then preventing future errors demonstrates fiscal prudence and leads to long-term savings.
By improving accounts payable governance, setting up clear management processes and consistently tracking key metrics, councils can streamline their processes and inject an error prevention culture into the organisation.
Find out more… you know you want to
Have a look at other innovative products in our portfolio on our current ventures page.