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Fiscal - Prevent invoice fraud and payment error

Protecting public funds. Improving payment processes.

  • By London Councils

 

Fiscal Technologies' AP Forensics® software suite is currently used by 15 London Councils, and over 70 UK Local Authorities to protect against, fraud, invoicing errors, and compliance issues. Such losses can exceed £500k p.a. per council.

FISCAL Technologies Ltd. is a UK based company with over 240 customers in the UK, US, Canada, Europe and India. FISCAL won the Queen’s Award for Enterprise in Innovation in 2016.

AP Forensics® has already saved over £25M across 15 London councils and can be implemented in your Council within a few weeks.

 

Summary

All Councils are exposed to potential high levels of losses through overpayments and fraud. Vulnerabilities often exist due to limited controls being in place e.g. SAP, Oracle, Agresso and Integra ERP systems all perform very basic checks on duplicate entries of invoices. The Cabinet Office’s review of the 2014-16 NFI results showed that even with NFI over 1/3rd of identified creditor overpayments are not recovered so they recommend NFI participants should use the NFI matches in conjunction with alternative matching services from other providers.

AP Forensics® is a preventative software solution which enables the Council’s Accounts Payable team to perform comprehensive checks prior to payment. The software analyses accounts payable transactions, master supplier files and VAT entries on a daily  constant monitoring basis and  highlights potential overpayments, supplier fraud, process errors and compliance issues.

The software provides KPI dashboards & reports that help protect spend, minimise errors, heighten visibility, improve processes, increase efficiencies and control. Full drill-down to detailed data and the results of investigations is included and status reports on the resolution of issues are provided to monitor progress.

 

Benefits

Financial Savings;

  • Immediate payback from initial review and recovery of historical overpayments
  • Daily prevention of errors before payments are made
  • Replacing time-consuming, ineffective, manual checks.
  • Reduced costs of recovery audit fees.

Non-Financial Benefits;

  • Evidence based reports and root cause analysis drives process improvements and greater efficiency
  • Assurance of strong controls and reduced risk profile.
  • Protection from potential reputational damage if errors became public.

 

Benefits through London Ventures

Special Pricing and Support packages;

  • Licence fee discounts for multiple implementations
  • Reduced training costs for multi-authority implementations
  • Free, no-obligation, Risk Review prior to purchase (value £5,000)
  • One free place per new local authority at FISCAL’s annual user group
  • Specific AP Forensics® User Groups for SAP/Oracle/Agresso councils
  • Dedicated account management for London local authorities
  • A contribution to London Ventures per new London Council contract secured (3% of net contract value for the first 5 new local authorities signed up under this venture, 5% net contract value thereafter.

 

Visit Fiscal's website

 

 

Contact us

For more information please contact:

Thomas Man, Head of Capital Ambition ([email protected])

Lisa Henry, Capital Ambition Programme Manager ([email protected])