Fiscal - Prevent invoice fraud and payment error

Protecting public funds by improving invoice payment processes.

  • By London Councils

 

The 2017 UK Annual Fraud Indicator estimates overall Public Sector fraud losses to be £40.4 billion - an increase of +7.5% in one year

FISCAL Technologies is a UK Based, world leading provider of forensic solutions and services that empower purchase-to-pay teams, in both public and private sector organisations 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.  FISCAL Technologies has processed over 1 billion transactions over 10 years and protected £5 trillion in organisation spend.

FISCAL Technologies' solutions are used across over 70 Local Authorities including North Yorkshire County Council, Birmingham City Council, Somerset County Council, Leeds City Council, Worcestershire County Council and many London Boroughs.

22 London Local Authorities currently use FISCAL Technologies solutions and services, they have achieved a total of over £30m savings to date

Designed specifically for Finance, P2P, Shared Services and AP teams, our Forensic Financial Solutions have been developed from their own in-house expertise.  Sitting in the Cloud, it offers a secure connection to any ERP system, delivering results of complex unique analysis in understandable and easy to act upon dashboards.  Using their team of AP and Recovery experts, you can focus on core issues, trusting that your P2P operation is delivering value back to the organisation.

FISCAL’s forensic solutions are faster, easier to use and more effective than NFI reports which, according to The Cabinet Office’s review of the 2014-16 NFI results, shows that even with NFI over 1/3rd of identified creditor overpayments are not recovered.

 

Key Benefits

  • Identify immediate cost savings from historical overpayments
  • Daily preventative monitoring of transactions before payments are made
  • Generate unique insights into payment risks
  • Identify high risk or potentially fraudulent suppliers
  • Drive continual process improvement
  • Provide a range of payment practice reports, Government KPIs and benchmarks
  • Reduce the need for time-consuming manual checks and recovery audit fees

 

Benefits through London Ventures

A FREE, no-obligation Finance Risk Review worth over £5000 is available prior to purchase to members of London Ventures which highlights cost savings, risk & potential fraud across a 3 year look back period.

 

Special Pricing and Support packages;

  • Licence fee discounts for multiple implementations
  • Reduced training costs for multi-authority implementations
  • One free place per new local authority at FISCAL’s annual user group
  • Specific 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.

 

Contact us

For further information please click here or visit FISCAL's website

For more information please contact:

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