Businesses can now gain a depth of intelligence from historical supplier transactions in order to inform their business decisions and plan to bounce back from COVID-19 with FISCAL Technologies’ Forensic Payables Analysis service. Using payables data from any ERP system, NXG Forensics®, FISCAL’s cloud-based, pure-play payables assurance solution applies an extensive range of AI powered tests and logic to identify historical payment errors and adverse payment trends with exceptional accuracy and clarity, to uncover lost working capital.
Forensic analysis of historical AP transactions can support financial stability and maintain supply chain relationships during the particularly challenging times experienced currently as a result of the COVID-19 pandemic.
Of the transactions analysed across its customer base, FISCAL sees an average of approximately 0.2% paid in error and regularly supports organisation in recovering miss-payments, which can run into the millions. Its Forensic Payables Analysis service enables organisations to identify these errors, empowers businesses to understand the full extent of their financial exposure through the purchase to pay (P2P) cycle and where opportunities to recover payment errors from suppliers and return cash back to the business.
Additionally, FISCAL provides access to a specialist services team to support stretched AP teams, to review the highest risk payments, trends and suppliers to reduce the risk of fraud and error; they deliver oversight to P2P performance in order to drive agility and maintain control and compliance.
David Griffiths, CEO at FISCAL Technologies, said: “Particularly today, the P2P function has been elevated from a purely transactional role to one of strategic importance. AP is responsible for delivering insight into the integrity of the organisation’s spend controls, and our solutions enable them to do this through providing detailed, instant visibility to enable immediate action. Our customers rely on our services and solutions to deliver transparency and accountability into their AP performance and return lost cash back to the bottom line – something that in the current climate has never been more important.”
One of FISCAL’s customers that has been using the service said: “FISCAL’s Forensic Analysis provided instant visibility. I have had concerns over peaks in our transaction volumes for many years. Within minutes, FISCAL’s analysis allowed me to highlight areas of risks and vulnerability. As a result of this insight, I was able to gain the necessary support to take immediate action.”
FISCAL Technologies’ Forensic Payables Analysis requires minimal time and effort on the part of organisations to set up and maintain, and uses secure, straightforward data extraction. There is no software commitment or implementation and the cloud-based platform allows remote delivery and support. It is secure, scalable, ISO accredited and provides significant value, recovering missed payment errors.
Griffiths concluded: “In such times of uncertainty, it’s imperative that businesses protect and retain cash. Our solutions enable this, providing CFO’s / finance leaders with the insights required to make the right decisions at the right time.”