FISCAL Technologies’ world-class accounts payable audit software, can protect public sector organisations from the risk of accounts payable errors – such as duplicate payments – and fraud. An increase in such errors is certain to be one of the effects of the Government’s recent mandate that all Government departments now adhere to the Prompt Payment Code.
Following a directive from the Government, all public sector organisations are now required to pay 80% of all undisputed invoices within 5 days of receipt. Furthermore, they must explore the option of moving to immediate payment through the application of electronic invoicing for all suppliers. The Government is also encouraging all NHS Trusts and local authorities to publish their prompt payment performance data on www.direct.gov.uk.
FISCAL’s AP Forensics® suite is already trusted by over 50 local authorities, who use it as an effective defence tool against accounts payable errors and fraud. AP Forensics® delivers net savings both in time and money because it prevents errors from happening, eliminating the need to track down duplicate payments and deal with time-consuming credit notes and other recovery admin.
FISCAL recommends running its AP Forensics® software before each payment run to eliminate the risk of duplicate errors and undetected fraud. Because Exchequer teams are now likely to need to make a payment run daily following the Government’s recent call to the public sector to pay in 5 days or quicker, implementing software that can protect against these risks becomes a crucial decision.
To further help public sector bodies at this time, FISCAL is offering a special free trial, which will demonstrate the existence of such errors and the ease with which they can be detected and avoided before payment is made using FISCAL’s specialised software.
“Whilst Prompt Payment is an admirable goal, it does without doubt put local authorities and other public sector organisations at risk of making more duplicate payments and other errors than ever before,” says Esther Porter-Quinn, Head of Communications at FISCAL, “The decree from the government comes at the same time that the public sector tries to cut costs by 25% following the recent budget. Therefore, as staff numbers are likely to decrease, the burden of workload will increase, putting the public sector at risk from unscrupulous suppliers as well as from genuine errors.”
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About FISCAL Technologies
FISCAL Technologies Ltd, founded in 2002, provides world-class accounts payable audit software for corporations and government agencies to detect duplicate payments, fraud, invoicing errors and compliance issues. Organisations trust these solutions to meet their needs for cost reduction and increased control and protection of their working capital.
FISCAL’s AP Forensics® suite consists of three core modules to analyse invoices, supplier accounts and VAT line items. Using industry-leading algorithms and pattern-matching technology, these modules have been designed specifically for Accounts Payable staff to easily run on a weekly or constant monitoring basis. They can work alongside any accounting system and have been used to scan hundreds of millions of transactions across the globe.
About AP Forensics®
AP Forensics works by analysing accounts payable transactions, processes, people and suppliers to avoid accidental duplicate payments, invoicing errors, compliance issues and supplier fraud. Most accounting systems are designed to carry out only basic checks, leaving a need for additional specialist software like AP Forensics to prevent organisations losing sometimes hundreds of thousands of pounds a year.
For more information, please visit www.fiscaltec.co.uk or www.fiscaltec.com.
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