Fiscal - Prevent invoice fraud and payment error

Protecting public funds by improving invoice payment processes.

  • By London Councils

FISCAL Technologies’ NXG Forensics® risk management software solution is used by 22 London Councils, and over 70 UK Local Authorities to protect against, fraud, invoice payment errors, and compliance issues. Such losses can exceed £500k p.a. per council.

FISCAL Technologies Ltd. is a UK based company with over 250 customers in the UK & US. Over 1 billion supplier invoices have been processed, protecting over £5 trillion of organisational spend.

FISCAL Technologies is a Deloitte Technology Fast 500 winner and won the 2016 Queen's Award for Enterprise in Innovation

NXG Forensics is a secure, cloud-based solution that sits outside existing Accounts Payable control processes, independently analysing transactions to identify errors, fraud risks and compliance issues prior to payments being made.

 

Summary

All councils are exposed to potential high levels of losses through overpayments and fraud, and high processing costs due to inefficient processes.

Vulnerabilities exist due to the limited controls in place. For example, all ERP systems (SAP, Oracle, Unit4/Agresso, Integra Centros etc.) perform very basic checks for duplicate invoices, and identifying problem areas is outside of their remit.

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.

NXG 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 and master supplier files on a daily, constant monitoring basis, and highlights potential overpayments, supplier fraud, process errors and compliance issues.

The software provides KPI dashboards & diagnostic reports that trends and alerts that help you to:

  • protect spend from fraud
  • minimise erroneous payments
  • improve process efficiency
  • heighten risk awareness & visibility
  • improve compliance
  • drill-down into details

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
  • Dedicated account management for London local authorities

Case Studies and further information

Some examples of Fiscal Technologies success in working with the public sector are included below:

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

Contact us

For more information please contact:

Thomas Man, Head of Capital Ambition (thomas.man@londoncouncils.gov.uk)