FISCAL Technologies, the Procure-to-Pay risk management solution provider, has today announced that it has been awarded a place on the G-Cloud framework, offering its expertise in identifiying historical payment errors and adverse payment trends. Through identifying these errors lost working capital can be uncovered, and saving on costs and increasing effectiveness.
FISCAL Technologies already has a strong footprint in local government, working with a number of councils to implement predictive forensics in order to retain and protect cash proactively. Its NXG Forensics product – a cloud-based Procure-to-Pay (P2P) assurance solution allows customers to comply with finance best practices all while identifying risks and streamlining user workflow across P2P. It enables local councils to identify historical payment errors and adverse payment trends with exceptional accuracy and clarity, to uncover lost working capital, through its Forensic Payables Analysis service.
Refined over 12 years of working with over 100 local councils, FISCAL’s unique service uses payables data from any ERP system to apply an extensive range of AI powered tests and logic to support financial stability and maintain supply chain relationships.
Colin Rigby, Director of Channel and Alliances at FISCAL Technologies says; “The G-Cloud framework is designed to make procurement of cloud services by public sector bodies easier and more cost effective so we couldn’t be happier to now be part of this framework and offer our expertise.
“While a need to focus on cost savings and increased efficiencies in local government has been present for some time, the COVID-19 pandemic has shone an ever brighter light on this as new pressures have presented additional challenges. Furthermore remote working has opened up further vulnerabilities, worsening fraud cases. It’s therefore become imperative that local authorities address these issues and this is where we come in. Ultimately, any AP teams that are able to act on data and factual information and have oversight, rather than reacting in hindsight, will be in a strong position to battle these challenges.”
Colin concludes, “Without strong controls, the risk of financial loss is greatly increased. Continuous, preventative analysis and monitoring of payments – independently from the ERP system – delivers greater control and reduces loss due to error and fraud. Ultimately, in the current climate it’s never been more important to protect cash and uncover lost income. Having the right predictive forensic insights in place enables councils to do this.”