Press Releases

AP Audit Software Provider To Sponsor Housing Finance Conference
FISCAL Grows Housing Association Customer Base

Reading, UK – 10th March 2010: FISCAL Technologies, provider of world- class accounts payable audit software, is to sponsor the Housing Finance Conference and Exhibition 2010 which takes place in Coventry on 24-26th March 2010.

FISCAL has a growing presence in the housing association sector as its cost-effective AP Forensics® software is adopted by an increasing number of housing organisations wishing to deliver greater cost efficiencies by uncovering duplicate payments, fraudulent activity and other errors in its Accounts Payable processes. These include London & Quadrant, Presentation and Trafford Housing. FISCAL works closely with its customers and is committed to supporting them  to help create best-in-class Accounts Payable teams.

Like all organisations in today’s economic environment, housing associations are affected by global economic conditions to a much larger degree than ever before. At the same time, they are facing increasing regulation in the form of SORP and other finance initiatives, as well as growing in size and complexity. To date, the National Fraud Initiative (NFI), has identified an estimated £450m of fraud and overpayments and many believe it is on the increase.

As a result of all this, good financial management, optimising cashflow and managing risk, which have always been key activities for these not-for-profit social businesses, are increasing in importance. As well as looking for new ways to raise finance, achieving cost efficiencies in what they are already doing is also key for these organisations. Installing and running FISCAL’s AP Forensics software on a daily or weekly basis allows the accounts payable team to track down and recover duplicate and other overpayments, establishing the delicate balance between delivering cost savings and maintaining control over the accounts payable process.

David Griffiths, Director of Customer Development at FISCAL, said: “Typically, organisations are losing £1000 per every £1million paid out in invoices. For organisations that have many smaller value invoices and therefore have to manage more invoices per £1 million spent, this problem can be more severe. We are seeing more and more housing associations interested in our AP Forensics software as a result, because they have to pay a lot of smaller value invoices from smaller companies. In many cases these invoices have to be passed for payment very quickly, which is a recipe for the creation of duplicate payments and other errors. Our experience is that the nature of many housing associations’ business also means that many purchase orders are not raised until ‘after’ paying the invoice, creating an additional level of complexity and room for error.”

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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. For more information, please visit www.fiscaltec.co.uk or www.fiscaltec.com.

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 large organisations losing sometimes hundreds of thousands of pounds a year.

For more information, please visit www.fiscaltec.co.uk or www.fiscaltec.com.