Press Releases
QVC Adopts World Class Accounts Payable Audit Software
FISCAL Technologies turns a four day procedure into a twenty minute process for top shopping channel QVC
Reading, UK – 20th September 2011: FISCAL Technologies’ world-class accounts payable audit software, has added another household name to its customer base. Leading TV shopping retailer QVC, was struggling to manage its 50,000 invoices received annually, and knew that some of manual processing was leaving the window open for fraud, duplicates and other errors. To counteract this, the accounts payable team regularly spent up to four days in a laborious and painstaking checking procedure.
In addition, the QVC team relied on external audit recovery agents to review post-payment transactions every one or 2 years with a view to recouping any losses. Although they were able to make some recoveries, the team reported that many transactions were simply too old to be recovered, or that any gains were countered by large fees to the auditors for the work carried out.
QVC took on AP Forensics® suite to quickly strengthen their processes by using it on a prevention basis. With its reputation for being fast and easy to use with little set up time, the business case had been clear. QVC was able to payback the initial investment within the first month of use. Furthermore it soon discovered that many of its errors and duplicates were created by suppliers incorrectly invoicing. Using AP Forensics® has enabled QVC to take a more proactive preventative role and catch errors before they happen.
Dianne Seddon, Accounts Payable Manager for QVC, commented, “we now download our transactions daily and run them through AP Forensics® before the payment runs are produced. This enables us to catch duplicate payments before they go through the system and we are able to adjust the account before the payment is made. This takes about 20 minutes from start to finish.”
David Griffiths, CEO & Director of Customer Development for FISCAL said: “We are extremely proud to support Diane and QVC in its quest to become best-in -class”.
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Notes to Editors:
About FISCAL Technologies
FISCAL Technologies provides world class accounts payable audit software for corporations and government organisations to reduce payments costs, protect supplier spend and improve AP processes.
FISCAL’s AP Forensics® suite consists of three core modules to analyse accounts payable transactions, master supplier files and VAT entries. It has been designed specifically for Accounts Payable staff to easily run weekly or on a constant monitoring basis. It works alongside any accounting system and has been used to scan hundreds of millions of transactions across the globe.
For more information, please visit www.fiscaltec.co.uk
About the Martin and Audrey Wood Enterprise Awards 2011
The Judging Panel for the Martin and Audrey Wood Enterprise Awards 2011 was:
- Sir Martin and Lady Audrey Wood, co-founders, Oxford Instruments plc
- Dr Andrew Rickman, Founder, Bookham Technology Inc
- Lynn Shepherd, Group Director of Communications, Oxford Instruments plc
- Don McLaverty, Joint Managing Director of Innovation Services, Oxford Innovation
For more information: www.venturefest.com/wood-enterprise-awards
Media Contacts:
David Griffiths and Lesley Reeve are available for comment and interview. High-res images are available.
For further information, interview or images contact :
Esther Porter-Quinn
Head of Communications
FISCAL Technologies
+44 (0)845 680 1905
smarterpr@fiscaltec.co.uk
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