Press Releases

FISCAL Technologies Launches VAT Checker™
New AP Forensics® Module Provides “Belt and Braces” Approach to Managing VAT

Reading, UK – 25th January 2010:  FISCAL Technologies, provider of world- class accounts payable audit software, launches VAT Checker™ this week, a new module in its AP Forensics® suite. At the same time many organisations are still adjusting to the changes in legislation that came into effect on 1 January 2010 governing cross-border VAT in the EU, and many are also planning for new requirements to file and pay VAT online from 1 April 2010.

As organisations get to grips with these changes and the additional complexity they bring, VAT Checker can provide an extra level of protection, offering a series of accounts payable checks, tests against multiple VAT rates, analysis of header and line items and VAT checks on credit notes. With the ability to import data directly from other AP Forensics modules, to run multiple exception reports and to include European VAT rates, VAT Checker provides accounts payable teams with a real “belt and braces” approach to managing their VAT.

Working alongside the existing modules of FISCAL’s AP Forensics Suite, VAT Checker is designed to help large companies and public sector authorities that typically pay more than 20,000 supplier invoices a year. Regardless of how good their Accounts Payable processes are, these large organisations are almost certainly making VAT errors through incorrect supplier invoices, data input errors, miscalculations and misallocations, and multiple changes in VAT levels. And the problem increases proportionately with the size of the organisation.

Most accounting systems only carry out basic checks but using VAT Checker alongside their existing system allows companies to increase their AP control, cut costs and reduce risk and fraud. VAT Checker can be used retrospectively to interrogate several years of historical AP files but more importantly, used on a daily or weekly basis, it helps prevent VAT errors from happening again, saving time, effort and the cost of recovering under-claimed VAT.

David Griffiths, FISCAL’s Director of Customer Development, said: “We’re delighted to announce the launch of VAT Checker which provides Accounts Payable managers with yet another tool to empower their teams, allowing them to deliver even greater efficiency gains and establish best practice in accounts payable. VAT Checker is available as part of FISCAL’s AP Forensics suite and many of our existing customers are currently in the process of upgrading. The new module, which benefits from the same ease of use as the rest of our software, builds on the strength of our existing solution which is already trusted by local authorities, hospital and housing trusts and medium to large companies across the UK and in the US to save them hundreds of thousands of pounds in duplicate payments.”

- Ends -

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.