Prevent Duplicate Payments with
FirstStrike AP Controls
You may assume your ERP controls are sufficient to protect against duplicate payments, but the facts show it simply isn’t true. APEX Analytix recovery auditors routinely identify large and costly losses that ERP systems simply fail to catch. Some examples are:
- Invoices numbered 5678 & 567B
- Invoices processed to duplicate vendor records
- Invoices processed electronically and manually (with different invoice number scrubbing)
Blanket orders, non-PO invoices, ERS, price tolerances, receipt tolerances, duplicate receipts, duplicate receipts, unprocessed returns—these are a few examples of how duplicate invoices slip through the cracks.
With APEX Analytix FirstStrike® software, you have the powerful duplicate payment protections you need. Our analytics are engineered to detect and prevent overpayment errors and to place powerful new insights at your fingertips.
Often, it is the first invoice of the duplicate pair that was entered incorrectly. With advanced outlier analysis, FirstStrike can detect an error and predict a duplicate before the second invoice arrives.
The proof is in the bottom line. Last year, companies using FirstStrike prevented $2 billion in overpayments. Most achieve a full return on their investment within days or weeks of adding our software to their operations. They detect and prevent duplicates and other overpayments and make transformative business decisions by achieving a single, consolidated view into previously isolated data repositories.
- Provides continuous, proactive monitoring to detect duplicate payments, overpayments and AP invoice outliers across multiple systems and data formats.
- Supports AP post-audit analysis of large volumes of data to identify historical payment errors and automatically generate claims.
- Prebuilt interfaces extract, consolidate and analyze data from any ERP system or homegrown legacy application.
- Leverages innovative APEX Archimedes™ cognitive technology, including predictive analytics, robotics, and IBM Watson®.
- Incorporates an extensive library of audit-tested filters to identify AP outliers that are outside the norm.
- Produces a clear, actionable results workbench, prioritized by risk scores, so you can intervene before disbursements are made and nothing falls through the cracks.
- Displays metrics and reports in a convenient dashboard, with global selection criteria that let you “slice and dice” data and drill down into details.
- Offers flexible deployment choices, whether you prefer licensed software or cloud-based services in the APEX Cloud.
- Proactively intervene and take quick action before disbursements are made.
- Conduct your own AP post-audit review.
- Make transformative business decisions by turning isolated data stores into actionable reports in seconds.
- Isolate the root causes of errors and fix them once and for all.
- Benchmark and monitor operational performance for continuous improvement.
- Make better-informed decisions using data that is now at your fingertips.
With FirstStrike, the Choice Is Yours
In addition to AP Controls, we offer other modules with the procure-to-pay controls and analytics you need to support your operations.
Fraud Detect: Prevent fraud, uncover employee collusion and determine whether you are doing business with risky suppliers. Learn More.
Reporting and Analytics: Quickly transform large and unwieldy data stores into actionable information. Learn More.
Retail Audit: Conduct a self-audit of your retail operations to uncover errors and recapture losses closer to the transaction date. Learn More.
Decision Support Applications: Run a “what if” analysis, generate a high-level overview of results or drill-down into supporting details. Learn More
“Operating on multiple AP platforms, FirstStrike is an invaluable tool for centralizing our various data points for analysis in one system. It is a must for any company looking to avoid significant duplicate dollar payments.”
– CAPP Supervisor, AP Global Financial Solutions, Multinational Pharmaceutical Corporation
How the Right Technology Controls Deliver Lock-Tight Protection Against Disbursement Losses
Supplier payments are likely one of your company’s largest annual disbursements – and one of your greatest areas of risk. Duplicate payments and other disbursement errors can lurk undetected and significantly impact your profitability, without you ever knowing that anything has happened. Here are a few reasons why duplicate payments escape ERP controls and what you can do to protect your operations.
Safeguard Your Disbursements
The APEX Analytix FirstStrike® AP Controls module helps you prevent overpayments, uncover missed credits, audit historical disbursements, build automated claims, analyze the root causes of errors and track operational performance. More than a third of FirstStrike clients experience a full return on investment within a month of adopting our AP Controls software.
Safeguard Disbursements and Improve Profitability
While ERP systems can be configured to catch precise duplicates, auditors know from experience that none provide comprehensive protection against disbursement losses. APEX Analytix FirstStrike® Accounts Payable can provide the lock-tight protection your business deserves. Want to know more?