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. apexanalytix recovery auditors routinely identify large and costly losses ERP systems fail to catch. Here are just a few of the many potential sources of uncaptured errors:
- Invoices with similar numbers (5678/567B/5-678/5678A, etc.)
- Invoices processed to duplicate vendor records
- Invoices processed both electronically and manually
- Blanket orders
- Invoices with no purchase order approved twice
- Duplicate goods receipts
- Evaluated receipt settlement errors
- Unprocessed returns
With apexanalytix firststrike® software, you have the powerful duplicate payment protections you need. Our analytics are engineered to detect and prevent a wide range of overpayment errors and to place powerful new insights at your fingertips.
Move past detection into prevention: Often the first invoice of a duplicate pair is the item entered incorrectly. With our advanced outlier analysis, firststrike can detect the error and predict a duplicate before the second invoice arrives.
The proof of firststrike’s value is in the bottom line. Last year, companies using the software prevented $2 billion in overpayments. Most achieved a full return on their investment within days or weeks of adding firststrike to their operations. They have the tools they need to detect and prevent duplicates and other overpayments and can 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 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.