Loss Prevention & Accounts Payable Auditing Solutions – Capture™

Loss Prevention & Accounts Payable Auditing Solutions – Capture™

 

Overview

Audit Partnership are the leading independent profit recovery and loss prevention specialist in the world. We pride ourselves in offering the most flexible, and comprehensive service available in the industry, since we formed in 2002.

The experience and expertise our teams have gained over the last 19 years, often working behind other pre-payment software solutions, has enable us to address the flaws within these systems, and our client’s processes. With this experience, our audit teams alongside our in-house software development teams, have created our Capture™ system. A system that we believe is a class-above any other pre-payment solution available on the market.

 

Purpose

Our experience working with finance and accounts payable professional over the last two decades, has highlighted the pain points around balancing speed and efficiency in the supplier payment process, alongside prevention of fraudulent or erroneous payments.

Our historical recovery audits have for many organisations, been a rich source of learnings on how to sharpen processes and controls, to implement rigorous practices around loss prevention and risk management in the P2P space.

Capture™ is the result of all these years of learning and expertise, bringing clients the ability to take control of invoice processing to proactively target and prevent loss through fraud, or genuine error.

 

Capabilities

Our audit solution has been designed and developed to provide an all-encompassing accounts payable solution. It can be deployed immediately and provide a comprehensive pre-payment solution. The system has been designed to provide reporting and detailed information to prevent and monitor for genuine errors and fraud in near real time. Tools that enable us to do this include but are not limited to:

  • Over 30 fraud checks across transactions and the supplier master file, and constant monitoring to prevent frauds pre-payment.
  • Spikes and sequencing, showing anomalies requiring further investigation
  • VAT checks, checking rates across both invoices and credits at line and header level.
  • Early and late payment, low volume and weekend transaction checks.
  • Overpayment checks.
  • Over 40 algorithms to highlight potential duplicate payments. Constant monitoring of transactions, matching credits against potential duplicate payments, categorisation of duplicate payments to allow a targeted approach to review and dividing of user workflow.

 

It is our aim to ensure that our system meets all the reporting requirements of our clients, therefore as part of the implementation process, we will work with your team to ensure that any further reporting functionality requirements are met. This includes further reporting from the system, using API solutions, and third-party reporting solutions in conjunction with our system.

The system has a wide variety of reporting capabilities, which include but are not limited to; user specific widgets showing a huge array of information, audit progress, spikes and sequencing discrepancies, potential overpayments, VAT errors, supplier analysis, user analysis and more. Our system also allows for users to export reports and data into excel (this can be restricted to certain users).

 

Technical Specifications and Requirements

Our Capture™ software solution has been designed so that it can be implemented both locally, or online. We would however recommend that our solution is implemented online, as this ensures:

  • A guarantee of 99.9% uptime.
  • Excellent data security
  • The ability for clients to see the benefits of ongoing pipeline developments of the system that can be pushed live to clients remotely.

 Capture™ can be accessed on a laptops, tablets, and desktops. The solution is web based, therefore it is not dependent upon operating systems.

Our solution also provides the management tools, and reporting to ensure that accounts payable processes are followed and monitored, by user, as and when required.

In addition, our UK based team, as part of the implementation process will create bespoke functionality for any further requirements, which include client specific reporting, user analysis reporting and supplier reporting, all built to your specification.

 

Customer Journey & Account Management

As part of our standard training procedure, we agree to train up personnel within the organisation in a train the trainer method. Our structured training programme includes multiple modules to ensure the client is utilising Capture™ in the most-effective way.

The client will also put training into practice in a practical session allowing the client to use Capture™ first hand, in training mode.

Our training programme can be conducted remotely, and a variety of training materials, user guides, and a test system will be made available to help with any ongoing training within your organisation.

Additionally, as we pride ourselves on our partnership approach, our team will provide ongoing support whereby they can be called upon to answer any questions and guide users through the system as and when required for the duration of your contract with us. Our UK based team is available 8:30am to 5:30pm 5 days a week.

 

Added Value

In addition to the benefits of our solution detailed above (Fraud prevention, supplier monitoring, user monitoring, management reporting, compliance checks and duplicate and overpayment identification pre-payment etc), we are also able to provide data integrity checks, data cleansing, and spend analysis across your account payable systems.

We are also able to offer an assurance audit. This audit will be completed by our internal team across all transactions for the first 6 months of the contract. Following this audit, we will provide feedback and further training on our system if required, as well as provide support in recovering any duplicate payments, overpayments or payments in error.

 

Next Steps

Any organisation with a large amount of third party spend can benefit from the loss prevention capabilities that Capture can offer. For a free strategy call to discuss how this could work for your organisation, please email recover@auditpartnership.com and we will be delighted to speak with you.

Get in touch

To find out more, fill out the contact form below, or send us an email recover@auditpartnership.com

 

 

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