Accounts Payable News^®

QVC- THE SHOPPING CHANNEL

QVC used FISCAL’s AP Forensics® suite to bring more control and effective management to its Accounts Payable (AP) team. With a team of 14 people processing over 50,000 invoices per annum in both dollars and sterling, it needed a system that was quick and simple to use and provide the means to detect why errors were happening and put the correct processes in place to eradicate them.

Background

Before changing its finance system to SAP, QVC sought to have a clean sheet of historical transactions within AP. The AP team had been laboriously trailing through monthly and cumulative spreadsheets retrospectively to identify any possible duplicates it had within the system. This was very time consuming (up to four days of each month), due to the volume of transactions. It often had to resort to checking on values, invoice and vendor account numbers. QVC knew this was not 100% accurate as it was dependent on the header detail scanned and OCR’d or manually keyed.

To counter this, QVC decided to hire recovery auditors to review its historical transactions, to expediate their recovery. This proved very expensive and was far from successful. Some duplicate payments were just minor adjustments which required the team to carefully check each one before they contacted the vendor and if real, incur the costs of retrieving these debts.

Discover how FISCAL turned the situation around for QVC by downloading the full case study here