Accounts Payable News^TM

Success Marred by What Ifs

In 2004, the Government set out the Gershon Review which outlined a need for all Government bodies to cut their operating costs by 2.8% by 2008 – a saving of £20bn.  Over the last four years, this has been the driving force for IT investment in local government with the aim of improving efficiency and standards of service provision.  The ultimate aim being to redirect the savings made directly to public services.

And what you can do about it.. by chairman of Invapay Sid Vasili

Accounts payable sections have tended to work in a traditional reactive manner. While other parts of organisations have undergone business process re-engineering and outsourcing, some accounts payable processes have remained relatively untouched. Processing the low value invoices through the manual keying of paper invoices into the ERP is a recurring administrative burden.

Fiscal Technologies Duplicate Payment Finder™ - Saving you Time and Money

Read how Fiscal's Duplicate Payment Finder™ (DPF) helped Allmerica unearth almost $200,000 of duplicates within the first few weeks of use! 

Allmerica Financial Corporation is a $2 billion US-based insurance and asset management group.  The group consists of a number of companies operating in two primary businesses, the marketing of products and services that enable clients to accumulate assets and manage risk.

The group operates with a central Accounts Payable function, processing around 80,000 electronic invoices (mostly internal insurance-related payments) and 6,000 paper invoices (general expenses) per month.  While the electronic invoices have additional controls to prevent duplicate payment, management were aware of the risk of duplicate payment in the general expense area.