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Reducing Improper Payments for Federal Agencies
Timely, accurate vendor invoice payments are always a challenge. But for many companies and federal agencies, overpayments, data errors and inconsistent procure-to-pay processes are a constant reality and a multi-million-dollar concern. Post-payment audits (most organizations' first and only recourse) help somewhat. But a far better solution is to prevent payment errors and overpayments before they occur.
The Accenture Transaction Compliance & Analytics Tool is specifically designed to prevent errors and overpayments. The tool monitors purchasing and payables transactions using sophisticated algorithms beyond those of even advanced ERP or legacy systems solutions. This is a radical change in finance and accounting management—an opportunity for companies to move from a cyclical, post-payment audit routine to a prevention-focused environment where errors are identified and corrected before payment is made. The data analytics the tool offers are also invaluable in identifying improvements to the procure-to-pay process.
The Accenture Transaction Compliance & Analytics Tool was developed exclusively to detect high-risk transactions and prevent overpayments and under-recoveries.
Organizations of all sizes confirm that it helps:
The Accenture Transaction Compliance & Analytics Tool is flexible and designed to integrate easily with any enterprise resource planning or supply chain environment. During operation, it receives uploaded accounts payable data on a regular basis, including open payables items (copied and automatically uploaded from the ERP system).
The transaction and analytics tool is a rule-based system that finds problem transactions and promptly sends "warnings" (generated before a suspect payment is made) or "notifications" (generated after a suspect payment has been made).
The Accenture Transaction Compliance & Analytics Tool has four comprehensive modules:
The Accenture Transaction Compliance & Analytics Tool can help move organizations from a reactive environment, where post-payment audits occur every few years, to a proactive, prevention-focused environment, where errors are identified and corrected before payments are made.
This unique tool represents a new way to build a modern procure-to-pay operation. Its core capabilities — preventing as well as spotting errors, analyzing recurring payment errors, and collaborating more closely with suppliers — are designed to increase control and enable a more accurate and efficient procurement operation. Those same capabilities are also pillars of high performance.
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