Why you need Buying Transaction Watchdog™

  • In purchasing 44% to 55% of all A/P invoices have discrepancies (Source: Institute Of Management Administration (IOMA) survey 2008)
  • Each and every transaction cannot be checked accurately
  • Spans multiple business processes
  • Each process is managed separately by an IT System

Buying or purchasing is one of the main long-running transactions executed in any organization. In the end, this transaction gets money out of an organization, and there always exists a risk that money may be moved incorrectly, or be leaked. The well known insiders’ fraud schemes use buying transaction to steal money. Therefore, this transaction needs to be controlled with very high priority.

Business Value

  • Allows controllers do more with less
  • Detects 100% of data exceptions in real time
  • No integration between operational systems
  • Provides quick and clear ROI
  • Increases visibility of a business deal
  • Points out potential losses, caused by:
    • IT system
    • procedure
    • business process

How does it work?

Buying Transaction Watchdog™ monitors your data and content, provided with A/P and other business processes initiated through Purchase Order. Buying transactions move money out of the company and, therefore, must be controlled.

This technological solution gives you protection from transactional risks in the buying business deals illustrated below:

Purchasing Transaction Watchdog™ Architecture

Purchasing Transaction Watchdog™ Architecture

The list of transactional risks that Buying TW detects before they become problematic for your business include:

  • Human data entry exceptions - The sum total of PO and Invoice are different, the number of ordered goods on the invoice and on the shipping receipt does not match;
  • Duplicate payment – Vendor sends the same invoice by fax and by mail – both of them are going to be processed;
  • Bypass the process - Invoice was sent while PO was not ;
  • Altered payee - A payee name was changed as part of employees’ fraud scheme;
  • Purchasing for personal gain – One or more of the purchased items were not registered into the inventory;
  • Return purchased item and keep the cash – The account payable was not transferred to account receivable