Getting familiar with PROCESSIT Search for locating documents and scanned images, and PROCESSIT Auditor for reviewing invoice audit trails.
Standard and super users requiring access to search, and accounting administrators who need to follow and report on invoice audit trails.
Learn to use PROCESSIT Search and PROCESSIT Auditor
ReadSoft PROCESSIT Auditor is designed to facilitate the audit process by providing:
Investigate non-standard business activities. PROCESSIT Auditor Advanced Edition is a licensed add-on module enables you to view and inspect segregation of duties associated with activities performed related to an invoice, and easily detect situations where the same user role has performed activities that may present violations.
The Auditor is a perfect fit for customer looking for SOX compliance.
Get Access to Detailed Reports on Segregation of Duties and Fraud Detection Analytics, with easy-to-understand graphs.
More than two thirds of organizations experienced real or attempted payment fraud in 2010, according to a new Association for Financial Professionals report.
Each year the average Fortune 500 company issues an estimated 300,000 checks from its Accounts Payable department, with overpayments in excess of $5 million per company.
It is estimated that the average company overpays by 0.1% to 0.2% of revenue.
Some estimates measure the cost of duplicate payments alone at 1% or more of a company's annual spend.
In the Invoice main flow tab you can search for activity history for invoice workflows. You can find invoices via the invoice number, see a list of the latest processed invoices or define a time span for invoice workflows.
When you generate and download a workflow report it includes the invoices currently available in the Invoices segment.
In the Installation history tab you can see a full history of the PROCESSIT versions that have been installed since implementing the system. You can export and customize the list.
Report of user roles who have taken part in processing the invoice throughout its lifecycle.
Analyze to see invoice processes that may signal potentially fraudulent behavior, because two or more steps have been handled by the same person.
Fraud Detection Reports improve investigation of possible fraud patterns. The reports include graphs to aid you in interpreting the results.
Identification of potential duplicate invoice payments in accordance to a defined search and match criteria, such as:
Vendor ranking of invoices with rounded amounts; percentage calculated by the number of vendor invoices submitted with rounded amounts, divided by the total number of invoices for that vendor.
Duplicate vendor setup comparison analysis, which uses fuzzy logic to detect and display similar name and address information, with different associated vendor numbers.
Employee address vs. Vendor address cross-check to ensure that employee address information is not the same nor similar to that of a vendor address.
Application of Benford's Law to detect potential fraud patterns
This mathematical law states that in a list of numbers within a data set, the leading digit is distributed in a specific, non-uniform way.
This means is that in a data set of numbers from 1 through 9, the odds of the number 1 appearing are different than the odds of the number 9 appearing.
The probability of the number 1 appearing is approx. 30 percent, decreasing as the digits are higher until reaching 9, which appears less than five percent of the time.
Running a frequency check on invoice amounts, and comparing them to Benford's expected frequency, vendor invoice amounts with unusual patterns that signal fraudulent, fabricated amounts, can be detected.
Above average payments made to a given supplier.