A complex business process, vendor pay is especially vulnerable to mistakes and violations that ultimately impact agency budgets. Left undetected, a low-level error—alone or in conjunction with others—can be costly to correct, especially as errors multiply and create problems downstream.

By gathering data from all of your financial systems and monitoring the vendor pay process continuously, Oversight’s Vendor Pay Solution can point you directly to breakdowns as they occur, enabling early correction to minimize the impact on your agency and help assure:

1. Effective and efficient operations
2. Reliable financial reporting
3. Compliance with laws and regulations

Oversight's subject-matter experts have identified areas where mistakes and violations typically occur throughout the vendor pay process. To identify potential issues, the solution pulls data from multiple financial systems as transactions are processed and continuously monitors every transaction.

Quickly Resolve Errors & Defects

• Eliminate duplicate vendors, vouchers and invoices
• Isolate the business process inefficiencies contributing to duplicates
• Identify and correct erroneous POs
• Flag non-compliance with trade regulations
• Institute proper accounting for unused discounts or rebates
• Resolve issues with inappropriate sales tax
• Reveal and address discrepancies in freight charges
• Expose unreconciled liabilities in accounts for unvouchered receipts or Goods Received Not Invoiced (GRNI)

Benefits

• Drive quality and accuracy through every step of the vendor pay process
• Eliminate the manual discovery of issues by pointing directly to problems
• Serve as a fraud deterrent and detection system
• Provide automated, real-time discovery of segregation-of-duties violations
• Reduce instances of erroneous and duplicate payments
• Address mistakes and violations as they occur
• Identify issues with people in the business process
• Monitor processes quickly, with out-of-the-box functionality

Oversight Systems is the only solution designed specifically for the federal government to prevent instances of fraud, waste, and abuse while delivering extraordinary financial program performance improvements to agencies and its citizens.