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Perform Root Cause Analysis & Protect Revenues

A Consolidated View of Your Financial Controls

Testing controls from many departments without data analytics puts your organization at risk for fraud, policy abuse, and wasted profits. Prevent this by using a solution that easily connects to multiple financial processes and applications. This consolidated view eliminates blind spots, stops improper payments and automates reconciliations to transform your team from operations to strategic advisors. Elevate your finance department by using our solution to:

  • Analyze 100% of transactions in less time from multiple sources seamlessly
  • Collaborate with the entire finance team to share data analysis insights in real-time
  • Quickly identify suspicious or fraudulent transactions in areas such as general ledger, payroll and travel & entertainment (T&E) expenses
  • View data in customizable panels within shareable dashboards for quick identification of risk areas

For more information on using data analytics for corporate finance functions such as Accounts Payable, Accounts Receivable, Payroll, Tax and Fraud Detection please scroll below. 

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Seamless Data Import

Universal file conversion capabilities that allow users to obtain data from virtually any source.

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Powerful Tests

Test whole data sets so auditors can feel empowered and confident in their findings.

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Identifiable Trends and Outliers

Conveniently access new insights without having to write queries.

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Effective Risk Exposure

An all-in-one platform enabling users to examine risks seamlessly and to prevent silos of data.

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Automation

Automate routine functions to boost productivity, save money and see results.

Read about IDEA's Powerful Features

Accounts Payable & Data Analytics

With the high volume of transactions and the risks associated with the Accounts Payable function such as late invoices, illegal payments, and missing items –  it’s crucial to utilize analytics to isolate any potential fraud. Present accurate information and make auditing Accounts Payable easier with tests such as:

  • Mechanical Accuracy and Valuation
  • Analysis
  • Exception Tests
  • Gaps and Duplicate

Download our whitepaper to learn why you should stop using Excel to analyze Accounts Payable, as well as other functions. 

Download Whitepaper

Accounts Receivables & Data Analytics

Accounts receivable is a company’s largest, current asset – it’s crucial to examine this function effectively. Our solution gets you there by providing 100+ common audit functions. Pick up old invoices, unmatched cash, and large balances by using exception tests to: 

  • Profile debtors using stratification to see how many large debts there are and what proportion of value is in the larger items
  • Identify old items (e.g., > 3 months old)
  • Identify large balances either in their own right or compared to turnover
  • Select accounts for which no movements have been recorded in a set time
  • Report credit balances

Learn how the Barclays Bank of Kenya uses our solution for their financial processes.  

Read Success Story

Data Analytics for Payroll

Payroll fraud is the number one source of employee theft according to the AFCE – affecting 27% of all businesses. Although you face high transaction volumes and ever-changing regulations, combat potential loss with our integrated suite. Analyze payroll data to execute trend analysis, and identify data anomalies to quickly uncover illegal activity by using audit functions to:

  • Identify employees that are active and are not receiving a basic salary
  • Discover employees being paid after their employment contract has ended
  • Uncover ghost employees by detecting payments being made to employees that are not reconciling to other independent data sources

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Data Analytics for Tax

Information from disparate systems and changing regulations stand in the way of performing an efficient and thorough tax analysis. Avoid penalties and overpayments, and reduce the disruption of the taxpayer’s business activities with data analytics. Our solution allows you to examine multiple sources of data as they were one. Manage both structured, internal data from the ERP solution, and external, unstructured data. Transform your tax team by using data analytics to run simple tests to: 

  • Reconcile check register to disbursements by vendor invoice
  • Select and report details of various types of account and compare with the rate of turnover
  • Summarize invoices by a supplier to provide individual balances
  • Create an activity summary for suppliers with duplicate products
  • Generate cash requirements by the bank, period, product, vendor, etc. 

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Data Analytics for Fraud Detection

Fraudsters become increasingly IT-savvy and threats from cybersecurity increase every year – exposing organizations to potential vulnerabilities. We arm you a robust solution that enables you to be vigilant, granular, and efficient to effectively uncover criminal activity. While the amount of risk grows, leveraging data analytics allows you to:

  • Analyze 100% of the data to locate any trace of illegal activity 
  • Act agile to reassess the fraud risk management strategy and react quickly to the changes the organization is facing
  • Access 100+ common audit functions including Benford’s Law, Fuzzy Duplicate, Ghost Employee Analysis, plus many more 
  • Record every step of your analysis so you have a clear audit trail and can repeat the process for future analysis

Download our Investigating Fraud with Data Analytics whitepaper to learn how to transform your anti-fraud department with data analytics. 

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IDEA can support your analytics needs. Find out more.