The document discusses the benefits of Transparent Continuous Monitoring (TCM) for accounts payable, emphasizing its ability to detect and remediate issues proactively, thus preventing loss of working capital and fraud. TCM provides real-time exception alerts, improving the efficiency and quality of vendor management, compliance, and internal audits while being cost-effective and accessible. It also offers features for master data management, ensuring accurate vendor information and addressing issues like duplicate payments and incorrect data.

1. Visible results.
Transparent Continuous Monitoring
A potent, on-demand service that allows remediation of ­ ccounts Payable (AP)
A
issues before they convert into bleeders and loss of working capital.
Proposition think of a vendor that recently went out of business and therefore
is unable to return the received overpayment. So why not
For whom? i
­mplement preventive measures, allowing you to detect and
For any organization with an AP transaction volume and vendor s
­ traighten out issues before they really go wrong?
master file that are sufficiently large to be prone to errors and
fraud. If that can be done with a cost-effective, low-resource solution,
you have a winning system.
Why?
Because you wish to prevent leakage of working capital and
to prevent fraud. Since you also wish to improve business Value of continuous monitoring
processes, compliance, governance, vendor management,
risk management, and internal auditing and reporting. Continuous monitoring is an uninterrupted, automated process
that allows management to receive and follow up exception
What? alerts as soon as issues arise with the implemented controls and
Transparent offers TCM and TCM+. Solid solutions to continuously ongoing transactions. This can imply a tremendous boost for
monitor AP process and vendor master data, to make them bullet efficacy and bottom-line results. To be more specific, Transparent
proof. Continuous Monitoring (TCM) holds the following benefits.
How? • etection in real time and proactive remediation
D
TCM and TCM+ run off-site and require only a minimum of of process and master-data issues
technical interference. There are no initial fees, making the • Continuous process improvement
solution very accessible, as well as affordable with a positive ROI! • Improved and accelerated KPI reporting
• igher quality and cost-efficiency for monitoring
H
of transactions as well as controls
Traditional recovery audit versus • igher quality and cost-efficiency of (continuous) internal audit
H
c
­ ontinuous monitoring • Improved adherence to ethical and compliance standards
• Continuous supply of risk intelligence to risk management
It is sound practice to perform periodical recovery audits of
Accounts-Payable (AP) data. If done correctly, these audits expose TCM thus delivers a competitive edge and increases the ­ usiness’
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common issues such as duplicate payments, overpayments, VAT value to all stakeholders.
problems, open credits, fraud, etc. These issues can be converted
into powerful management information regarding, e.g., quality
and improvement opportunities of AP process and vendor
management. In addition, recovery audits actually allow for the
identification, verification, and recovery of lost working capital.
Clearly, however sound recovery audits may be, they are
i
­ntrinsically reactive, enabling repair of issues after they have
occurred. As a consequence, not surprisingly, a significant
part of the identified issues can never be resolved. E.g.,

2. TCM TCM+
Transparent Continuous Monitoring (TCM) is comprised of several Receiving exceptions is very valuable. Resolving them, even using
modules, made available through a secured, web-based interface. the practical exception-handling tool, requires the proper amount
of attention and expertise. You may not wish to invest these.
Overpayments
All AP transactions can be monitored on a permanent basis. Transparent has over a decade of experience, investigating and
Exceptions will be generated in real time as soon as anomalies resolving anomalies in AP. We therefore offer our clients the
(are about to) happen, such as: possibility to make use of TCM+, which is the regular TCM
• Duplicate payments software solution, extended with our in-house analysis and
• Erroneous payments recovery capabilities. Our teams of analysts and vendor-facing
• Missed discounts experts will work behind the screens in your name, and will
• Unclaimed VAT feedback their results into the system, so that you can easily track
the status at any time.
Fraud
With this module, AP transactions are also continuously screened in Upon your request, we will even make the necessary amendments
real time for suspect patterns, indicating potential fraud, such as: in your systems, so that your AP process and vendor master data
• Artificially invented invoice amounts will be error-proof and cost-efficient without your intervention.
• Fictitious vendor data
• Abnormal invoice volumes Statements
In conjunction with TCM+, it makes perfect sense to also include
Master Data our statements service. Our statements team will periodically
The vendor master file is continuously monitored and exception request your vendors to submit a statement of open amounts.
alerts are generated in real time as soon as anomalies are found, This involves the tedious process of looking up updated contact
such as: information, contacting vendors world-wide in their own
• Duplicate vendor name l
­anguage, deploying a sequence of letters and phone calls,
• Duplicate bank account until all statements have been properly received.
• Vendor with incomplete address information
Also, this module allow to cleanse the master vendor file!
Segregation of Duties
The existing segregations and changes to the segregations
of duties are continuously monitored and exceptions
are generated when inconsistencies originate, such as:
• Invoice booking and payment by the same person
• endor record creation and invoice booking by the same person
V
Analytics
Through this module, you will have dozens of reports, showing
you the history and current status of your process and data. Some
examples are:
• Root-cause analysis behind exceptions
• Types and numbers of exceptions Technical Deployment
• Extent of contamination of the vendor master file
• Inactive vendors, grief vendors, etc. Working with TCM is easy. The software is on demand, i.e.,
• Agreed payment terms versus actual payment dates runs in Transparent’s secured environment and can be remotely
• VAT analysis accessed via a web interface. Getting TCM to work with your
• nvoicing volumes and amounts per time period, per vendor, etc.
I systems only requires one historical data download plus the
installation of a simple but very robust interface that will allow
Exception handling the continuous monitoring of your ERP system and vendor master
A user-friendly interface is provided to efficiently deal with all data. In our experience, most clients are ready to go within a
incoming exceptions. Resolution stage, activity management, matter of days or weeks.
document storing and access: such functionality greatly facilitates
the follow-up of incoming exception alerts.
E: sales@transparent.eu | W: www.transparent.eu