Financial & Accounting Shared Services

Large organisations with multiple business entities usually require a shared services team to keep everything running smoothly. The biggest challenges can be multiple ERP and payroll systems and different processes. This increases the risks of errors happening and your data is still siloed as your systems don’t talk to each other.

What if you could check and validate payment data across all of your business units and take advantage of having your master data list all in one place for both your creditors and employees?

Well, now you can with VigilantPay.

dashboard
Master Bank Records

Master bank records

VigilantPay is your master bank record file. All creditor information including entity details, bank account information, contact details, and more can be updated and accessed centrally in one place.

Because VigilantPay is cloud software, whenever a change is made, it automatically updates for everybody in your organisation.

Payment policies and procedures

Every medium to large organisation will have detailed documents for these. VigilantPay opens up possibilities and allows you to make cross checks that are not normally possible. We find many of our clients find weaknesses in the current policies that are highlighted when using the VigilantPay platform. This allows them to strengthen their procedures and reduce payment risk within their business.

Having VigilantPay will provide you with the comfort that all other systems and processes are working correctly and if not, the issue will be detected in real-time before it's too late.

Graphic 2_Vault
Automated Transaction Scanning

Automated transaction scanning

Once a batch file has been uploaded, VigilantPay's advanced algorithms scan each transaction one by one and checks for any issues.

The system will automatically flag any suspicious payments and colour code them based on the perceived risk.

Some examples of payments that will be flagged include:

  • new or changed bank accounts
  • creditor payments with staff member bank accounts
  • increased spend on regular payments

Import batch files from existing payroll and ERP systems

VigilantPay has been designed to read and analyse batch payment and payroll files from leading ERP and payroll solutions.

VigilantPay becomes embedded into your payment approval workflow by simply dragging and dropping batch files into VigilantPay for analysis, catching errors or anomalies and avoiding incorrect payment instructions going to the bank.

Higher levels of integration and automation can be offered for enterprise level customers who want this process further integrated with their ERP and Payroll systems.

VigilantPay Payroll Integration
Review Payments

Batch Sub-types

You have the ability to classify what type of batch file these payment details should appear in. For example wages and salary. If the payment changes you will be alerted. Another scenario is say payroll and creditors. If an account is associated with payroll and then it shows up in a creditor run, VigilantPay will alert you. This functionality also enhances separation of duty if you want different AP staff accessing and processing certain types of payments.

Audit and risk reporting for internal and external stakeholders

Every time a batch file is approved and sent to the bank, a copy is kept in VigilantPay, along with any notes, user activity, and other documentation.

Other payment systems and Banks don't save the actual batch file details.  This creates audit issues for example bank statements that show only a single line for an entire creditor batch payment run. VigilantPay reporting tools allow users to quickly and easily search for historical payments in their original batch form verbatim. An audit and risk report is automatically generated monthly for the CFO including a risk summary for the board.

External auditors or other stakeholders can be granted access to review payment data without needing access to your bank, payroll, or ERP systems. This is a very useful feature when your company is conducting an audit.

Audit and Risk Report
TESTIMONIALS

What our customers say

  • "Great tool to provide peace of mind for supplier payments and payroll"
    Cameron W, Manager Business Support
    Resonant Consulting
  • “Ryman has been very satisfied by both Vigilance Ltd and their product VigilantPay”
    Roger Nuttall, Group Financial Controller
    Ryman Healthcare
  • “VigilantPay significantly strengthens our internal control environment”
    James Kennedy, Group Financial Controller
    Port of Auckland
  • “the mere presence of VigilantPay is in itself a deterrent”
    Paul Roberts, Chief Financial Officer
    Not-for-Profit sector
  • “VigilantPay gives us confidence that we’re paying the right person”
    Tonia Still, General Manager Finance
    Transport and Logistics sector
  • "The customer service has always been of a very high standard”
    Kaleb J, Managing Director
    Stafford Engineering
  • “Very Useful Product”
    Alex M, Assistant Accountant
    Canopy Healthcare Group
  • “We love it, VigilantPay delivers!”
    Marina Cook, CFO
    Scot's College - Tertiary Education
  • “ensure you have that extra layer of protection before the money leaves your account."
    Emma Haugh, Director
    Insurance Sector
  • "We trust VigilantPay monthly”
    Andrew Newman, CEO
    Frank Risk Management & Insurance
  • “Easy to use”
    Dennis X, CFO
    Mako Commercial
  • “VigilantPay - A governance godsend”
    Paul Roberts, Chief Financial Officer
    Not-for-Profit sector
  • “Great”
    Namal V, Accountant
    Manchester Unity

Next Step

Discovery

Discovery Call

Tap into our expertise to discover the Fraud risk factors in your business.

Book a Discovery
Audit and Risk Report

Vulnerability to Fraud

Receive a free, no-obligation fraud analysis of your historical payment data.

Get a Report
Book Demo

Demo

Book an online Demo to understand how to stop Fraud in your business.

Book a Demo

Subscribe to our Newsletter

Be kept up-to-date on industry trends and articles.