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.

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.

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.

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.

"Does what we need it to do"

Easy to set up and manage Quick response to any queries/issues. VigilantPay identified several incorrect bank accounts that appeared when we changed our ERP systems.

Tonia Still

GM Finance | PBT Transport

VigilantPay Provides important payment checks that significantly strength our internal control environment.

James Kennedy

Group Financial Controller | Port of Auckland

Ryman Healthcare Limited wanted to implement an extra layer of protection for its on-line payments. Following an initial presentation by the VigilantPay team and review of their product, the VigilantPay system appeared to meet all Ryman’s requirements. Moreover, VigilantPay is a New Zealand-based company and the VigilantPay team has been very easy to deal with, being both friendly and prompt in their communications. To date, Ryman has been very satisfied by both Vigilance Ltd service and their product VigilantPay.”

Roger Nuttall

Group Financial Controller | Ryman Healthcare

"Great tool to provide peace of mind for supplier payments and payroll"

This is a really good, focused tool that does just what you want it to do without any distractions. The setup, support, and troubleshooting have been fast and excellent.

That it provides peace of mind that I am not making erroneous or fraudulent payments by running numerous checks over our payment details independent of our accounting and banking systems.

Cameron W

Manager Business Support | Resonant Consulting

"VigilantPay - A governance godsend!"

With 3 sites, 17 retail stores, 220 staff, and more than 100 vendors, VigilantPay gives me and our board confidence that our funds are being spent as intended.

The team understands where the risks of fraud sit and are very easy to deal with.

This system gives visibility of standing data changes as a real-time part of the payment approval cycle for both AP and payroll, allowing me to focus my time where the risk sits. It highlights new vendors and employees or those whose payment details have changed allowing me to question the team and focus on compliance in the process in the correct space, where our risk sits.

Paul Roberts

CFO | Harbour Hospice

The customer service has always been of a very high standard with any issues (not that we've encountered many) resolved efficiently. the configuration and set-up of the various workflows are also really easy to follow.

Kaleb J

Managing Director | Stafford Engineering

"Very Useful Product"

Keeps good track of historical AP and Bank numbers to make sure payments will be going to the correct party.

Alex M

Assistant Account | Canopy Healthcare Group

We trust VigilantPay monthly to identify bank account changes, payments to employees, and other anomalies requiring our attention.

Andrew Newman

CEO | Frank Risk Management & Insurance

Easy to use and check all bank accounts, different level of approval.

Dennis X

CFO | Mako Commercial

Financial & Accounting Shared Services

Master bank records

Payment policies and procedures

Automated transaction scanning

Import batch files from existing payroll and ERP systems

Batch Sub-types

Audit and risk reporting for internal and external stakeholders

What's next?

What our customers say

Demo

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