APEX Analytix strengthens global audit services and protects client earnings with powerful new features for FirstStrike(R) software

GREENSBORO, N.C., Feb. 10 /PRNewswire/ -- As the global economic crisis deepens, cash-strapped and results-focused Global 1000 companies are turning to technology-enabled audits to help them protect their bottom line. By doing so, they can speed the recovery of lost profits and stem future losses from overpayments and fraud.

To respond to this burgeoning market need, APEX Analytix is introducing broad new features for its FirstStrike(R) Accounts Payable, Purchasing and Fraud Detect software. The FirstStrike(R) family brings automation to the labor-intensive accounts payable and recovery audit industries by proactively detecting and resolving a wide range of procurement and payment errors. Client companies report more than $2 billion in documented savings to date -- often realizing a total return on their investment in days or just a few weeks after adding FirstStrike(R) to their operations.

"We've experienced double-digit growth in our recovery audit business over the past year, as we help our clients identify, recover and prevent losses from overpayments and fraud," said Michael Lustig, CEO of APEX Analytix. "Clients who implement FirstStrike(R) within their accounts payable or Shared Services organizations experience a rapid return on investment -- with tangible results and a lasting impact on profitability."

FirstStrike(R) 9.0 includes a wide new range of features:

• Faster Return on Investment. New import features make it a snap to load accounts payable and purchasing data into FirstStrike(R) -- with minimal impact on a company's operations and little or no IT team intervention. That means a much faster return on investment.

• Improved Escheatment Tracking. New commodity tracking capabilities, descriptions and detailed vendor histories make it easier than ever to identify and take action on uncashed checks.

• Expanded Goal-Driven Reporting. A broader range of preconfigured reports are available to drive performance improvements and track progress. Companies can use FirstStrike(R) reports to clean up their master vendor file, manage "days payable outstanding" and even increase the use of electronic invoices. All reports can now be exported in an XML format.

• New International Tax Capabilities. With expanded management and reporting capabilities for the Value-Added Tax (VAT) systems used by the European Union, companies can systematically track tax payments and manage related claims, credits and overpayments to be recovered.

• Proven Fraud Detection Capabilities. Research by the Association of Certified Fraud Examiners shows U.S. organizations alone lose an estimated seven percent of revenues annually to fraud. By collaborating with industry partners and analyzing the fraud schemes detected by FirstStrike(R), APEX Analytix has developed significant new prevention techniques. FirstStrike(R) 9.0 analyzes key supplier demographic data and tackles potential collusion by monitoring employees who approve fraudulent invoices. The software also offers broader protection against inadvertent payments to sanctioned individuals or companies.

Companies who choose to safeguard their earnings with FirstStrike(R) have a number of options for doing so. They can schedule an APEX Analytix audit powered by FirstStrike(R), license the software or use it over the Web as a managed service.

FirstStrike(R) 9.0 will be demonstrated during the National Association of Purchasing and Payables conference February 8-11 in New Orleans (http://nappconference.com) and the IQPC's 2009 Shared Services Summit February 9-11 in London (http://www.ssonsummit.com).

About APEX Analytix

APEX Analytix is an innovative audit recovery firm serving more than a third of the Fortune 100. The company has transformed the audit recovery industry with FirstStrike(R), a highly functional family of standards-based software that detects and prevents both errors and fraud and improves performance across the procure-to-pay process. To date FirstStrike(R) has saved businesses more than $2.0 billion in overpayments and is the most widely used software of its type. For more information, call 800.284.4522 or visit www.apexanalytix.com.

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SOURCE APEX Analytix