Enterprises could be losing up to 1% of their payments without knowing
We built a unique AI powered platform to help you catch those errors
Our solution combines our operational expertise of more than 20 years in payable processes with the power of artificial intelligence.
Even enterprises with skilled finance professionals make mistakes due to high volume and computing errors. This mean companies processing 100 millions a year could lose up to 1 million.
Most common errors are duplicate payments, over-payments and under deductions, especially for companies with large number of transactions. They can not be entirely eliminated by typical controls.
We have developed and incorporated a unique and already trained neural network algorithm in a solution that is easy to use, completely customizable on client needs & volume, complemented by preventive features to help enterprises worldwide better manage their profit loss and protect against fraud. Artificial intelligence is disrupting diverse industries, but enterprises are projected to benefit the most out of incorporating these systems in the next couple of years according to industry analysts.
A solution vetted by enterprise cyber security experts. Due to the increased number of various attack vectors, we supplemented security layers with more complex and more punctual solutions, developed alongside the core of the platform, making sure your information is never at risk. Driven by process improvement, incorporating the unique PAID technology and used on a continuous, preventive basis will allow better control expenditure, fraud defense and increase profitability for your enterprise.
HOW IT WORKS
1 - Data integration and consolidation – We are consolidating the customer’s data both quantitative and qualitative. Our solution can process different types of files with the possibility to customize the structure.
2 - Business context integration – We offer the possibility to add new criterias or to create new modules based on the business needs of our clients.
3 -Machine learning algorithm – Our ML engine processes the data and provides outcomes with a significant higher accuracy..
4 - Review of result –The visualisation of the outcome is customised to ensure maximum efficiency of the analysys.
5 - Reporting –We propose to our customers a set of KPI’s for visualising the added value of using our solution, also we give them insights on their own process.
The number of companies registering high volumes of payments is constantly increasing and this generates not only profits but also challenges for businesses that need to find new ways of adjusting to an evolving market. One of these challenges is the effective management of invoices in a way that these companies do not lose money or they register as little financial losses as possible.
Luckily, technology can help here, as our tool – PaidAnalytix - is working for experts in the financial and cybersecurity fields in order to cover the needs of such companies. Below, we have prepared a presentation on our overpayment protection software which can help businesses analyze and correct payment errors. We also offer accounts payable audit services.
An Artificial Intelligence-based software
Artificial Intelligence can be used in various industries and the financial one is among those sectors which can benefit the most from it. With an innovative approach, the specialists at PaidAnalytix have come up with a solution that puts AI at the disposition of medium-sized and large companies recording more than 30,000 invoices in their accounting systems per year.
Our overpayment protection software relies on the newest technologies meant to help companies assess their accounting departments through accounts payable audits and implementation of solutions that help them recover various amounts of money lost during the processing of invoices and prevent future losses.
An accessible and easy-to-use data management system
Time is utterly important for the accounting department which is why our overpayment recovery software is easy to integrate with any accounting system and can be customized to the specifics of the company. Moreover, the client chooses the data to have analyzed by using preset criteria or by selecting the ones matching the clients’ business needs.
Our overpayment protection software can be accessed at any time, so clients do not need to worry about any restrictions. Moreover, we value our clients’ privacy which is why we work with specialists in the field of cybersecurity in order to ensure all sensitive information is protected.
When is an overpayment protection software useful?
The solution provided by PaidAnalytix is useful for all companies handling large numbers of invoices, but also for those seeking to automate their accounting systems in order to become more performant. Also, those seeking for more accuracy in the processing of invoices will find our overpayment protection software useful.
Our overpayment recovery software relies on a Machine Learning engine that processes the data introduced into the system very quickly and accurately, so companies in need of fast results can also rely on our services. Once the results are ready, they will be verified and presented in a version that is easy to process and implement.
Our AI-based solution will first help companies to determine the most common overpayment errors which usually consist of double payments when dealing with many similar invoices, tiredness of the personnel in the accounting department which need to perform the same actions over and over again, accounting system registry errors and even fraud. So, one could say that the uses of our overpayment protection software are multiple. Accounts payable audits are also among our services.
Accounts payable audit services
Even if using the software created by PaidAnalytix can significantly improve the recovery of lost amounts of money, an audit of the accounts payable department is necessary when it comes to preventing future losses. The accounts payable department is in charge of the processing of invoices and that is where the errors should be searched, and the procedures should be improved. This is why part of our services implies accounts payable audits in order to make sure the solutions implemented suit the future needs of the company.
Tailored assistance in correcting accounting errors
Keeping the accounting in a company is one of the most important and complicated tasks at the same time which is why it requires a lot of attention. However, innovation has also made its way into this field and the correction of usual accounting errors has now become easier as our overpayment recovery software uses Artificial Intelligence to the advantage of business owners.
Our tool which can be successfully integrated into any accounting software can help with the correction of some of the most common errors among which double invoicing, detection of duplicate invoices.
PaidAnalytix relies on Artificial Intelligence to come to the aid of medium and large-sized enterprises which usually have to deal with these issues by proposing them a quick solution that can be integrated into their in-house accounting software without having to install other programs or equipment.
The solutions provided are tailored to the specific of the business using it as it requires the account owner to simply introduce the values and information considered relevant for obtaining optimized results in our overpayment protection software in return for quick and effective answers.
Effective accounts payable control
Accounts payable is one of the most important divisions of the accounting department which is why ensuring a correct and effective control of it will lead to fewer losses. However, this control usually requires a lot of effort given the high number of false positives provided by traditional tools and ERPs. With the help of our overpayment protection software, the effort is reduced on average by 50% due to our AI engine that will pinpoint the true errors with much higher accuracy.
Furthermore, our overpayment protection software is providing detailed reports about the root causes of errors as well as process improvement opportunities and benchmarks.
Audit services for companies
When a payment error is discovered after the invoice has been paid, the recovery process is necessary to avoid further financial losses. An audit can be the solution to correct this type of error which is usually employed in industries dealing with a high number of transactions. Our audit services have been adapted to match various economic sectors so that business owners, no matter their activities, can identify the extent of the problem within their company as well as learn where these errors are coming from and how his process benchmarks against other companies. This audit can be performed online or remotely.
Among our audit services, we provide the following:
duplicate payment audits which imply checking invoices and payments made within a specific timeframe chosen by the user;
detailed insights about your data as well and interesting process benchmarks
improvement opportunities in order to reduce the risk of duplicate payments;
You can rely on us for thorough accounts payable audits that will help you evaluate the financial soundness of your company in a short period of time and without having to go through lengthy and exhausting procedures.
PaidAnalytix was initially a startup with a great idea that developed into one of the solutions employed by large companies across Europe. Our results can be translated into:
an automated solution which can verify up to 1.5 million transactions in a very short time span;
high accuracy – our AI-based overpayment protection software is 30% more accurate than other programs;
a high detection rate of payment errors – we can help you find errors worth millions of euros;
a decrease in the company employees’ workload of up to 80%.
If you are looking for a tailored solution to help you reduce financial losses to a minimum, do not hesitate to contact us for information on how to use our services.