Accounts Payable Controls

Updated on Friday 01st May 2020

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There are several large components in a business and one of the most important is accounting. All companies create accounting departments to handle the incoming and outgoing amounts of money, as these are essential in the correct functioning of a business.

The accounting department is usually made of the accounts receivable and accounts payable division, with an emphasis on the accounts payable one as it handles a greater amount of data.

In order to ensure the smooth functioning of the accounting department, thorough accounts payable controls are a must. The software created by PAIDAnalytix not only ensures that no payment errors occur once installed, but it also represents good accounts payable control tool.

Below, we invite you to read about the main functions of our overpayment recovery software and how it can improve the accounts payable controls in your business.
 

When is an accounts payable control necessary?


Accounts payable controls are regular checks of the division handling incoming invoices. These controls are usually employed to mitigate the risks of registering losses when processing invoices that need to be paid to third-parties. Accounts payable controls are related to the verification of the obligation of a company to pay its suppliers, the entering of payment information in the accounting software, and the actual payment of the amounts of money due.

Our accounts payable software can be a good solution for those who need to avoid duplicate payments and ensure accurate accounts payable control.

We also recommend an accounts payable audit in order to verify the efficiency of the accounts payable division.
 

The main elements of an accounts payable control


Ensuring effective accounts payable control is one of the main purposes of a business. Its importance lies in making sure no payment errors are registered.

In most cases, accounts payable controls consist in:
 
  1. the approval of the invoices entered into the accounting system which is usually given by one of the employees;
  2. the purchase order approval which implies staying in touch with the purchasing department;
  3. matching the supplier invoice with the purchase order and checking the receipt before authorizing the payment;
  4. the duplicate payment search which can be done manually, however, automated searches are available nowadays.

Each of these tasks takes time and is difficult to complete when they fall on the staff in the accounting department, however, with the help of our overpayment protection software, the accounts payable controls are much faster and accurate thanks to Artificial Intelligence.
 

How can our overpayment protection software help?


Our overpayment recovery software was created in a way that can handle large volumes of data entered into the system, therefore it will prove a much-needed tool for companies receiving more than 10,000 invoices per year. Duplicate payment searches and matching purchase orders with the supplier invoices will imply less work for the employees. An important thing to consider is that our overpayment protection software was created to avoid duplicate payments and provide real help in financial recoveries, therefore, ensuring accurate accounts payable control.

Our overpayment recovery software can help with:
 
  • the data entry controls by checking the invoices entered into our software and comparing them against each other in order to ensure no duplicate payment have been made;
  • lower processing time and a reduction of the operational effort by 50% on the employees in the accounting department;
  • lower leakage risk by preventing financial losses of millions of euros per year;
  • an automated accounts payable control which can verify up to 1.5 million transactions in a short period of time;
  • high accuracy – a 30% higher accuracy rate compared to other software that does not rely on Artificial Intelligence.

The most important roles of our automated overpayment protection software reside in avoiding duplicate payments and helping in financial recoveries when such payments are detected. These will ultimately lead to preventing future losses due to payment errors. The software developed by PAIDAnalytix was created in order to help medium and large-sized enterprises dealing with large numbers of invoices that need to be processed in a fast manner.

When used after an accounts payable audit, our automated software can make a difference in recovering amounts of money that some business owners didn’t know they were losing.

If you need help in ensuring accurate accounts payable control, do not hesitate to contact us and ask about our automated overpayment recovery software.