Audit Management Software

Updated on Wednesday 22nd February 2023

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The audit is one of the essential parts of running any type of business. Apart from the mandatory audits, companies need to undergo, there are also those who can help owners keep track of the performance of their entities.

Luckily, Artificial Intelligence can be used for performing quick and accurate accounts payable audits that can help companies improve their performances, but also prevent unpleasant issues such as frauds.

Below, we present how our audit management system works and why you should choose a payment recovery software that integrates multiple functions to help your business achieve its goals.

The importance of regular audits in a business

Audits represent one of the most important parts of assessing and managing the risks in a business. If until some while ago, performing audits implied days of document verifications, now, Artificial Intelligence integrated into a complex audit management software can do that much faster and without human intervention, once all the information is submitted.

Audits are very important for companies as through them, the interested parties – from management to owners – can verify all the data necessary to improve business results.

An audit management system can be easily used to complete the most complex audits much faster and in a simpler manner compared to the traditional methods thus far.

PAID Analytix integrated modern audit tools in our payment protection software in order to allow efficient control of payments and to create a thorough invoice verification mechanism in order to discover and prevent financial fraud.


How an audit management software can help prevent financial losses

A company’s accounts payable workflow starts with a supplier or vendor sending a bill or invoice to the accounts payable department. The invoice must be approved, after which it will be processed for payment. However, between these two steps there can be various interferences which is where an accounts payable audit can determine the accuracy of the procedure.

The number of companies registering financial losses has been constantly increasing in the past few years as a result of the processing of more and more invoices. This is why our audit management system focuses on this key aspect in a business: preventing financial losses. From this point of view, we would first recommend an accounts payable audit which indicates the weak points of the accounts payable department.

Au audit management software can help with the following:
  1. detecting flaws in the invoice processing methods;
  2. issuing various reports at the request of the user;
  3. providing quick and accurate information on the invoice aspects it needs to verify;
  4. leading to an effective prevention of duplicate payments (one of the most common issues related to financial losses).

The fact that our AI-based tool can be tailored to the specific of your company by simply introducing information in an integrated software will help you obtain all the details you need without effort or waiting too much. 

Duplicate payments are a huge cost for businesses, as they waste both time and money. In terms of time, the AP department must spend a lot of time double checking numbers, and only after that making the payment. In this sense, using an automated accounting software can be a good solution to streamline the workload on employees. Audit is one of the most important things when running a business and with the help of our system, it can now be performed faster than before.

How does our audit management system work?

An audit management software can be used for performing the simplest tasks such as scheduling an audit to the most complex ones as issuing various reports that will help you assess the financial situation of your business.

The system will enable business owners to complete more tasks with fewer actions, as it will also enable employees to create risk management strategies in a faster manner based on the data collected from the reports issued by the software in just a reduced period of time.

An audit management software is precise and will complete its tasks at the highest standards imposed in the accounting and auditing sectors without having to worry about non-compliance risks. Such a system will also enable the user to obtain all available types of audits and customize the ways in which the information is provided and viewed by the interested parties.

If you have any questions and you want to understand better how our audit management system works and how it can be integrated into your accounting software, our specialists can offer the necessary details and will explain how to use it to obtain the best results.

How can an audit management software help company employees

An audit management system has benefits on multiple levels in a company, including the reduction of time spent by employees on complex and tiresome tasks.

Over time our overpayment protection software:
  •  was used to recover up to 2,1 million euros by our clients;
  • offer a 95% accuracy rate when used to detect accounts payable issues;
  • can be used to reduce employees’ worktime by 50%.

If you are in search of an audit management software that can deliver quick, effective, and reliable results, look no further! Contact us for detailed information and a demonstration of how such a system works.
Radu FertoneaArticle by:
Radu Fertonea is the founder of Paid Analytix and Senior Manager with Executive MBA degree (Maastricht School of Management). He was director of operations at Societe Generale European Business Services, in charge with: Management of the Source to Report practice (Procurement, Accounts Payable, Accounts Receivable, Management Accounting) | Global redesign of end-to-end source to report activities | Consolidation of the Finance exercise for the European operations of Société Générale (100% coverage target by 2020) | Transition Management, Process Standardization and Continuous Improvement | People Management – team of 150+. With a broad experience in the financial field and after working with large societies which handle thousands of payments every year, came up with the idea which led to the creation of Paid Analytix.