How to Obtain an Audit Recovery

Updated on Monday 09th January 2023

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The process associated with an audit recovery implies reviewing transactions and information used to identify various payments with the purpose of retrieving lost amounts of money. While for small companies, financial recoveries are easier to complete with the help of an internal audit recovery, it is not the same for medium and large-sized enterprises that need to more extensive operations in order to recover large amounts of money.

PAID Analytix proposes tailored audit services for companies dealing with problems in identifying and recovering various amounts.

Accounts payable audit – the first step in stopping financial losses

When discussing financial recoveries, these are usually necessary for companies dealing with large volumes of transactions, such as retail and financial institutions, which also deal with the issuance of great numbers of invoices. This is why an accounts payable audit is the first step in the correct identification of sources through which financial losses occur. When the main aim is to obtain the respective money back, the entire process will turn into an accounts payable recovery audit.

If your company losses money constantly, our audit services can be one of the best ways of finding out where those losses come from.

Our overpayment protection software uses Artificial Intelligence-based algorithms targeting quick and effective financial recovery. 

Audit services provided by PAID Analytix

Accounts payable, or the money that a company owes to its suppliers, must be recorded by any firm that purchases products and services from its suppliers on credit. It is crucial to complete accounts payable audits regularly to make sure that everything is in order, as simply keeping track of bills and paying them off may not be sufficient when it comes to exposure to fraud.

When conducting an accounts payable audit, there are many areas of the accounting department that can be verified. However, in the case of classic audits, the number of problems identified can be quite large, thus limiting the chances of actually resolving the issue.

With the help of an audit process provided by PAID Analytix, the most important problems are targeted, and among these, we mention the following:
  1. overpayments which usually occur when invoices are improperly handled;
  2. duplicate payments which can lead to important financial losses business owner usually don’t even know about;
  3. currency errors which occur when companies have suppliers from various countries;

In certain cases, lost transactions can be one of the main causes businesses lose part of their profits. Even though it's challenging to completely prevent a duplicate payment, there are a few straightforward precautions you may take to lower their appearance. First of all, you can standardize your organization's invoice and purchase order systems to address the data entry issue. Secondly, you can use a specialized software, such as the one provided by PAID Analytix which faster and relies on Artificial Intelligence to offer quick and reliable results.

Our overpayment protection software can be a great tool in assessing financial transactions with a positive outcome for the company using it.

The difference between our audit services and traditional ones

At first sight, an audit is a process completed by specialists in this field, however, we offer tailored audits that can be completed with the help of an overpayment protection software able not only to detect but also prevent future financial losses.

With the help of our accounts payable audit, processes like analyses, identification, and correction of payment mistakes and erroneous invoices are completed much faster. Moreover, our software can be customized to the needs of a company and can also complete thorough verifications of transactions entered into the system, if the client is interested in a deeper analysis. This will help a company streamline many of its accounting operations.

Once our overpayment recovery software identifies and signals the issues, it will move on to the prevention of future errors by pointing out processing mistakes, where these occur. Moreover, our program is designed to store the information provided by the user and thus not requiring the introduction of the same information over and over again. All fields can be, however, altered depending on the needs of the user.

Our audit services imply little to no human intervention, but the use of AI which will use a Machine Learning Algorithm to provide tailored results. This way, business owners will obtain results targeted to their requests.

Preventing financial losses with our audit recovery software

Financial losses are the main enemy of companies dealing with large volumes of payments and our accounts payable recovery audit will not only help retrieve lost amounts of money but will also help in preventing future capital losses.

In our experience:
  • large companies can lose up to 1% of the value of their payments  per year because of invoicing errors;
  • compared to manual verification, an automated one can verify millions of transactions instantly
  • our overpayment recovery software is 30% more accurate compared to traditional ones;
  • our program can also help you prevent losses.

For tailored audit services, do not hesitate to contact us.

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.