How an Audit Software Can Help with Duplicate Payments
Updated on Wednesday 22nd February 2023
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There are various reasons why duplicate payments are detected when dealing with the accounting of a company, however, in most cases, the detection comes a little too late when payments have already been made. Since the main goal of a business is to prevent such mistakes and other similar ones from happening, an audit could be a good solution to start with.
Concentrating on finding where the problem came from should be the first action to complete when duplicate payments occur, however, when such mistakes happen more often, the audit is a suitable operation that should take place in the accounts payable department and for this, dedicated software is more useful than ever.
PAID Analytix has been in the field of providing customized solutions for companies for quite some time now and proposes a targeted audit software for finding and, most importantly, preventing future duplicate payments. Understanding the underlying reasons of duplicate payments is the first step in prevention. Duplicate payment detection is a feature of our automated accounting software. If you want to know more about how it works and how we can help you and your company prevent financial losses, do not hesitate to get in touch with us. Below, we invite you to read more on the subject.
Concentrating on finding where the problem came from should be the first action to complete when duplicate payments occur, however, when such mistakes happen more often, the audit is a suitable operation that should take place in the accounts payable department and for this, dedicated software is more useful than ever.
PAID Analytix has been in the field of providing customized solutions for companies for quite some time now and proposes a targeted audit software for finding and, most importantly, preventing future duplicate payments. Understanding the underlying reasons of duplicate payments is the first step in prevention. Duplicate payment detection is a feature of our automated accounting software. If you want to know more about how it works and how we can help you and your company prevent financial losses, do not hesitate to get in touch with us. Below, we invite you to read more on the subject.
The best ways of avoiding duplicate payments
There are various solutions that can be employed in order to avoid duplicate payments, and among these, we can mention the following:
- thorough verification of payment documents (incoming and outgoing invoices);
- double-checking payments before transferring the money to the suppliers;
- the verification of master files that needs to be regularly cleaned up and maintained that way;
- streamlining payment procedures as much as possible (for this, we can propose an accounts payable audit through which solutions can be found).
The avoidance of duplicate payments should target the specific of the company, and by this, we mean the size and the number of invoices received and issued per year by the firm. For this, PAID Analytix has created the overpayment recovery software that uses Artificial Intelligence to offer personalized results.
Our program can also be used as an audit software that can serve as a tool for the avoidance of duplicate payments.
You can read about our audit software in the infographic below:
How to use our audit software for preventing duplicate payments
The prevention of duplicate payments should be one of the main targets of an accounting department however, an audit can represent a quick way of fixing such errors by detecting the flaws in the invoice payment process. Our audit software is much faster, delivering results without any intervention or supervision. Because it relies on a Machine Learning Algorithm, it will be quite easy for our software to adapt to the specifics of a business and provide accurate results that can be easily transformed into solutions for the avoidance and prevention of future duplicate payments.
Audits are very important for the well-being of a business and an audit of the accounting department can lead to less to no financial losses and fast recovery of various amounts of money the owners didn’t even know about.
If you need an accounts payable audit, our software can also be employed for that purpose.
Strict internal control protocols must be in place because to the constant increase in invoice and AP fraud. Implementing an AP automation solution is the simplest approach to accomplish this. Your business will not only save time and money, but it will also acquire a complete set of internal controls that will make it simple to conduct accounts payable audits, get rid of fraud, and understand your payments.
How is our audit software different from others?
Companies will probably have their own ways of detecting payment errors, including duplicate ones, however, PAID Analytix proposes an innovative solution based on Artificial Intelligence which will not only help business owners put their time into their business, but will also help them detect such problems and resolve financial recoveries much faster.
Using our audit software implies:
- a direct tailored solution that does not need additional equipment, as its name says, it is a platform you can enter directly from a computer;
- a personalized analysis of the accounts payable department which is realized quickly and effectively;
- a detailed report on the errors found and their improvement without too many changes;
- a reliable source of duplicate payments and other accounting errors prevention.
If you are interested in a new and innovative solution, our overpayment protection software can be what you were looking for. Associated with regular accounts payable audits, you will be able to recover a lot of money you would have otherwise considered lost.
Duplicate payments are impossible to prevent in totality, but you may limit their frequency by identifying the problems that can cause them and implementing the right preventative measures. Automating your invoice processing with the help of our software can definitely be used to lower the rate of double payments.
Losses caused by payment errors
Many financial losses are caused by payment errors and using an audit software to detect and prevent duplicate payments, which are some of the most common mistakes, can be of great help.
Here are some numbers on the losses presented above:
- some of our clients have registered up to 2,5 million euros in losses due to duplicate payments;
- out of the 2,5 million euros, our software was used to recover 2,1 million euros;
- the results generated by our software is 95% accurate and we are working on its improvement;
- our platform can also be used to reduce employees’ work hours by 50%.
For detailed information on how to prevent duplicate payments with the help of our audit software, please contact us.
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.
