Duplicate Payment Invoice, an Issue We Can Solve

Updated on Friday 22nd November 2019

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Companies deal with a lot of problems in the course of their activities and the accounting department faces some of the biggest challenges when it comes to processing various documents. Among these, invoices pose a lot of difficulties. A large number of invoices, for example, can lead to many mistakes such as skipping introducing some of them in the accounting software when similar amounts of money appear on two or more invoices. These are usually duplicate payment invoices and they represent one of the major causes of financial losses for medium-sized and large companies.

For those struggling with duplicate payment invoices, using outside software to verify and correct such mistakes could represent a good solution. PaidAnalytix can represent a solution for companies dealing with duplicate payment invoices, which is why we invite you to read below about our Artificial Intelligence-based overpayment recovery software.
 

Duplicate payment invoices – a real problem for companies


Handling the accounting of a company requires a lot of attention and patience. This is why many companies don’t rely on a single person to do all the accounting tasks but create various positions within the accounting department to handle such meticulous duties related to the verification of invoices. Even so, duplicate payment invoices still appear and for some companies, the best solution is to outsource some of the tasks of the accounting department. For those who do not want to outsource such tasks, PaidAnalytix could have the solution to resolve the annoying issue of duplicate payment invoices: our overpayment protection software.

Before delving into the solutioning of duplicate payment errors, you might want to consider an accounts payable audit in order to see how you can correct other problems in the accounting department.
 

The main causes of duplicate payments


Most of the times, duplicate payments appear when the invoices are downloaded into the accounting software or when manually introduced into the system. In most cases, the accounts payable software should detect such errors, but when the number of invoices is large, the software can have its limitations. However, there are also other reasons for which duplicate payment invoices appear, and these are:
 
  1. when the accounting department has multiple copies of various invoices (these can be sent by various means of communications);
  2. when the volume of invoices is large and human errors occur (our software is made for companies with a large number of invoices per year);
  3. when payments are delayed, and several invoices are submitted in order to complete a payment;
  4. typing and keying mistakes are one of the most common causes of duplicate payment invoices;
  5. new invoicing methods that cause confusion among the staff are also an issue.
 
In order to help you correct duplicate payment errors, PaidAnalytix has created an overpayment protection software which allows you to enter the invoices you want to have verified and see the exact errors resulting from the mistakes mentioned above.
 

How does our overpayment recovery solution work?


If your company is dealing with duplicate payment invoices, you will need to access our cloud  AI-based software, enter information about the company and the invoices you want checked. Within a few minutes, you will have the results of your inquiry. The best part about our software is that you can customize it in accordance with your company’s specifics, such as activity, size, and number of invoices issued. This will ensure accurate and personalized results, and even more, it will help you prevent future payment mistakes, not only duplicate payment invoice issues.

Our overpayment protection software is safe and easy to use, as it works like any other accounting software, only it is more performant thanks to the use of Artificial Intelligence which is faster and more accurate than traditional programs.
 

Our software can help your company solve duplicate payment invoices


According to various studies, the larger the number of purchase volumes, the higher the chances of registering duplicate payment invoices. This is where our overpayment recovery software can make a difference, considering that:
 
  • for each 100 million euros in payments, our solution can help companies save up to 1 million euros;
  • our AI-based software is 30% more accurate than traditional accounts payable software;
  • our solution is also faster, helping your company to save up to 40 hours per week of extra work;
  • it can also help you reduce the operational efforts of detecting duplicate payment issues by 50%.

If you want to test our overpayment protection software, feel free to contact us.