How It Works

Updated on Monday 31st January 2022

Rate this article
based on 25 reviews


How It Works Image
The number of companies has increased at a worldwide level in a very short time, and if many of them started like small and medium-sized companies, it didn’t take long for them to turn into large businesses. These changes impact not only a company’s activities and its needs of expansion but also the accounting and most importantly the accounts payable department which needs to process and to adjust to large volumes of payments and invoices.

PaidAnalytix was a startup when it was launched, however, its mission was clear from the beginning: to help large companies generating more than 10,000 invoices per year with reducing their losses. This is how our Artificial Intelligence (AI) software came to life.

Below, we invite you to read about how our overpayment recovery software works. You can rely on us for tailored accounts payable audit services in order to determine the needs of your company in terms of payments.
 

What is the AI-based solution proposed by PaidAnalytix?


Our solution is based on a neural network algorithm that analyzes the data introduced by business owners, information which usually refers to invoices to be verified for duplicate payments and other types of errors. The novelty in our solution is that is fully customizable on the volume of payments of the client and it targets their specific needs.

Among the services we offer are recovery, AP recovery audit and overpayment recovery services which will help companies find where the payment process has problems, respectively how these problems can be resolved. 
 

How does PaidAnalytix’ solution function?


In order to understand the process behind our overpayment recovery software, here are the steps one will need to follow:
 
  1. data integration – the client enters information about the payments volume and invoices to be analyzed;
  2. business context integration – the clients can choose the parameters and the criteria matching their company’s profile and needs;
  3. the machine learning (ML) algorithm processing – our solution will then process the data and provide the results;
  4. the review of the result – the information issued by the ML engine will be verified by our experts;
  5. reporting – this is the last stage of our service which implies offering the results of a search and a customized review of the process alongside solutions that help improve the payments system.

We would also like to point out that our overpayment recovery services are vetted by cybersecurity experts, so all the data business owners integrate into our software will be kept safe during the entire process.


 


Data and business context integration



Data and business information integration represent the first stage in our overpayment recovery process, and it implies the client to submit information about the invoices and payments issued by the company during a specific period of time, in accordance with the needs of the client. Other information the client considers useful for an accurate result can also be introduced.

Then, the clients will be able to choose from a set of pre-established criteria the ones matching their business or even create their own module, based on which the predictions will be made.

We would like to remind company owners that an accounts payable audit can be of great help before coming up with a solution that helps businesses reduce the number of faulty payments. Such an audit will help them find out and reduce the number of problems in the accounts payable department. You can also rely on us without further requesting other services from recovery audit firms.
 

The ML algorithm processing 


This is perhaps the most interesting fact about our overpayment recovery software as it gives clients insight on where the problems in their accounting are. The AI-based solution is able to analyze a large number of invoices and other information submitted by business owners in just a few minutes and return impressive results and solutions which will help prevent future payment issues. This can be done with the help of an accounts payable audit. We can also help with the cut in the cost of recovery audit.

Then, the team at PaidAnalytix will review the result before handing the final report to the client. This is because we are very meticulous about the solutions we offer to our clients and because we really want to add value to their businesses. 
 

Results interpretation


After completing the procedures instructed to do, the software will issue a report which, at first, must be interpreted by our specialists.

Because it relies on an algorithm meant to learn from the information it computes, the first times when the information may be different, you will need the experience of our experts to interpret the results obtained. However, over time, Artificial Intelligence will provide more and more accurate details based on the information accumulated over the times you use it.

The reports issued by the tool can be simple or more complex, depending on what you want to know. They are personalized and tailored to the data of your business, so every result you obtain will reflect the true situation of your accounting department.

Before implementation, we recommend you discuss all your uncertainties with us so that you understand from the beginning how it works and what you can use it.
 

An accounts payable audit solution


Audits are recommended every time a business owner wants to know performant a department is. It is also a powerful tool when it comes to finding out how that department’s activity can be improved.
While many companies use audit firms to investigate the accounts payable division, our software was designed to offer such a solution in a much simpler and faster way. This is possible thanks to the Artificial Intelligence that “learns” how the department works from data previously analyzed and based on them can provide information on aspects like:
 
  • system weaknesses;
  • invoice management issues;
  • improvement of processes and procedures.


In other words, our software will provide similar results to those offered by an auditor, only in a much shorter period of time. However, these are aspects that can be seen when trying to detect payment errors, such as duplicate payments. You can also use our tool for in-depth searches of risks and liabilities, thus being a solution when dealing with financial recoveries, or better said, prevention of financial losses.

Accounts payable audits are a small portion of a lengthy procedure that implies thorough verifications of the entire accounts payable department, however, using dedicated software to complete these procedures will save you a lot of time, while concentrating on other matters.

An audit will not only help you improve payment processes but will also be an aid to the human factor in the department who can be distributed in a more equitable way when dealing with tasks, thus enabling them to stay focused longer and be prone to fewer mistakes.

Our accounts payable audit tool is designed to:
 
  •  verify the accuracy of payments;
  • check all invoices entered into the system;
  • perform accurate checks of ledgers and financial documents, based on your instructions.

If you want to know how it works, you only need to submit the information you want to have audited and wait for the results that are provided in the form of a report. While you wait for our software to complete its job, you can continue your work as usual, as it does not require supervision.

If you need more information on how it works, our specialists will take their time to guide you.
 

Advantages of using an automated software


Automated software is the future of accounting, as the number of companies using it grows by the year. It is not only more accurate but it can also be used to prevent some of the most important problems large enterprises deal with quite often: financial fraud. Detection of payment fraud is one of the most important uses of our tool, as it can detect abnormal activity in accounting documents.

From small amounts of money that usually go unnoticed to an untrained eye to more important issues, such as large payments made to an unusual vendor, and even inside fraud, can be red-flagged by our software, and thus, prevent further financial losses, which has become quite an issue especially for large companies where leakages are harder to detect at a simple verification.

Accounting is quickly evolving and with it, programs used by businesses must keep up with the latest developments in the automation world. Simple to use (with a few clicks you can submit the information you want), fast (you will have the results in just a few minutes), and more accurate (30% more accurate compared to traditional software and the human eye), this type of tool is meant to ease accounting procedures that seemed complicated until now.

Less workload for employees and a better distribution of the workforce are other advantages of such a tool that can be integrated in the activities of the accounts payable department.
 

PaidAnalytix’ s results over the years


Some of the team members at PaidAnalytix have over 20 years of experience in the payment processes that occur in large companies and this is how our overpayment recovery software was born. Now, we can guarantee:
 
  • a 30% higher accuracy rate in determining true errors in the payment processes;
  • an average of 40 hours or an entire workday for customers searching for payment errors the traditional way. This time will be saved using our tool;
  • a reduction of up to 50% of the operation effort when having employees search for erroneous payments;
  • up to 1 million euros saved for each 100 million euros worth of payments.

For customized accounts payable audit, recovery audit solutionsand overpayment recovery services, please 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.