How It Works

Updated on Monday 04th November 2019

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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 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 cyber security 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.
 

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.

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.
 

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 and overpayment recovery services, please contact us.