How to Avoid Duplicate Transactions

Updated on Friday 22nd November 2019

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One of the biggest issues large companies face is duplicate payments. These usually appear when the number of invoices issued increases, when the human resource allocated to the task of verifying these invoices is too small, but also when various accounting mistakes occur. There is no need to explain the damage duplicate transactions can cause, especially when it comes to financial losses which can imply millions of euros or dollars.

Over the years, PaidAnalytix has improved the situations of many medium and large-sized companies through an Artificial Intelligence software which helped them avoid duplicate payments. Below, we invite you to find out how our software works and how it can help your company avoid duplicate transactions.
 

Duplicate transactions – how do companies come across them?


Duplicate transactions are, in most cases, payments found on invoices with the same amount of money. When the number of invoices is large and the same product or service is sold to thousands of clients, the chances of having similar amounts of money on invoices is pretty high. Theoretically, the accounting system uses various tools to sort and verify invoices, while the people in the accounts payable department also have to insert these invoices into the system, and thus verify the said invoices first. But, when the number of invoices is large, mistakes are made, and duplicate transactions appear.

Most duplicate transactions appear when:
 
  • customers’ names are entered twice in the system;
  • various system updates take place;
  • importing transaction lists and documents from other systems;
  • manually introducing various transactions and invoices.

In order to avoid duplicate transactions, our experts propose using automated software which can help your accounting department not only avoid such payments but also to prevent future payment errors. Since we have mentioned the accounts payable department which has a key role in introducing the invoices into the accounting system, we also offer accounts payable audit services in order for you to improve your employee’s work and your company’s accounting department.
 

Our AI-based software can detect duplicate transactions


An automated software will always be quicker than the human eye, however, our overpayment protection software uses Artificial Intelligence which creates unique patterns in accordance with the company’s specifics.

Here is how you can use our overpayment recovery software to avoid duplicate transactions:
 
  1. access our web platform and create an account, followed by the introduction of information about your company;
  2. create your company’s profile by selecting the criteria and parameters you want verified;
  3. introduce the invoices you want checked and let our software process it (this does not take more than a few minutes);
  4. review the report our software issues and start correcting the errors detected.

One of the benefits of our overpayment recovery software is that you only need to create a business profile once and then, based on the information you are interested in, simply update the search parameters. Our AI-based solution will enable you not only to avoid future duplicate transactions but also recover amounts of money you probably did not know your company lost.
 

An easy to use software to help your company


One of the most important traits of our overpayment protection software is that it is easy to use. The fact that it is also customizable will allow you to concentrate on key aspects of your business, such as avoiding those duplicate transactions and even preventing future financial losses which require a lot of work for recovery.

If you have any questions about our overpayment recovery procedures, our consultants are at your disposal with detailed information.
 

Prevent future financial losses


One of the most unpleasant consequences of duplicate transactions is financial losses which, in some cases, will require a lot of attention and time to recover at least a part of the amount of money lost. With our AI-based solution, the financial losses are highlighted in just a few minutes, leaving you to focus on other important tasks.

Our software is dedicated to:
 
  • companies in various fields of activity issuing at least 30,000 invoices per year;
  • companies still using traditional software in their accounting department (around 60% of our clients use such software);
  • companies seeking to improve their control mechanisms (our solution is 30% more accurate than other programs);
  • companies seeking to allocate their human resources to other accounting tasks (you can recover up to 40 hours per week for such tasks with our help).
 
For complete information on how you can avoid duplicate transactions and how you can take advantage of our overpayment protection software, do not doubt in contacting us right away.