How to Obtain Financial Recoveries
Updated on Tuesday 16th May 2023
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Many companies lose money because of unpaid debts, however, the number of businesses losing money because of error payments not found in time by their financial departments have also increased together with the higher volume of invoices that need to be processed.
For this purpose, financial recoveries have obtained a new status unrelated to that of debt recovery and that because they imply different procedures. For those who face financial losses because of payment errors, PaidAnalytix can help with dedicated software which will help them recover and prevent further loss of money.
We present to you below some of the most efficient financial recovery methods we can help you with. You can rely on us for various services, among which overpayment recovery and accounts payable audits.
For this purpose, financial recoveries have obtained a new status unrelated to that of debt recovery and that because they imply different procedures. For those who face financial losses because of payment errors, PaidAnalytix can help with dedicated software which will help them recover and prevent further loss of money.
| Quick Facts | |
|---|---|
| Types of companies dealing with financial recoveries | Medium and large-sized companies |
Accounting issues leading to financial recovery | - large number of invoices, - duplicate payments, - wrong amounts on invoices |
Solution | Accounts payble audit |
| Recommended software | Dedicated AI-based program |
| Documents to verify | Invoices and ledgers |
| Possibility of customized results (YES/NO) | Yes |
| Main purpose of using AI software | - detection of overpayments, - avoidance of further financial leakage |
| Error detection accuracy | Higher compared to traditional accounting programs |
| Advantages of using financial recovery | Prevention of future financial losses |
| Services | - accounts payable audits, - overpayment recovery, - payment verification |
| Department to implement the financial recovery | The accounts payable department is where such a software can be employed with good results. |
Timeframe to conduct a financial recovery audit (approx.) |
By using an automated program, a financial recovery audit can be completed in a few minutes. |
Improvement of payment processes (YES/NO) |
Yes, our software is a great payment processing tool. |
| Software required for financial recoveries | Our AI-based software can be used for multiple purposes, including for improving financial recovery rates. |
| Possibility to check and correct internal control mechanisms (YES/NO) | Yes, our tool works as a standard audit software and can help improve internal control procedures. |
| Verification of payment accuracy (YES/NO) | Yes, our program can be used to verify the accuracy of past and current payments. |
| Access to invoices in the accounting system (YES/NO) | Yes, you can have your invoices verified with our AI-based soft. |
| Possibility to link to existing accounting software (YES/NO) | Yes, our software can be interconnected with your existing accounting program. |
| Possibility to identify accounting errors (YES/NO) | Yes, you can use our program to identify erroneous patterns in your company's accounts. |
| Availability of other solutions for financial recoveries (if any) | We also offer general and internal audit solutions and access to fraud detection software. |
We present to you below some of the most efficient financial recovery methods we can help you with. You can rely on us for various services, among which overpayment recovery and accounts payable audits.
What are the most common accounting mistakes in a company?
In order to know where and how financial recoveries can begin, a business owner will first need to identify the mistakes which have led to these procedures.
Among the most common mistakes, the accounting department in a company can be subject to, without even knowing, are:
- the high volume of invoices to be processed can impair the work of employees and lead to payment errors;
- the use of inefficient tools which imply a high degree of supervision and verification of transaction;
- duplicate payments which are not processed by the accounting system will result in payment errors;
- double payments made on the same invoice which repeated can lead to serious financial losses;
- wrong amounts of money entered into accounting are also quite common payment errors.
All of these and even more can lead to extensive financial recoveries which take time and require a lot of attention. You should note that recovery audit firms cannot offer specific financial recovery services, such as our software.
With the help of our accounts payable software, the number of error payments can be reduced, while financial recoveries will become easier. You can also rely on us for extensive accounts payable audit services.
Processing invoices demands a lot of concentration and attention to detail. Additionally, when failing to make payments, the company's cash flow is disrupted in addition to leading to late fees. Apart from these, there can also be the problem of duplicate payments that can be solved with the help of our accounts payable software.
You can find out more about financial recoveries from the scheme below:
Where can a company begin the financial recovery process?
The accounting department would be the simplest answer to where financial recovery can begin in a company that processes a lot of invoices. However, the real question is how should financial recovery begin? And the answer here would be with the use of automated software which verifies all the payments in the accounting system.
In order to help you with financial recovery services, PaidAnalytix has developed an Artificial Intelligence solution that helps business owners determine the amounts of money they have lost due to inefficient accounting, how to stop losses and to prevent them in the future.
Out of a desire to stop financial losses from occurring and expensive and time-consuming financial recoveries, our specialists have created an overpayment recovery software that can be integrated into your accounting system.
Preventing duplicate payments is one of the most important tasks many businesses focus on. In order to achieve this, they can use automated accounts payable software that has the capability of detecting irregularities at invoice level and thus signal potential problems that can be verified before confirmation for payment.
How can an overpayment recovery software help you in financial recoveries?
One of the simplest solutions which can help you in the financial recovery process is our overpayment software which you can access on your computer. Then, all you need to do is to insert the invoices you want analyzed and wait a few minutes until it returns with complete information on the amount of money you need to collect by correcting payment mistakes. These mistakes can also be controlled with the help of an AP recovery audit. Do not hesitate to get in touch with us for information on the cost of a recovery audit.
The best part about our overpayment recovery solution is that you will decide the volume of invoices to be verified and the other information you consider would be useful to our software in order to provide you with accurate results. Moreover, our solution is customized to your needs, meaning that you can use existing criteria that match your business or you can create your own model you can use every time or modify from time to time in order to obtain accurate results.
Below, we invite you to watch a short video on our financial recovery services:
Accounts payable audit in financial recoveries
In order to reduce financial recoveries in the future, we can help you with accounts payable audit services in order to see how to improve the department spending most of the time with the processing of payments. You can also rely on us for recovery audit solutions.
The main goals of an accounts payable audit include assessing internal control mechanisms, checking transactions for accuracy, and determining whether or not applicable policies, and procedures have been followed. The audit can also imply looking for consistency in invoices, bank records, and other records in addition to accounting methods.
As mentioned above, our solutions are based on Artificial Intelligence which implies some of the newest technologies and which are very helpful for companies dealing with large numbers of invoices.
Here is why you can rely on our overpayment recovery software:
- it addresses companies processing more than 10,000 invoices on a yearly basis;
- it can help with financial recoveries which can reach 1 million euros per year in some cases;
- 95% of the payment errors in a company can be detected from the first day of using our software;
- it has helped some of our biggest clients to recover more than 3 million euros in the past few years.
If you need assistance in financial recoveries or accounts payable audits, do not hesitate to 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.
