Overpayment Recovery

Updated on Thursday 10th October 2019

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Companies dealing with a large number of payments that need to be processed will encounter various issues in time. These issues often relate to overpayment. Overpayment refers to cases where invoices are registered with wrong amounts, paid twice or even in other currencies than the one intended. The challenge for these companies is that these issues only occur once in several thousand payments but they can add up in terms of value.

The term overpayment refers to a large number of invoices processed by a company during an entire year, where some invoices are not verified at all, while others are registered with errors, as double payments or even in other currencies than the one intended.

In order to avoid such errors, Paidanalytix proposes a simple solution we call overpayment protection. Using our overpayment protection software implies removing any human or process-driven errors when introducing invoices in a company’s accounting system with the help of Artificial intelligence. Using our software will allow companies to solve these issues in a preventive manner and avoid performing accounts payable audits or to contract overpayment recovery companies.
 

The most common overpayment errors

 
Accounting is a very complex field and is part of every business, no matter if it is small, medium or large-sized. Over the years, with the increasing number of invoices that many companies have to deal with the risk of overpayments also increases. With our overpayment protection software, companies can avoid overpayment problems.

Even if they aren’t many, overpayment errors are there and some of the most commonly refer to:
 
  1. the increasing number of invoices to keep track of and to verify (a company can come across an average 30,000 invoices per year);
  2. the human factor – most companies have personnel hired to verify invoices, personnel who is subject to error;
  3. inefficient tools to perform controls that would help avoid this type of issues. Most tools have a very high false positive rate which means accountants will spend a lot of time verifying transactions that turn out not to be real errors.

The most common types of overpayment errors are:
 
  1. double payments are the most  common problem which can lead to overpayment mistakes
  2. the wrong amount being entered in the system either due to a failure of manual input or due to failure of the OCR engine
  3. even if less common, fraud can also lead to overpayment, case in which a specialized software can help.

Most of the time, overpayment protection is needed when companies dealing with many payments lose money as a consequence of failure to verify all these transactions. Sometimes, the main causes of overpayment are related to operational errors and even the lack of a digital platform to register all the payments. These can lead to a huge effort from the employees to track all errors and this is where Artificial Intelligence takes over and our overpayment protection software – PaidAnalytix - can do its job. If you want to verify if you have this issue in your company we can help you perform an accounts payable audit.
 
The specialists who created PaidAnalytix gathered these mistakes from companies of all sizes and created AI software especially aimed at correcting overpayment-related errors.
 
 

How does the PaidAnalytix solution work?


Clients can use PaidAnalytix to search for overpayment errors and then with the implementation of the recovery procedure or, in the case of those who already know the problems they need to handle, they can use the overpayment protection solution at once.

At first, our solution will search for inconsistencies between the payments registered and the amounts of money resulted and will identify the errors. From the first day of the implementation, we are happy to let you know that our solution can identify over 95% of the real errors related to overpayment or other issues. After identifying all mistakes, these will be thoroughly analyzed with our AI engine and correction of these errors will be proposed. The good news is that our AI solution works on both past and present payments.

If at first the proposal for the correction of the errors is verified by specialized personnel, the engine will “learn” to generate a better solution next time. This is how we personalize the services of each company working with us.

Our AI solution is easy to integrate into existing accounting systems and all we need is minimum information on the company’s payments following which our platform will generate the proposal.
We also value your privacy, so there are no GDPR issues if you decide to use our overpayment protection software.
 

Why choose PaidAnalytix?


Overpayment recovery is a very common problem; however, our overpayment protection software is the solution to this problem. Moreover, we use Artificial Intelligence in order to prevent this issue to occur in the future.

Up to this moment, PaidAnalytix has had partnerships with various companies and has conducted several studies, coming up with the following results:
  • payment errors can cost a company up to 1% of its payment value in one year;
  • the employees of a company can spend 3 to 4 hours per day to verify thousands of transactions to find a few errors with conventional tools;
  • our software reduces the operational effort on average by 50% days 1 and has incremental results after further usage.

For quick and complete overpayment protection solutions and accounts payable audits, please contact us.