Overpayment Recovery

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. We also offer accounts payable audit services to our clients.

We can also provide you with various recovery audit solutions. In the past, the existence of less payment methods was the safest way of not registering duplicate payments. From this point of view, technology seems to cause large companies more problems, rather than helping them. However, when used the right way, automated programs can be a great help.

 

 
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 common refer to:
 

The most common types of overpayment errors are:
 

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. You can also rely on us for AP recovery audit services.

 
We have also created a scheme with the main benefits of overpayment recovery:
 

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, including the accounts payable audits, of each company working with us. This way, you will not need the help of external recovery audit firms.

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.

As we previously stated, an accounts payable audit offers you the chance to confirm your recorded transactions, invoices, purchase orders, and other papers. It can also ensure that practices are in good order, especially since using our software can help you run audits any time you need to. It can also be used as risk assessment tool in terms of transactions.

 

Effective accounts payable control with our overpayment recovery software

One of the best uses of our overpayment recovery software is in the accounts payable department as it can be an important tool in ensuring the control of invoicing processes.

Accounts payable control is generally used to reduce the risk of registering financial losses when processing all types of invoices. Our overpayment recovery software can be used in these procedures by automatically checking invoices that need to be paid to suppliers and third parties.

Furthermore, overpayment recovery can also be used in preventing future financial losses by creating a pattern that can be used multiple times when entering data into the system. The criteria the software uses can be modified by the user whenever changes are recorded in the main accounting tool used by business owners.

Overpayment recovery can be successfully used with the accounts payable audit services integrated into the same software.
 

Correct double payments through overpayment recovery

Most business owners know that once a payment has been made, it is hard to recover an amount of money sent erroneously, the situation is even worse when double payments are made. This also one of the most common mistakes when dealing with great numbers of invoices and important amounts of money in the case of large companies.

Multiple factors, most of the times unintentional can lead to duplicate payments. The greatest remedy for this problem is to spot them early yet doing so calls for additional staff to be hired in the accounts payable department or automation of the accounting system. Paid Analytix can help you with the second type of solution that can be adapted to your company’s needs.

Our overpayment recovery software can help recover double payments, or better said, can prevent them by checking all invoices before payments are made.

Our software can be used for thorough verifications of all operations in the accounting department, thus ensuring a more effective error prevention rate compared to traditional software. Thanks to Artificial Intelligence, our program can learn all the particularities of the company’s accounting system and provide personalized results only based on the data entered into it.

With the help of our overpayment protection software, most accounting errors can be detected in time, while future ones will be prevented.
 

Great help for company staff

Checking and double-checking invoices is one of the most time-consuming and tiring procedures that must be completed by the staff in the accounting department. With the help of our overpayment recovery software, time can be saved, as the checking process can be completed in just a few minutes compared to the hours spent by employees on invoice checking procedures. Moreover, in the case of understaffed companies, the need to hire additional personnel for this task will no longer be required.

Company owners will benefit from innovative software with multiple benefits, among which:
 

• easy access to all information required after submitting the data one time only;
• personalized results;
• no more time-consuming procedures and delays in seeing the results;
• future financial loss prevention, which is the most important quality of our overpayment recovery software.

Our specialists at PaidAnalytix can provide detailed information on all the benefits of our overpayment protection software.
 

Increased security of the payment verification process

Ensuring a high level of security of the data introduced in any accounting digital program is one of the most sensitive aspects when using dedicated software. Luckily, our overpayment recovery software relies on the expertise of cybersecurity experts who used multiple security layers in order to make sure all important information submitted into the system benefits from the highest degree of protection.

Our software uses the in-house developed PAID technology which relies on prevention and control expenditure on one side and fraud defense on the other side.

Our overpayment protection software uses a Machine Learning algorithm which is used for creating unique patterns for your company only based on the selected criteria of the information submitted the first time. Even so, these criteria can be altered any time a change in the company’s accounting system is recorded, thus generating new suitable solutions in accordance with the latest modifications without compromising the security of your business.

This is also one of the most important aspects that differentiate our overpayment recovery software from other similar ones. We also invite you to watch the video below:
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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:

For quick and complete overpayment protection solutions and accounts payable audits, please contact us. Do not hesitate to ask about the cost of recovery audit.

Article 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.