Recovery Audit Services

Updated on Tuesday 14th January 2020

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Accounting is one of the most important parts of a company as it ensures the effective running of a business from a financial point of view. Compared to a few years ago, when the human factor was the key to a well-organized accounting department, nowadays, Artificial Intelligence (AI) can successfully replace the traditional in various areas of the accounting field, such as accounts payable, auditing and payment recovery.

Seeking to lower our clients’ rates of erroneous payments, we offer complete recovery audit services that combine the use of a payment recovery software with audits that can improve a business’ overall financial standing.

How does the recovery audit work?

Recovery audit is the main tool used by companies in need of assessing and correcting payment errors. This type of audit goes hand in hand with the payment recovery process and in its beginning, it was mostly used by retail companies generating thousands of invoices every day. 

With the recovery audit services offered by our company, not only retail businesses can benefit from the assessment and correction of erroneous payments, as our AI-based services are customized to the needs of every type of business, no matter its size.

Among the services you can rely on us are also accounts payable audits, where most of the problems are sourced.

Types of recovery audit services offered by PaidAnalytix

Our recovery audit services target various departments involved in the accounting of a firm, being tailored to each company thanks to the simple introduction of minimal information on the company’s payments on our web platform.

Here are some of the recovery audit services you can obtain from us:
  1. accounts payable audits which imply a thorough assessment of the payments made by this department;
  2. currency error verifications which have proved to lead to many mistakes when dealing with payment recovery;
  3. financial losses reporting based on the extensive audit services provided through our AI platform;
  4. erroneous payments identification services which are the source of a large amount of money losses.
Our AI platform also helps companies reduce human work effort by 50% and ensures better control of all payment processes.

With our recovery audit and accounts payable services, these mistakes can be detected in the first stages and thus we can offer one of the best methods of avoiding serious payment issues. With our payment recovery software, such an audit is completed easily and fast.

You can read about our recovery audit services in the scheme below:
Our Recovery Audit services

When is the recovery audit indicated?

To most business owners, the financial health of their companies relies on the financial statements which usually reflect a business’ annual revenue, however, not all losses are revealed. A recovery audit can do just that: provides accurate information on the real losses registered by a company. A recovery audit completed with the help of an Artificial Intelligence-based software can definitely shorten the time spent on verifying the financial documents and invoices issued by a company and even more, it can make predictions on how to avoid future losses.

With our recovery audit services, the problem related to missed payments is handled from several points of view. The first one refers to the large volume of payments an accounting department has to deal with on a daily basis and which can lead to many mistakes. The second one refers to fraud payments which are often not taken into consideration. Overpayments and duplicate payments also play an important role in the accounting errors found during a recovery audit.

With the help of our payment recovery software, all these mistakes can be corrected, while future errors can be prevented. Most of the time, an audit starts with the accounts payable team which is why we offer tailored accounts payable audit services.

Why choose PaidAnalytix?

 PaidAnalytix was created as a startup more than 10 years ago. Ever since, it has helped retail consumer companies, as well as banking institutions, thus gaining the confidence of some of the most important businesses in Europe. Through our web platform, which smartly integrates Artificial Intelligence with traditional services, PaidAnalytix:
  • has helped clients recover more than 3 million euros in the last few years;
  • has determined that companies can lose up to 1% of their annual revenues from invoicing errors;
  •  has assisted clients to save between 500,000 and 1,000,000 euros in a year;
  • through our payment recovery software can identify more than 95% of the payment errors in a company since the first day of implementation.

For complete recovery audit services, do not hesitate to contact us right away. You can also rely on us for accounts payable audit services.