The Advantages of Using a Recovery Software

Updated on Wednesday 22nd February 2023

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Medium and large-sized companies deal with an increasing number of problems during their lifespans, and among these issues which lead to financial losses are some of the most important. Not only do they cause accounting reconciliation issues, but they also make it impossible in some cases to recover the lost amounts of money which are not to be neglected when issuing more than 10,000 invoices per year. These losses can be prevented with the help of an AP recovery audit.

For business owners dealing with such problems, PaidAnalytix comes with an Artificial Intelligence solution dedicated to the recovery of money usually lost during the accounts payable processes. For those who are already familiarized with payment recovery systems, we present below some of the most important advantages of our recovery system which promises to deliver outstanding results and make a difference in their companies.

What does our recovery software do?

First of all, our recovery software is used by large companies handling thousands of invoices per year. Such a number of invoices will usually generate problems, among which the most common are:
  1. difficulties in keeping track of all invoices, which leads to skipping the introduction of some of them in the accounting software;
  2. a higher degree of tiredness of the personnel in the accounting department which can lead to human errors;
  3. duplicate payments and erroneous payments which cause imbalances in the accounting of the business;
  4. inefficiency in dealing with the financial recoveries generated by the loss of money, as one will not know where to start from.

The ideal solution would be to prevent all these mistakes. Our recovery software cannot help you prevent past payment errors, however, it can help you stop others from occurring. Alongside our recovery software, you can also obtain accounts payable audit services to help you improve the accounting in your company. Our services are similar to those provided by recovery audit firms. 

You can read about the benefits of using an overpayment recovery software in the infographic below:
The Benefits of an Overpayment Recovery Software

How our payment recovery software works

In order to understand why you should use our payment recovery system, we should first explain how it works. First of all, it is used as an integrated solution in your accounting system. It is simple to install and use, as you will need to introduce information about your company and the invoices you want to have analyzed. All the fields in our software are customizable depending on what your interest is.

Our recovery software can be used to detect duplicate payments, errors in payments, invoices that have been skipped by the accounting system because of similarities, and many others.

The specialists at PaidAnalytix have developed software that meets the most exigent requirements of company owners.

You can take advantage of our overpayment protection software and benefit from tailored services, as well as from accounts payable audits. The cost of recovery audit can be explained by our specialists. 

Catching accounts payable invoice fraud before it happens is a difficult task, and recovering the money after it has been paid is even more challenging. It is nearly difficult to pay a duplicate or fraudulent invoice, however, because of automated AP solutions' comprehensive verification methods, which guarantee that all invoices are accurate. Accounts payable audits can also be of help in these situations.


How can our payment recovery software make a difference in your business?

Every time a business owner wants to implement a new strategy or system in his or her company, the first question they ask is about the benefits the solution will bring. It is a fair question, and our specialists have prepared a list of the advantages offered by our recovery software. These are:
  • the reduction of payment errors thanks to a higher accuracy rate when verifying invoices – our software is 30% more accurate than ordinary accounting systems;
  • a reduction of 3 to 4 hours of the employees’ time spent on checking and double-checking invoices;
  • a reduction of the operational effort with an average of 50% since the first day of implementation;
  • the recovery of up to 1 million euros for every 100 million euros in payments.

As we mentioned above, another advantage of our recovery software is that it can be personalized based on the number of invoices issued by a company on a yearly basis. So, if your company issues more than 10,000 invoices per year, we can also accommodate the needs of large businesses. For large companies, we also recommend using our accounts payable audit solutions. We also invite you to watch a video on this subject:


Ensure a smoother payment with our recovery software

Duplicate payments and other errors will usually generate late payments even where no mistakes exist, which is why using our recovery software can smooth the entire accounting process in your company. Apart from helping your business recover amounts of money that would otherwise be lost for good, our overpayment recovery software will also help you reduce the effort and resources allocated to investigate and try to recover financial losses. With our software, you can benefit from streamlined procedures related to the overall accounting system your company uses.

Untrustworthy employees frequently use double payments as a method of fraud. A duplicate payment can go undetected for a long time when control measures are not in place. It is preferable to catch this internally and deal with it as soon as possible than to wait for third parties to become aware of it, which is why you can use our Artificial Intelligence software that can help you keep your finances in check at all times.

Every financial department needs to have an account payables department. Employees who work in it frequently are not aware of all the duties needed in running an efficient process. Which is why it is quite common to use specific software. Now, such a program can also be used to complete accounts payable audits, which is a solution PaidAnalytix proposes.

Our consultants can explain all the advantages offered by our payment recovery software, so do not hesitate to contact us for an extensive presentation of all our solutions. You can also rely on us for overpayment recovery and accounts payable audit services. We can also offer recovery audit solutions.

Radu FertoneaArticle 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.