The Benefits of Our Accounts Payable Software
Updated on Monday 05th February 2024
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The more the number of invoices issued by a company increases, the harder the task of the accounting department to sort and introduce them into the system. When it comes to detecting errors, the job becomes even more difficult. For companies generating large numbers of invoices every month, PaidAnalytix has created an accounts payable software which helps them identify payment errors, duplicate payments and other issues that usually appear during the processing of invoices.
Below, we invite you to read about some of the benefits of our accounts payable software and how you can use our services to improve the accounting in your company. We also offer audit recovery services in order to help you reduce the time spent with investigating payment errors. You can also rely on us for AP recovery audit services.
Below, we invite you to read about some of the benefits of our accounts payable software and how you can use our services to improve the accounting in your company. We also offer audit recovery services in order to help you reduce the time spent with investigating payment errors. You can also rely on us for AP recovery audit services.
| Quick Facts | |
|---|---|
| Efficiency | Our software will help you save time with the processing of the invoices, as it is efficient. |
Accuracy | It also has a high accuracy rate. |
Streamlined procedures and processes | With the help of our accounts payable software, difficult processes and procedures, such as manual invoice double-checking, are simplified. |
| AI reliability | Our AP software relies on Artificial Intelligence, one of the most advanced features of such programs. |
| Real-time information | Get access to all the information you need in just a few minutes. |
| Plenty of customization options | The information you want to process through our AP software can be customized based on the data you input. |
| Machine Learning Algorithm | Our accounts payable will "learn'' the information you supply so that it provides relevant results with each use. |
| Easy to use | Our program is very intuitive and easy to use. |
| Integration option | You can use our software with your accounting program, so that you do not disrupt the AP department's workflow. |
| Improved workflow | As it is automated, our software will help you ease the burden on employees and/or supply their lack. |
| Prevention tool | Our accounts payable software can be used to prevent various AP errors and even fraud. |
| Time and money saver | Save money related to using multiple programs and time with complicated procedures with the help of our automated program. |
| Improved relations with vendors and suppliers | With the help of our program, payments to suppliers and vendors will be approved much faster, thus strengthening your relations. |
| Complete accounts payable audits | You can also use our program to complete audits anytime you want. |
| Transparency | Our program can help you have the overall financial picture of your company at all moments and make informed business decisions. |
Accounts payable automation software
It is not uncommon for companies to use automated accounts payable software which helps them improve the overall activity of their accounting department, however, our software is unique because it is based on Artificial Intelligence which is capable of making personalized predictions for those interested in the solution proposed by PaidAnalytix.
We also propose using our overpayment protection software through which we can help you reduce the number of duplicate payments. We also offer tailored recovery audit solutions.
What are the most important advantages of an accounts payable software?
There are many benefits linked to using an accounts payable software, among these the most significant are:
- it will help you save time as the software is much faster than the human eye in spotting irregularities;
- it will help you save money and will allow you to invest this money in your business;
- it will provide a streamlined and more accurate invoicing process allowing employees to focus on other tasks;
- we offer customized solutions based on the number of invoices and other information you want us to process.
Even though it can be challenging to completely prevent the appearance of a duplicate payment, there are a few straightforward precautions you may take to reduce the risk. Among them, using a specialized software such as ours which can help automate the accounting department. Our software will improve the approach of identifying discrepancies.
All the solutions proposed by PaidAnalytix are custom-made, so if you are looking not only for an accounts payable software, or for a reduction of the cost with the recovery audit, but also for overpayment recovery services, you can obtain them all from us.
We invite you to read about the benefits of our accounts payable software in the scheme below:
A time-saving solution for your company
Processing invoices takes a lot of time and no matter how trained to spot errors and other irregularities an employee is, there will always be a number of mistakes in the whole process. With the help of our accounts payable software, one of the most important benefits is that the process will require less time or better said a few minutes to detect hundreds of payment errors. More than that, our accounts payable software will be able to provide accurate information on how to improve the payment process if you are looking for a solution in this sense.
All recorded expenses, large or small, including the year-end financial statement, are a component of a successful accounts payable audit. The process no longer needs to be completed in days or weeks with the help of our tailored software that addresses medium and large companies, these being the ones to find most difficult to handle such a procedure.
Thanks to our AI-based machine learning engine, the algorithm will be able to create different patterns that help you establish what works best for you and your company. This way, in case of an audit, you will no longer need to contact audit recovery firms.
You can save money with our AI-based software
Money is one of the most important drivers behind a business and Artificial Intelligence can now help you save quite a lot when it comes to paying for the accounting mistakes you will find with the help of our accounts payable software. By that, we mean that our software will verify all the invoices you submit to us and will return with precise information on which are the invoices with problems, where duplicate payments have been made and how you can prevent those problems before occurring.
We can also help you with accounts payable audits in order for you to know how you can improve the overall accounting in your business.
Streamlined error detection process and accuracy
One of the greatest advantages of our accounts payable software is its accuracy. And this is simply because we don’t want you to waste more time and money with inefficient software. When we say streamlined procedures, we mention that most errors that would take days for your employees to discover will be found in a few minutes with the help of our software.
Quick and easy access to all invoices
One of the benefits of our accounts payable software is that it enables easy access to data as well as sharing it between departments, not only the accounting ones. All invoices entered into the system can be automatically imported or exported.
Real-time reporting and analysis are two of the main advantages of using automated software. This way, end-of-month accounting processes can be completed in a timelier manner. It will also ensure a higher degree of control over the business invoicing system. Leaving a digital trail is also a benefit of such an automated program, as it is much simpler to follow compared to dealing with tens or even hundreds of papers every time.
Real help in AP audit procedures
Accounts payable audits are among the procedures recommended to ensure the financial soundness of a business, and automated software can significantly improve this process. Such a program is important as it can be concluded more often thanks to the fact that it can take minutes to complete.
With the help of accounts payable software, finding fraud is no longer a difficult task, and audits are made easier. Moreover, documents are safely kept in archives, while data is backed up easily.
Higher degree of transparency
Another advantage of our account payable automation solution is associated with transparency. This way, key personnel, and other interested parties can:
- have an overall picture of the company’s financials;
- get access to the most important metrics really fast;
- improve processes where inconsistencies are found.
Additionally, managers can use automation as a tool to keep an eye on the effectiveness and performance of the AP team. Employee evaluations can also be accomplished with the help of AP automation solutions.
An automated accounts payable software can help a company develop on multiple levels, as well as simplify all accounting procedures in a fast manner. Therefore, we invite you to discover how our solution can work for you.
Possibility to integrate it with other software
Our accounts payable software can be integrated with companies’ own accounting systems without the burden of having to manually transfer data. There is no need to switch between programs or enter data into different systems. All significant databases, enterprise resource planning systems and accounts payable solutions are smoothly integrated.
With it, companies can easily keep track of their suppliers, as well as improve their relationships with them. For example:
- the risks of failing to pay them decrease considerably;
- the approval rate of supplier invoices can increase based on quick verifications;
- updates can also be issued when dealing with invoice payments.
Businesses that automate and accelerate their invoice lifecycle with accounts payable automation software will usually save money. Financial savings could amount to millions of dollars, depending on the size and number of an organization's invoices.
The accounts payable process involves numerous time-consuming yet crucial tasks. The majority of the time spent by the staff is consumed by a few relatively repetitive tasks. Also, searching through emails and programs for invoices and other financial documents is an outdated procedure. For easier and quicker payments to suppliers, a straightforward interface is provided by an invoice management system that relies on automated software.
In recent times, accounts payable departments are dealing with many changes, including those related to the operational programs they use. Thanks to digital technology like software that automates accounts payment, these departments can adjust in a much swifter manner, streamline their processes, and improve their impact on businesses.
We also invite you to watch our video below:
Customized solutions for your company
We are aware of the fact that companies are very different, and this is why all our services are customized to each client’s needs. You can select the information you want to submit with our accounts payable software in order to obtain the results you are interested in.
Here are some facts on the results obtained with our services:
- for one of our most important clients we have managed to recover 2,1 million euros from duplicate payment errors;
- the accuracy of our software is currently over 95%,
- the AI-based accounts payable software is 30% more accurate than other solutions;
- you can gain up to 40 hours of work per month with the help of our accounts payable software.
For more information on our AI-based accounts payable software, please 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.
