The Benefits of Using an Overpayment Protection Software

Updated on Wednesday 29th September 2021

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The processing of invoices can be subject to errors, especially when dealing with a large number of payments and complex processes. These errors will often lead to the loss of money which will be reflected in a company’s financial result In order to reduce such losses, an overpayment protection software can represent a proper solution for medium and large businesses.

PaidAnalytix is an overpayment protection software that helps business owners reduce the amounts of money lost during the processing of invoices. We invite you to read below about the main benefits of using such software for your company. We also offer accounts payable audit services in order for you to run your business efficiently.
 

Overpayment – when and how can it occur?


Overpayments are connected to the invoices sent by suppliers, and it involves the payment of a larger amount of money than the one of the invoices. This usually occurs because of reading mistakes, double invoicing, or even when advance payments have been made. However, overpayment is also a sign of accounting fraud which is why such problems must be dealt with as soon as the smallest irregularity is noticed.

Overpayment can be accidental or intentional, which is why the two scenarios must be treated differently.

In the first case, contacting the vendor and explaining the error is one of the best courses of action. Also, when the invoice is sent by a regular supplier, verifications can be made in order to see if this was a one-time mistake, or it has been an ongoing one. Overpayment errors can be corrected through refunds or credit notes against future invoices.

A useful tool that can be used to detect and prevent future financial losses is an overpayment protection software that is fast and accurate and provides the desired answers to any questions in just a few minutes. Our software uses Artificial Intelligence which can be adapted to the specifics of your business.

The simplest way of avoiding overpayments is by reducing the time spent on manual invoice input into the system. When automized, quick resolution of such issues is ensured. This is another process you can rely on our software for.

What are the main benefits of our payment recovery software?


With years of experience behind and partnerships with large companies in Europe, PaidAnalytix has managed to help many clients reduce payment errors. Even if this is the most important benefit of our payment recovery software, there are also advantages related to using it. Among these, we mention the following:
 
  1. higher accuracy during the payment processing procedure as we use Artificial Intelligence to compile the information;
  2. the improvement of processing times – clients can save hours of work by using our overpayment protection software;
  3. less effort for the employees and an improved attention span during the procedure of verifying invoices;
  4. lesser to none duplicate payment errors which have proved to be the most often mistakes when introducing invoices in the accounting system.

Together with an accounts payable audit, in order to find out how the accounting department can be improved, we strive to offer complete solutions to those interested in using a dedicated overpayment protection software for their businesses.
 

Higher level of accuracy when processing payments


According to our research, many companies use their own employees in order to process payments and invoices. People are subject to making mistakes because of fatigue which often leads to a lack of attention. This is where our overpayment protection software can make a difference: we use automated AI-based software where all the data is uploaded and verified. Our payment recovery software gathers all the information, verifies it and signals all errors found during the process.

If you need more information on how our payment recovery software and AP recovery audit work, we are at your disposal with details and examples.

Some of the benefits of our overpayment protection software are presented below:
 
Benefits of an Overpayment Protection Software

 

Reduce processing times with our payment recovery software


Time is precious for everybody, but when you run a business, time passes faster than for a regular person. Accounting is one of those areas where time is essential especially when it comes to deadlines. One of the benefits of our payment recovery software is just that: it helps reduce the processing times of invoices and thus concentrate on other important tasks.

Another advantage of our payment recovery software is that it works for any type of company, no matter its activity and size. You will no longer need the services of other recovery audit firms if you decide on our software.

 

Increased employee productivity


Employees are the core of any company and most of the times the personnel in the accounting department is the most stressed. Our payment recovery software can help in this regard if you decide to use it. Even if indirectly, our software will help you delegate tasks better, distribute employees in other departments where they are needed more and will lead to increased productivity in the accounting department where the work volume can be decreased.

With PaidAnalytix, Artificial Intelligence is used to deliver fast and secure results and thus helping companies to maximize productivity and improve the workflow.
 

No more payment processing errors


Errors are a major problem when handling invoices which often implies collecting information and introducing it into the accounting software. This is a laborious task that often leads to unwanted mistakes. With our payment recovery software, you will only need to enter information on your company and paid invoices in order for our team to process it and come back to you with their findings and errors. This way, our overpayment recovery services will be tailored to your needs. 
 

Automated accounts payable controls and overpayment prevention


One of the simplest ways of preventing overpayments is to ensure an automated accounts payable control that can perform regular checks on the invoicing and invoice payment processes. Such a control can be used to reduce but also to conciliate losses when payments are made to third parties.

An accurate accounts payable control will ensure the following:
 
  • ensuring all suppliers are paid;
  • ensuring the accuracy of the payment information;
  • the correct payment of the amounts on the invoices.

One of the best parts about using our software is that it can encompass both automated accounts payable controls and overpayment prevention for double verification of the money exiting the company. However, recovery audits are also available if you have recently discovered significant financial losses due to wrong payments.
 

An overpayment protection software is a great tool for large companies


According to most statistics, large companies are usually prone to important financial losses, as the information and number of invoices processed by such businesses are so large that it can be difficult to keep track of when using traditional software.

An overpayment protection software is one of the most efficient tools to help a large business ensure its financial flow and not encounter issues such as slow financial leakages that can lead to inconsistencies in the accounting department and even problems with the authorities when the annual financial statements must be submitted, and the numbers don’t add up.

Our software was inspired by companies dealing with more than 10,000 invoices per year. It can verify the invoices and search for inconsistencies such as duplicate payments and compare purchase orders with supplier invoices in a fraction of the time usually spent by employees doing the same work.

The installation of our overpayment protection software does not need any special requirements, as it is easy to set up. Once installed, you can customize it by introducing information on your company and the type of work you want it to perform. With a simple click, you can obtain the desired information in just a few minutes. Complete reports which would otherwise take weeks to prepare can be at your disposal in the shortest time allowing you to take the needed action against the irregularities found.

If you have any suspicions, you can enter the data you want verified into the system and have it checked immediately. The main purpose of this software is to prevent financial losses, which is one of the most important aspects when running a large business. If you want to test our overpayment protection solution, you can get in touch with our specialists who can offer in-depth information on how it works.

You can also rely on us for tailored accounts payable audit services and recovery audit solutions. This way, the cost of recovery audit will be minimized. We also invite you to watch our video:




 

The benefits of our payment recovery services in numbers


Our software has been on the market for several years and it has helped us gather important information and come up with proper solutions for many companies. Among the benefits we can bring to our clients through our payment recovery software are:
 
  • 30% increased accuracy in detecting payment processing errors;
  • clients can gain on average up to 40 hours per month with processing procedures;
  • they can also recover up to 1 million euros on 100 million euros payments;
  • the operational effort of employees can be reduced by 50%.

For complete information on our payment recovery software and our accounts payable audit services, do not hesitate to contact us.

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.