Tools for Your Accounts Payable
Updated on Wednesday 22nd February 2023
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Accounts payable is one of the main engines of the accounting department in a company, which is why it is very important to use specialized tools when it comes to the specific procedures of this sub-department. The market is full of software that target those interested in simplifying their work, however, choosing the right from the multitude of tools is what matters most.
Below, we will make a brief presentation of the tools available for accurate and correct accounts payable procedures with an emphasis on the overpayment protection software developed by PAIDAnalytix and what makes it stand out among the others.
We offer an Artificial Intelligence-based software that can help you and your business thrive on a competitive market. We can also help with accounts payable audit services.
You can read about the tools you can use for your accounts payable department in the infographic below:
Below, we will make a brief presentation of the tools available for accurate and correct accounts payable procedures with an emphasis on the overpayment protection software developed by PAIDAnalytix and what makes it stand out among the others.
We offer an Artificial Intelligence-based software that can help you and your business thrive on a competitive market. We can also help with accounts payable audit services.
You can read about the tools you can use for your accounts payable department in the infographic below:
Categories of accounts payable tools
Accounts payable tools can be categorized by taking into account the size of a business, its activity and the needs of the company using it. For these purposes we have:
- payment and invoicing tools to simplify the interaction of clients when making payments and the company when issuing the invoices;
- electronic document management tools that help a company organize the invoices from suppliers;
- data verification tools meant to help with the processing of invoices and other billing information;
- software created to enhance the control mechanisms and to ensure accurate invoice payments, which is the case of PAIDAnalytix’ s tool. How to verify a duplicate payment? Double billing is one of the most employed methods to complete accounts payable fraud. However, you can use our AI-based software to check and detect duplicate invoice mistakes. Moreover, it can also be used to conduct accounts payable verifications and audits.
Our overpayment recovery software alongside our accounts payable audit solutions can represent a great ally for your company and mainly for the accounts payable department thanks to the use of Artificial intelligence to help with faster and more accurate controls. You can rely on us for an AP recovery audit.
You may eliminate lost, missing, and disorganized transactional information by getting rid of traditional paperwork and implementing AP automation. Additionally, you can also use an automated accounts payable audit solution through which you will be able to keep track of all transactions and making sure your financials are safe.
What differentiates our AI-based software from other tools
The accounts payable department handles a great number of invoices and other financial documents that need to be sorted, checked and double-checked and entered into the main accounting system. Most companies use traditional tools like the ones mentioned above, however, for those dealing with large numbers of invoices alternative and modern tools are slowly but surely taking over.
PAIDAnalytix has developed an artificial intelligence-driven overpayment protection software that can support accounts payable departments better control and monitor the payments made. The fact that our software helps to perform the controls faster and more accurate as well as provides an in-depth view on the root causes, creates the opportunity for the accounts payable department to engage in more meaningful tasks, or even start projects that eliminate these root causes.
Centralizing payments is vital when processing supplier invoices. It is much simpler to have a clear picture of the money leaving the organization if all payments are made from one account. If you want to keep track of your company’s financial worthiness, an accounts payable audit can also help when completed on a regular basis. We recommend you first perform an audit in order to find out how our software can help you. Our tools resemble those used by recovery audit firms.
How our overpayment protection software works
Our software was created to meet the needs of companies handling a large volume of invoices and that dealt with financial losses because of payment errors. How is our tool different? The fact that it uses an Artificial intelligence Engine to gather, process and return more accurate results creates a significant difference to traditional tools.
In order to use our overpayment protection software a finance department just to input the data and our platform will generate the analysis in an instance. Our software will analyze the data, process the results in a simplified manner and return them to the user under the form of a report which highlights important information such as the double payments that have been made and the amounts of money lost which can lead to important financial recoveries. Apart from this, our AI-based software will help prevent future losses.
Our software that can also be used to complete accounts payable audits can represent an important tool for companies seeking to prevent losses and recover lost amounts of money. Also, the cost of a recovery audit is lower with our programs.
Results generated by our overpayment recovery software
Our accounts payable tool is mainly dedicated to companies processing a large number of invoices per year, as these businesses dealing with important financial losses. Here are a few important facts about our overpayment protection software:
- it is a very useful tool for businesses handling an average number of 10,000 invoices per year;
- compared to other accounts payable tools, our software is 30% more accurate thanks to AI;
- the operational effort of employees can be reduced by 50%;
- companies can save up to 1 million euros for every 100 million euros worth of payments.
For complete information on the benefits of our accounts payable software, do not hesitate to contact us. You can also rely on us for recovery audit solutions.
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.
