Using AI in Accounts Payable

Accounts payable is one of the most important departments in the accounting of a company. This department handles all the incoming invoices, however, when the number of invoices is high, it is possible for the personnel here to encounter various problems, among which errors which lead to double payments or unprocessed invoices are the most common.

For some time now, Artificial Intelligence (AI) can be successfully used in accounting by easing accounts payable departments’ jobs. PAIDAnalytix has such a solution that can be used by medium and large-sized companies in need of automated software which helps them correct and prevent accounts payable errors.

Below, we invite you to read about the advantages of using AI in the accounts payable department and benefit from modern overpayment recovery software. You can also rely on us for AP recovery audit services.

You can read about the advantages of using AI in accounts payable in the infographic below:
 

Accounting is an important department in a company as it ensures access to the needed financial resources which then leads to the correct functioning of a company. The accounts payable department is the one making sure all payments are handled in a timely and correct manner, however, when dealing with large numbers of invoices, this job can be quite stressful.

A large number of invoices and complex processes put the accounts payable department in a difficult situation in terms of securing the accuracy of the payments made. Traditional tools and methods used by the accounts payable department to control these payments have one flaw in common and that is “false positives”. This is also where an accounts payable audit can be of great help.

False positives are very simply put transactions (in this case payments) that seem to be an error however when actually verified they turn out to be a regular and correct transaction. So, by using traditional tools and methods the accounts payable department has to search through hundreds sometimes thousands of transactions to find a few errors. So, the average accounts payable manager is put in front of a choice of either risking consuming his team's time to check all of these transactions or by not checking everything risking allowing faulty transactions to go through.  In conclusion, accounts payable departments have to manage the trade-off between low operational effort and high coverage of the risk. Often, they can’t have both.

This is where our unique artificial intelligence engine comes in. We help our customers reduce false positives and significantly improve their risk coverage.  Automating payment operations with an accounts payable automation solution is the simplest method to simplify an accounts payable audit. Through automation, you can avoid the numerous drawbacks of manual AP and benefit from quicker, less expensive, and easier audits thanks to the consolidated storage of your financial records. 

Maintaining good relationships with suppliers depends on managing bills accurately and promptly. A sound accounts payable system also guarantees that you don't keep obligations on your records for an excessively lengthy time. These processes can be handled with the help of our software through which you can also complete regular accounts payable audits.

In order to help your company, PAIDAnalytix will start with an audit in order to propose tailored recovery audit solutions. This way, the cost of recovery audit will be lower.



 

PAIDAnalytix has been working with medium and large companies mainly and has had the opportunity of analyzing the behavior of these companies. By consolidating our learnings and available studies on the topic we can say:
 

You can also rely on us for other tailored services, among which accounts payable audits. Large payments have the potential to significantly unbalance accounting records. For this purpose, using a dedicated software through which various aspects related to such payments can be checked is very important. For example, with the help of our solution, it will be simpler to check if this is not a duplicate payment that can be prevented.


How our clients benefit from our solution:
 

For complete information on our AI-based solution for your accounts payable department, do not hesitate to contact us.

Article 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.