Overpayment Prevention Module

During the data analysis, invoices are cross-checked in real time for duplicate entries using machine learning algorithms that can detect even subtle discrepancies like:

• Currency code errors: Same amount, different currency codes
• Gross/net mismatches: Two invoices, one with freight or tax, one without
• Minor invoice number differences: Ex: 18132 → 18132A → 18-132 → 018132
• Vendor name problem: Ex: Fisher Scientific v. Thermo-Fisher
• ERS problem: Ex: Invoice date or PO number used as the invoice number
• Multiple Supplier codes: The sameinvoice paid on different Supplier codes
• Time of Payment: Paying the exact amount twice to a Supplier in a suspicious time frame
• Overconfidence in Tech: Errors associated with system-generated invoices

Automatically block duplicate payments in real-time through our bi-directional integration with your ERP or accounting systems, ensuring that errors are caught before they become costly mistakes. Blocked payments are instantly visible in your workbench view, complete with root cause analysis and configurable recommendations for corrective action. To further accelerate resolution, workflows can be configured to auto-assist with resolutions, and exceptions are intuitively organized by likelihood, priority, age, status, and reason.

Resolve exceptions quickly by creating and assigning tasks to communicate with internal employees or external suppliers.

Capture data to aid towards the resolution, such as:

• Reason for creating the task
• Status of the task (New, In Progress, Completed)
• Number of days since the task was created
• Links to associated documents

This data also allows you to report on the efficacy of your overpayment resolution.

The apexanalytix Overpayment Prevention module has an intuitive Insights dashboard, providing pre-built reports that offer a detailed understanding of why and how overpayments occur. With the ability to filter by supplier segment, you can easily analyze performance metrics, identify trends, and pinpoint areas for improvement.

Key reports include:

• Confirmed Exceptions: A graph of all exceptions per million dollars spent over a specific timeframe to identify patterns and anomalies.
• Internal Performance Metrics: Analyze performance based on factors like AP processor, company code, data source, region, or supplier.
• Auto-Resolution Rate: Compare manual vs. auto-assisted resolutions to measure the effectiveness of your overpayment prevention efforts.
• Root Cause Analysis: Uncover the underlying causes of overpayments, including inconsistent invoice amounts/dates/coding, vendor coding errors, and multiple related vendors.

By leveraging these insights, you’ll be empowered to make data-driven decisions, optimize your AP processes, and prevent future overpayments.