Overpayment Prevention Module by apexanalytix is designed to help businesses avoid duplicate payments by comparing invoices and payments processed. This module can find and even predict overpayments, connecting to all ERPs and payment systems to ensure no duplicate goes unnoticed. It uncovers missed credits, audits past payments, analyzes the root causes of issues, and tracks the performance of AP processes with built-in reporting and analytics.

Features

• Bi-Directional ERP Integration: Integrates and communicates bi-directionally with ERP systems such as SAP, Oracle, PeopleSoft, JD Edwards, and Microsoft, allowing automatic correction or blocking of duplicate invoices in real-time.
• Built-In Reporting: Provides built-in analyses and reports that offer transparency into how duplicate payments occur, enabling corrections at the source. Pre-configured reports include Exceptions by Status, Aging of Unworked Exceptions, and Confirmed Exceptions by Reason.
• Dashboards for Easy Analysis: User-level and Executive Summary-level dashboards provide snapshot reports into the details of overpayment exceptions, giving stakeholders visibility into the status of overpayments.
• Custom Report Creation: Allows for the generation of custom reports on demand, providing complete visibility into procure-to-pay operations to track and manage performance, isolate problems, uncover savings, and improve internal controls.
• All Transactions, Even Past Transactions: The module can audit historical disbursements, build automated claims, and manage the recovery process using the same powerful tools.
• Supplier-Facing Workflows: Expedites collaboration with suppliers around identified exceptions, ensuring efficient resolution of issues.
• Any Data, Any System: Automatically extracts data from any system or payment platform globally, normalizing and reviewing supplier files, invoice and disbursement data, purchase orders, and P-card files as a consolidated whole.
• Secure Environment: Comprehensive security measures, including data encryption and rigorous access controls, ensure data protection.

Benefits

• Reduce Financial Risk: Minimizes costly duplications in environments vulnerable to disruptions such as ERP migrations and e-invoicing deployments.
• Increase Transparency: Provides clear, actionable root cause analysis to understand why overpayments occur, helping close control gaps effectively.
• Save Time and Effort: Automates exception resolutions and supplier communications, enabling AP teams to focus on high-value activities.
• Boost Stakeholder Confidence: Comprehensive reporting and intuitive dashboards offer both granular and high-level insights, giving executives confidence in financial operations.
• Future-Proof Operations: Flexible data integration and scalable workflows adapt to growing and changing business needs.