Intelligent automation in expense reporting
An automated expense reporting solution improves expense management, lowers costs, and gives finance teams more control and insight. Using OCR technology, your team can instantly scan and digitise paper receipts. This helps to eliminate the risk of human mistakes by accurately extracting information from receipts.
Another area of intelligent automation is uploading receipts. Modern tools allow users to instantly upload e-receipts from the apps they use during travel and other activities. Finance teams can also use intelligent automation to set up reminders that alert approvers of pending costs and reports.
Finally, AI and ML can power a robust policy engine that examines all costs in real time from the start of expense reporting. Such solutions can immediately detect false, exaggerated, duplicate, weekend, or holiday expenditures, generating detailed digital audit trails that record all staff activities on reported costs. All in all, automation reduces accounting mistakes and ensures full compliance.
Enhanced analytics for financial decision making
Companies use data analytics solutions to analyse their historical data to better understand its current and future financial health. However, many finance teams struggle to collect data from multiple sources and perform the analysis required to answer questions about financial performance.
AI-powered software solves this problem by merging data from existing ERP and other business systems into a single source for analysis. Unlike static reports used in accounting, AI data analytics provides dynamic analysis with customisable dashboards displaying high-level summary information for faster and more accurate decision-making.
Future trends in AI and expense management
Emerging trends and innovations around AI focus on several goals: simplifying expense reporting, decreasing administrative chores, and increasing accuracy. In the future, organisations will embrace more integrated and automated receipt management, making the processes for collecting and managing receipts and expenses more automated.
As the AI and ML space expands, businesses stand to benefit from decreased human input, faster processing, and lower error risk - for example, by automatically matching the expenditure report with the credit card invoice or highlighting expenses that don’t satisfy the company's policy.
AI and machine learning solutions will ensure more accuracy and efficiency in the identification, categorisation, and accounting of receipts and expenses. Integration with automated invoice processing will create a more unified and comprehensive administration for the finance and payroll departments.
Traditional, manual approaches to managing costs are error-prone, time-consuming, and next to impossible, considering the ever-changing cost policy. Employees who manually collect receipts, write up memoranda, and file expense reports for each transaction are just wasting their time.
AI and automation lift this burden off their shoulders, ensuring expense policy compliance is simple for both budget owners and spenders. Auto-enforced spend restrictions, integrated policies across all payment forms, automated receipts, and AI-enabled automations will continue to transform the core activities in expense management.
Learn more about how Mobilexpense can help you stay ahead of the curve with your expense management by scheduling a demo today.