Artificial intelligence specialist Appzen has launched a new AI tool called Insights for its audit platform that enables automation in expense reimbursement.
Using Insights, managers do not need to approve – or even look at – employee expense reports while the company remains compliant with internal and regulatory controls.
Appzen audits and approves each report in real time, giving companies the ability to reimburse employees on the same day as they file a claim without spending time looking them over or compromising controls, accuracy or peace of mind.
This may be good news for the 37 per cent of business travellers polled by Conferma who said they often had to wait up to two weeks for their company to pay them back.
Anant Kale, co-founder and CEO of Appzen, said: “This is an exciting update for us as it proves how AI can truly disrupt an age-old control and reimbursement process in finance, while massively improving compliance and employee satisfaction. This new product allows managers to spot leakage, misuse and bad behaviours across the organisation. We also understand that approving expense reports is not the best use of these talented peoples’ time. That’s where this new product comes in – as the Insights layer to our expense audit product.”