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Boring. Tedious. Finicky. Something to put off … indefinitely. That’s how many people think of expense reporting. One survey found a majority would rather do their taxes than file expense reports! Our collective distaste for this necessary evil even costs us money, as many people end up paying for business expenses because they can’t be bothered to request reimbursement.
What if you could offload expense reporting — make the process faster, accurate, and compliant with your company’s policies without having to ask or look anything up? Creating that touchless user experience was our goal for Airbase’s Expense Management module.
With auto-enforced spend controls, embedded policies to enforce receipts and track budgets, automated coding and categorization, Airbase’s AI-driven Expense Management streamlines the whole process, saving time and reducing errors.
AI in the spotlight.
AI is changing the way we work. Research suggests investment in AI could approach $1.8 trillion USD by 2030. And with good reason — Accenture studies predict that companies who adopt AI could be 38% more profitable by 2035.
That’s not surprising considering the amount of manual work done by finance teams — over 50% of their time in some organizations!
An EY report, How AI Can be Leveraged for the Finance Function, points out that finance teams are well positioned to leverage the powers of AI. “Perhaps no part of the enterprise has as many repetitive, routine tasks as the finance department,” states the report. By incorporating AI capabilities into expense reporting, employees will also benefit by being freed from tedious manual processes.
Fewer errors with AI.
Manual data entry and categorizations are prone to errors, which in turn cost organizations money and time. AI and machine learning excel at automating error-free data capture and categorization, and can even detect inaccuracies and miscalculated expenses. They also don’t experience the kind of mid-afternoon energy crashes or distractions that lead to unintended human error.
Expense Management Tour
Touchless expense reporting with OCR.
One of our goals at Airbase was to marry our existing optical character recognition (OCR) capabilities with AI to further enhance the user experience.
All you have to do is take a photo of or upload a receipt, and OCR technology will extract the details. From there, generative AI compiles an expense report by auto-filling all the details including the expense GL coding and its memo field with a description — a smart capability that stands Airbase apart from all the expense management solutions in the market. And, all this smart auto-filling happens within the blink of an eye — not for just one or two expenses but for multiple expenses in a report in parallel.
Imagine: Instead of pouring through receipts, deciphering expense policies, and filling out long forms, you can rely on AI-based OCR technology and generative AI to submit a correct expense report easily and quickly.
We all know that business trips can generate a lot of receipts, so the true value in terms of time saved is the ability to process multiple receipts at once, compiling them into automated, accurate reports and submit for approvals.
With Airbase’s Expense Management module, you snap pictures of your receipts from the mobile app as soon as you incur them, add them to a report, quickly review the auto-filled details, and submit whenever you’re ready — that’s it! No more spending hours on weekends to submit expense reports for all your business trips!
AI and audit readiness.
For AI to analyze submitted expenses and ensure the correct coding and categorization, and to detect anomalies in data, it’s important to have one reliable single source of truth with consistent data standards. With these standards in place, Airbase ensures compliance and compiles the required documentation for every transaction in an automated audit trail. It’s rewarding to know that our product enhancements save time, stress, and money. We’re continuing to expand both our Expense Management module and our AI capabilities as technology advances.
Want to see our Expense Management module in action? Take a self-guided tour!
