Wading through expense receipts is not everyone’s idea of fun. Today's T&E expense audit typically consists of selecting a random sample of a small percentage of expenses and hoping to catch discrepancies days, weeks, or even months later. Thanks to artificial intelligence software like AppZen, the process of checking receipts and verifying the legitimacy of expenses can now happen in real-time.
To make the T&E expense audit process even better, we’re excited to announce ReceiptIQ™
ReceiptIQ enhances our already powerful AI-driven automated expense report auditing solution to deliver the deepest and most accurate real-time auditing capabilities on the market. Results so far are showing customers uncovering twice as many errors and compliance issues than previous auditing tools could identify.
The patented ReceiptIQ tool combines state-of-the-art computer vision, deep learning, natural language processing (NLP) and semantic technologies to replicate the human process of extracting information from paper and digital documentation. Because it can interpret and understand all the information included in the documentation, not just amounts, dates and merchant names, ReceiptIQ is able to validate the legitimacy of the spend and compliance of expenses to policy and regulatory requirements.
ReceiptIQ’s unique computer vision software has the ability to recognize information such as logos and words and use the information to understand the context of expenses by cross-checking them in real time against thousands of external and social sources to determine if the expenses are accurate and legitimate. ReceiptIQ can even recognize a restaurant logo from a receipt and cross-check the location and true business nature of the establishment in real-time before approving payment of the claim.
AppZen’s latest development is a further advancement in artificial intelligence for expense analysis and business solutions – with our AI-powered software able to take a holistic approach to the entire invoice and receipt rather than just picking up selected information and having to ignore the rest. Not only does it remove much of the work that previously had to be performed manually, but it can investigate a much larger amount of receipts than is physically or financially possible otherwise. Early testing of ReceiptIQ has shown its ability to find ten times as many discrepancies as manual auditing systems, providing users with millions of dollars in annual savings.
As we outlined in our recent article, artificial intelligence tools, such as AppZen, have the ability to dramatically streamline the time and cost required for corporate compliance processes – enabling business resources to be channeled toward more profitable outcomes.
We’re proud that AppZen’s T&E expense audit software has already been adopted by global companies such as Hitachi, Comcast, and Cantor Fitzgerald. For a free trial or to learn more about automating your T&E expense audit process contact us today.