EMPLOYEE MONTHLY EXPENSES

Most enterprises that don’t use artificial intelligence only audit up to 10 percent of their spending, while companies that do use AI are able to audit virtually all their invoices, contracts and expenses, according to a new report.

Bloomberg Article here, highlights some issues:
——————————————————————————————-

” One employee traveling for work checked his dog into a kennel and billed it to his boss as a hotel expense. Another charged yoga classes to the corporate credit card as client entertainment. A third, after racking up a small fortune at a strip club, submitted the expense as a steakhouse business dinner. 

These bogus expenses, which occurred recently at major U.S. companies, have one thing in common: All were exposed by artificial intelligence algorithms that can in a matter of seconds sniff out fraudulent claims and forged receipts that are often undetectable to human auditors—certainly not without hours of tedious labor. “
————————————————————————————-

The term “expense report” almost universally makes many people have feelings of frustrating, tedious, time-consuming work.  Managers do not enjoy spending or reviewing every cab ride, and few staff members enjoy keeping track of charges, itemising costs, or explaining why some expenses are higher than the company limit.  Keeping receipts, and loosing receipts.

However, advances in artificial intelligence, are rapidly improving the processes surrounding expense management.  As humans and AI models work together toward greater efficiences, expense reports could soon no longer be thought of as a tedious task.  AI will assist in removing the tedium, and conducting a thorough expense check simultaneously.  Problem Solved!