automate all manual steps in expense management with AI
500 million employees globally submit expenses for reimbursement every single day!
Today, submitting and processing an expense is still often done on paper or in excel, which takes a lot of time and is cumbersome. Each submitted expense goes through a review and approval process, which requires significant time and effort from managers. The approved expenses then go to the Finance department for another check and processing before it can be reimbursed to the employee. On average, that process takes 6 weeks and costs the company more than 25 USD per expense. You see, this is a real-world problem that needs to be solved!
Expense Robot automates all steps starting with the employee simply taking a picture of a receipt. The picture is automatically turned into an expense report and checked against the company’s expense policy, rules and thresholds. It also goes through a fraud detection check. If confident enough, the expense robot technology approves the expense automatically. Our technology knows when to involve a human; if the confidence of the system is low and/or fraud potential is detected, a manual approver is added. Expense Robot additionally automates all processing tasks for Finance in order to achieve a throughput time of less than 1 week and to lower the processing cost per expense to less than 1 USD.
Expense Robot is currently developing an MVP and uses technologies like OCR (Optical Character Recognition using Artificial Intelligence), Computer Vision, NLP (Natural Language Processing) and Anomaly detection amongst others.
Let’s help transforming the lives of 500 million employees and at least as many managers daily!