How AI in expense management tools helps managers and employees
Real-life examples from Expensya customers
- AI functionalities in expense management solutions
- Automated receipt scanning and categorization
- Expense policy compliance
- Fraud detection and prevention
- Integration with ERP and accounting systems
- More AI expense management benefits for managers and employees
- AI’s impact on financial teams
- Expensya by Medius helps you get control with AI
If you keep hearing about AI-driven expense solutions but aren’t quite sure how AI actually works or want to see some real-life examples, we get it. It can be tough to cut through the clutter and grasp how AI is helping day to day. Hearing from real people and checking out customer examples are great ways to illustrate the power of AI features in expense management solutions. So, here are a few ways AI makes expense reporting and expense management life easier for managers and employees.
AI functionalities in expense management solutions (and how they help)
Automated receipt scanning and categorization leads to time savings.
AI-powered receipt scanning technologies, such as Optical Character Recognition (OCR), allow employees to simply take a picture of their receipts. These solutions automatically extract critical information like amounts, dates, and VAT, significantly reducing manual data entry.
For companies like Comerso, this feature really paid off.
"I tested intelligent recognition via my smartphone on one of my receipts, and to my great surprise, Expensya's OCR+ technology immediately detected all the information on my receipt, which was especially complicated with double VAT."
Expense policy compliance leads to savings.
Natural language processing (NLP) and machine learning (ML) in AI can automatically apply a company’s spending rules, ensuring compliance without needing manual review. This reduces the likelihood of unauthorized expenses.
As Comerso also highlights,
"With the automatic configuration of spending rules, there's very little to check. This results in savings of 5% to 10% on business expenses."
Fraud detection and prevention reduces risks.
Machine learning algorithms continuously monitor expense reports, flagging any unusual activity that might indicate fraud – like duplicates. By leveraging intelligent AI audit features, companies ensure that expenses remain within pre-approved budgets and policies.
Integration with ERP and accounting systems reduces manual work.
AI-powered platforms like Expensya easily integrate with ERP systems, synchronizing data across departments.
This automation can lead to "100% time savings on accounting entry and 75% on archiving receipts," eliminating the risk of human error for companies like CBT Conseil."
See more functionalities of AI expense management.
More AI expense management benefits for managers and employees
AI-powered expense management has numerous benefits for a business and its employees. Here are a few to note:
Time savings and efficiency
AI expense management automates tedious tasks like data entry and expense categorization so employees can focus on more strategic work and reduce manual data entry errors.
This results in tons of time saved and creates more efficient processes. NEO2 saw this first hand, noting, "Expensya easily saves us one working day a month. The processing of an expense claim used to take us an average of 7 minutes. With Expensya, this figure is divided by 7: one expense claim = one minute."
Reduction in errors for better data and decision-making
Automated data entry drastically reduces the risk of miscalculations or incorrect data, leading to more accurate financial reporting and time for more important tasks.
For Romain Tetillon managers, it meant more time for strategy. "Exporting data from Expensya allows us to easily integrate this data into our software, eliminating double data entry. This leaves us more time for higher value-added tasks."
Streamlined regional or global financial operations
AI expense management is great for businesses with regional or international operations and employees speaking different languages. Support for multiple languages and currencies makes it easier to track expenses accurately and consistently, helping organizations tackle global complexities.
"Our employees find the Expensya solution extremely practical and intuitive. French, English or German, everyone can select their language and use the solution without any hassle. For an international company like Rimowa, that's fantastic."
AI’s impact on financial teams
Let’s not forget finance departments that often bear administrative burdens. AI helps in a number of ways, including:
Faster reimbursements
AI-driven automation ensures that expense reports are processed faster, which means employees get paid faster. Win-win.
Saint-Maclou shared, "We've exceeded 100,000 euros in refunds on the app. We're within the 10-day repayment deadline."
Improved archiving
Certified document scanning and legal archiving eliminate the need for paper invoices, leading to significant savings in storage and paper costs.
Rimowa also recognized this benefit. "Thanks to certified document scanning, there is no longer any need to keep invoices. French teams love this functionality that allows them to do away with paper."
Expensya by Medius
Expensya by Medius helps you get control with AI, so there's less work for employees, more accuracy in your data, and a clear view of your spend.
Want to see more examples of AI at work? Check out Expensya by Medius customer stories.
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