AppZen helps finance teams track and identify spend from expense reports quickly and efficiently by using artificial intelligence. AppZen evaluates 100% of all expense reports that are ingested from the EMS (expense management system) and provides a risk score of low, medium, and high risk. AppZen will provide an additional layer of auditing to help enforce a companies T&E policies and streamline process.
Once ingested into AppZen the expense report is checked against 17 different models and given a risk score. High-Risk represents expense reports that require further review from an auditor.
These reports have been detected as a potential user error, compliance violation, or fraud. For medium-risk expense reports are types of business risks infringed on terms they often do not warrant the review of an auditor as they are typically accepted and approved. Therefore, AppZen would recommend a company to automatically approve medium-risk expenses. For low-risk represent expense reports that are compliant with company policy and exhibit no characteristics of fraud.
These expenses report should be automatically approved. With AI doing the heavy lifting for you ensure that you follow the current T&E reimbursement process as there are no changes to the overall process itself.
At AppZen we believe reimbursement for employees should be fast as humanly possible, or even faster. That’s why we’ve built our artificial platform to audit expenses in real-time.
Using AppZen's AI expense reports are reviewed faster upon submission. If there are no violations found the expense report will be immediately queued up for reimbursement without managers approval. T&E violations can happen and at times are unintentional due to rushing the process of forgetting that you had a receipt in your desk and submitting it to meet a deadline.
For minor policy violations, you will be issued a notification giving you details on the violation itself. With these new measures taking place we hope to improve compliance over time.