Artificial Intelligence Revolutionizes Expense Reporting Process
How artificial intelligence (AI) is shaping the way we work should be a central focus for every business in this modern day and age. Businesses have to understand how AI is reshaping everyday work lives and changing the way businesses operate. Thanks to the new generation of AI systems that can eliminate repetitive, tedious tasks, businesses save time and make their processes more intuitive.
Let’s see exactly how AI can help streamline the expense reporting process:
Eliminates Redundant Tasks
Processing expense claims is one of the common tasks that every employee must do at some point. Traditionally, employees used to manually transfer expense data from a paper receipt into an expense report. This made the process slow, frustrating, and error-prone. Employees spent a lot of time searching through bundles of paper receipts to find what they needed.
While the conventional receipt scanning solution, such as OCR, can help convert text into a digital format, the lack of accuracy means the information still has to be manually checked. However, the latest in receipt scanning is Automatic Character Recognition (ACR), which uses artificial intelligence to improve the accuracy of the scanned text. This alleviates the need for manual data entry, as the receipt can be scanned using a smartphone app and transferred into a digital format within seconds.
Reforming the Way We Work
AI helps to streamline processes and take out much of the drudgery involved in the business information. Administrative burdens are one of the main reasons why employee expenses are so tough to handle and control. Employees must then spend a high proportion of their time processing reimbursements instead of managing the expense claims properly.
The move to AI-based systems and automated expense report solutions doesn’t remove the need for skilled professionals; it alters the skill sets they require. With reduced repetitive tasks, there is a greater emphasis on the ability to manage expense data.
Adding Value
Automation has lowered costs and improved accessibility to expense data, enabling businesses to make smart decisions. AI’s analysis helps businesses know where exactly the highest spending is occurring and what the root cause is that is making employees spend more. While streamlining the processes seems to be a major concern, there are a whole lot of other ways that AI is transforming the way employees submit expense report claims.
By eliminating repetitive tasks, companies can find their employees to be more productive. AI will provide employees with a greater level of efficiency, allowing them to do more in less time.
