Naveen Singh, CenterCard chief executive and co-founder, outlines five ways automation and AI will transform the expense process, streamlining workflows and integrating real-time data so that finance teams only need to focus on the issues that matter most. Expense report filing will eliminate human error and vastly simplify the burdensome and error-prone process of coding expenses to the general ledger; automating expense approval and focusing attention specifically on policy deviations builds a stronger fiscal culture across an organisation; continuous, AI-powered audits can eliminate 75% or more of manual processing work, allowing teams to shift their attention to high-impact issues like delinquent submissions and emerging trends; machine learning can eliminate the need to review and fix coding, with algorithms taking over from manual adjustments; and unbundling expenses from batch reports into individual transactions, and using automation to instantly review them, will finally give teams the visibility they need in real time, and profit-loss owners the ability to make proactive decisions.
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Providing insight into technology and innovation in the legal, accountancy property and consultancy sectors. Alternative Insights brings together news, commentary and thought leadership about digital transformation across the entire professional services industry. We collate industry stories on innovation, technology and transformation in the legal, accountancy, management and property consultancy sectors, giving you access to the latest thinking about tech and innovation in the professions.
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