Five ways automation and AI will transform the expense process

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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