Frequently asked questions
How does AppZen’s AI Audit Solution work?
Leveraging patented AI technology, AppZen uses computer vision, deep learning, and natural language processing to automatically read and audit expense reports, receipts, invoices and contracts while cross-checking that information against hundreds of online data sources. Learn more about how the AppZen artificial intelligence platform works.
What are the benefits of using an application of artificial intelligence in the finance process?
With AI, Accounts Payable and T&E teams can detect fraud, compliance issues, and pricing violations within minutes of an expense report or invoice submission. Learn more about how AI and automation are changing the financial close.
How is AppZen’s AI different from Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) and AI are often used interchangeably, but mean completely different things. The key difference between RPA and AI is that AI learns over time - it can make sense of data and patterns to come to conclusions. In contrast, RPA systems require specific programming to achieve specific outcomes. Learn more about the differences between RPA and AI.
How does AI learn over time?
Data is one of the most crucial components in machine learning. Training an AI platform for modern finance teams is not an easy task. By continuously monitoring performance results in order to develop future models are some of the key steps in guiding AI-based platform. To learn more about how AppZen trains our AI, check out our blog.
Should I require receipts for every expense?
Not always. With the exception of lodging, we recommend considering a $75 threshold for receipts on entertainment, meals, gifts, and travel expenses. This is in accordance with current IRS guidelines, which requires receipts for any expense $75 or greater. Should you approve expenses without receipts? Learn more.
I already have a team that reviews expense reports. What’s the value in moving away from manual expense report reviews?
Manual expense report reviews are costly and tedious. With AI, you can streamline expense reviews and remove the burden of manual reviews from your auditing team while still catching all the instances of mistakes and misuse. To learn more about the benefits of auditing with AI, read our report on the state of AI in Business Spend.
What is payment term enforcement and why does it matter in procurement?
Payment term enforcement refers to agreed upon terms (for example, Net 30, Net 60, Net 90) that appear on invoices you receive. In order to improve your bottom line, it is beneficial to negotiate longer payment terms. Learn more about why payment term enforcement matters.
What is FCPA?
When designed with a clear direction in mind, expense policies can strengthen your organization’s values and avoid unnecessary anxiety and mistrust. In our whitepaper, we outline specific examples demonstrating how you can create a healthy expense culture that resonates with your employees.
How can I reduce spend in company expenses, invoices, and contracts?
Below are three key ways to reduce business spend:
- Clearly define your travel and expense policy
- Use AI to gain visibility into your expenses
- Identify non-compliant or wasteful spend
Learn more in our data from 1,000 companies about how to reduce spend.
What is the Sunshine Act?
Its full name is actually The Physician Payments Sunshine Act (PPSA) and it was designed to boost transparency around the financial relationships between physicians, hospitals, and drug companies.It requires that drug companies and makers of medical devices and supplies covered by the three big federal healthcare programs—Medicare, Medicaid, and State Children's Health Insurance Program (SCHIP)—document and track all financial relationships with physicians and teaching hospitals. Learn more about Sunshine Act compliance and why it’s important.
How does AppZen’s AI recognize and read the attachments submitted with an expense report?
Using a combination of deep learning, machine learning, and semantic modeling, AppZen applies deep learning models to different types of documents (like hotel receipts or meal itineraries) to extract different components from each unique type. When it comes to receipts these are things like understanding line items, dates, merchant names, and dollar amounts while also understanding where these things typically appear on each type of receipt.
Why is it important to track expense reports - is fraud that big of an issue?
Our data shows that 10% of expenses are high-risk, out-of-of-policy transactions. Those high-risk expenses represent 33% of the total dollar value of all expenses. Companies that use AI to approve expenses and automate the audit process achieve 100% visibility into expenses; companies that don’t use AI achieve just 2 to 10% visibility.
What is invoice fraud and what are the common types of schemes to look out for?
Invoice fraud can take a variety of forms, including phishing schemes, fraudsters posing as your CEO or a trusted vendor, or invoices from fictitious companies. Learn more about how you can stay ahead of common invoice scams.
How do I create a T&E policy and what are the best practices?
A well-managed T&E program reflects a well-run compliance function and ultimately, a well-run company. An efficient T&E management program can help the company save on its T&E spend, set clear expectations for employees and prevent fraud, and provide spend data that helps manage the business. Learn more about how to structure the right T&E policy for your company.
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