AppZen for Chrome River expense auditing
You’re on your way to a best-in-class expense management process with Chrome River. With its flexible compliance and routing engines, the solution enables your users to create, submit, or approve expenses anytime, anywhere, on any device. Deploying Chrome River is a leap forward in optimizing your expense reporting process, but even a world-class operation has three challenges: spend leakage, non-compliance, and inefficient process. The perfect complement to Chrome River is using AppZen AI to audit all expenses prior to employee reimbursement.
Even the best expense management teams encounter spend leakage, non-compliance, and inefficiencies in their T&E process. Spend leakage includes errors, waste, and fraud such as duplicate spend, manual entry errors, over-the-limit purchases, and even fraudulent expenses. Ensuring expense compliance with corporate policy is also a struggle, and finance teams need to make sure even innocent purchases don’t lead to a regulatory snafu like a violation of the Sunshine Act or Foreign Corrupt Practices Act. Organizations that take the time to audit all expenses rigorously find they either have to expend too many resources to maintain a thorough audit process, and they also take too long to reimburse employees. Many enterprises end up only reviewing a sample of all expenses, and don’t do so consistently or exhaustively.
How AppZen and Chrome River work together
Chrome River is fast, fluid, and mobile, and is considered a best-in-class way to manage employee expenses. With AppZen as a critical audit layer to Chrome River, you will be able to get the most out of your T&E reporting and reimbursement investment.
The AppZen Platform provides AI-powered expense auditing across Chrome River and your other spend systems, such as invoice automation. We use AI to review all of your expense transactions in Chrome River, as well as across other spend automation systems such as ERP, P2P, and even other legacy expense solutions. We audit every spend transaction across dozens of risks and flag issues like manual entry errors, duplicate spend within Chrome River itself or across Chrome River and other systems (such as invoice automation), incorrectly-classified expenses, suspected fraud, wasteful purchases, and possible regulatory violations.
AppZen integrates with Chrome River via the solution’s API. We sit in the workflow, pull in expense details and receipt images, and extract and understand information from the system and paper receipts. From there, we execute a thorough, AI-based audit on every transaction to find duplicates, errors, unexpectedly-high expenses, fraudulent entries, out-of-policy spend, unauthorized merchants, mis-classified expenses, and regulatory violations such as indicators of bribery or spend with a healthcare provider. We assess the risk of the expense transaction based on those issues and provide Chrome River the score so it can approve low-risk expenses automatically while routing high-risk transactions to an auditor for further review.
Use cases - Accounts payable audit results
Find duplicate expenses.
Don’t reimburse the same purchase twice. Catch duplicates within the same expense report, across expense reports, and even across employees. Also, catch duplicate spend across systems (e.g., within invoices).
Suss out over-the-limit spending.
Find wasteful spending on meals and hotel stays, as well as overspend on per diems.
Don’t reimburse expenses with errors like mis-entries, poorly-calculated totals, or expenses with the wrong receipt attached.
See unauthorized merchants.
Identify spend at out-of-policy merchants by validating those merchants’ MCC codes and reputation sites like Yelp.
Steer clear of regulatory snafus.
See regulatory violations before they happen. Surface issues like meals, gifts, and payments to foreign officials, government-owned entities, politically-exposed persons, and healthcare providers.
Detect out-of-policy spend.
Detect unauthorized purchases like flight upgrades, spa services, guns, and tobacco.
Enforce spending limits.
Ensure people stay within your daily corporate spending limits for meals, hotels, cars, etc.
Automatically approve low-risk transactions.
Spend valuable auditor time reviewing high-risk transactions by automatically approving low-risk spend.
Flag high-risk spend.
Flag high-risk transactions for manual review. Plus, give auditors a leg up on their review process with risk details and drill-downs.
Reimburse employees quickly.
Go from reimbursing employees in 1-2 weeks to doing so in 1-2 days by auto-approving low-risk spend, optimizing manual approvals, and cutting extraneous steps.
No more rubber stamp!
Audit with AI first and only send issues to managers for approval, saving time and ensuring more consistent, rigorous audits. Give managers summary, drill-down reports that they can review later.
Critical AI capabilities
Audit 100 percent of spend prior to payment
Review or audit all expenses before you pay. Because AI auditing is automated and happens in real time, you can review 100 percent of expenses prior to payment, and still reimburse employees quickly.
Extract and understand key information like dates, amounts, and spend classification from unstructured receipts. These data points can serve as powerful clues in identifying errors and fraud.
Enrich with intelligence
Enrich expense information with intelligence from business systems and external sources. AI gives you the visibility you need to find issues like unauthorized merchants and wasteful spend that you otherwise wouldn’t see.
Assess and refine risk
Use AI to assess expense risk accurately and consistently. Refine that risk as new data become available and auditors provide feedback. This allows you to auto-approve low-risk spend and provide the right details and evidence to reviewers of high-risk transactions.
Streamline auditing processes
Automate workflows, remove extraneous steps like rubber-stamp manager reviews, and reimburse people quickly. Streamlining process will enable you to review all spend in real time, at scale.
Easily automate common expense policies
Pre-built expense management apps for the most sophisticated finance AI. Enforce compliance requirements and tailor T&E workflows unique to your organization.
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