SAN JOSE, Calif., (June 16, 2021) — AppZen, the leader in modern Finance AI software, today announced the U.S. Patent and Trademark Office has allowed a new patent covering AI applications in the expense audit space. This new patent represents another leading differentiator for the company’s Finance AI platform that is transforming the way finance teams manage spend.
AppZen’s patent specifically covers a method for matching line item textual entries with individual image objects from a file with multiple image objects. This technology is applied during expense audits, when multiple receipts are scanned on a single page and the system automatically matches line items from multiple individual receipts with the associated expense type. AppZen’s Expense Audit leverages this AI technology to increase efficiency and productivity, freeing finance team members to focus on higher-value work.
“AI is now a must-have technology to stay competitive, yet it has been largely untapped when it comes to back-office business functions like finance,” said Kunal Verma, CTO and co-founder of AppZen. “We saw a huge opportunity to change the way finance teams function and have built our products to address tedious pain points, like manually processing paper receipts. We knew there had to be a better way so we built our patented model to simplify the process, allowing companies to reinvest resources into more strategic efforts. Our latest patent demonstrates our commitment to continued innovation based on feedback from our large customer base focused on optimizing finance operations.”
Over the last decade, AppZen has been issued two different patents on its industry-leading Expense Audit software. These patents apply to its core technology, which includes semantic understanding, field extraction, and natural language processing (NLP). This new patent protects a key part of the expense submission process, promoting accuracy and minimizing human error.
“When submitting multiple receipts, we often don’t think about the time it takes for auditors to sort and process them accurately and efficiently. What once took upwards of one hour can now be done in under 10 minutes—even instantaneously, if nothing is flagged for review. We see our technology as a game-changer for departments dealing with hundreds or even thousands of these types of reports each year,” added Verma.
AppZen is one of the only AI-powered software designed for finance teams. AppZen’s focus on finance transformation and innovation enables organizations to eliminate highly manual finance processes, prevent fraud and improve compliance, saving both time and money. Its Mastermind AI technology has saved customers over $500M in unnecessary spend and 1.7M hours of manual work with automated approvals and actionable insights around an organization’s spend.
Cooley LLP represented AppZen in the patent application process.
AppZen is the leader in Finance AI software designed to deliver the only autonomous Expense and AP processing software AI for modern finance teams. Our patented Mastermind AI accurately and efficiently processes intelligence from thousands of data sources so that organizations can better understand internal spend and make smarter business decisions. It seamlessly integrates with existing Expense and AP workflows to read, understand, and make real-time decisions based on your unique spend policies, leading to faster processing times and fewer instances of fraud or duplicate spend. Over 1,800 global enterprises, including one-third of the Fortune 500, use AppZen’s Expense Audit and Autonomous AP products to replace manual finance processes and accelerate the speed and agility of their business. To learn more, visit us at www.appzen.com.
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