What’s the future for expense automation? In the world of corporate travel, predictions get going for expense management. We have outlined a few predictions for the coming year that helps you gain valuable insight into what employees expect in the future:
Mobility is the most-desired capability of expense management. As organizations become increasingly global and employees use smart devices for business operations, they expect to do everything on the mobile instead of a desktop. Emphasize more on ensuring that users can make the most of the expense report software, irrespective of the device they are using.
Thanks to the responsive design for enabling business travelers to easily create, submit and approve multiple expense reports from their mobile devices. The mobile app should deliver the same user interface, so users don’t have to learn how to navigate through the app. Another prediction is on optical character recognition (OCR), which is the most critical aspect as mobility.
Corporate travelers can quickly snap a receipt and upload in the expense solution and don’t have to go back into the system to edit information extracted by the OCR. Fortunately, OCR technology is capturing receipts with over 95% accuracy, so you don’t have to edit all the information.
Thanks to advanced technologies such as OCR for making it easy to read the receipt and identify the merchant. New language capabilities to be added so that users can benefit from this feature.
Integrations and Machine Learning Capabilities
Integrations and machine learning can drastically reduce the amount of input required for expense reports – from receipt submission to data management. Travelers can have transactions from merchants to flow directly into the expense system, without the need to manually enter the details. These direct integrations are essential and will allow corporate travelers to reduce the effort needed to create expense reports.
Integrations are equally important, and linking corporate cards to the expense system are helpful both for expense reports as well as reconciling card statements with the expense reports.
Although machine learning and AI are evolving technologies, there are various areas where they can prove helpful. The ability to assign GL codes based on the submissions and the expense type categorization are some areas that could benefit from machine learning and reduce the number of clicks required to submit an expense report.
Whether its tax regulations or submission of inappropriate business expenses, expense report solutions will continue to play a vital role in enforcing compliance. Finance leaders must ensure that expense solutions should be updated as regulations change. The ability to detect and prevent fraudulent expense submission and more in-depth data analysis and auditing capabilities will become more critical than ever.