Expense report of the future reduces fraud and headaches

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 66%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

It sounds like it should have been impossible to miss, but it took more than a year for an industrial equipment company to discover US$12,000 ...

NEW YORK: It sounds like it should have been impossible to miss, but it took more than a year for an industrial equipment company to discover US$12,000 worth of doggie day spa charges on an employee's expense reports.

That is what happened when the industrial equipment company put in place an artificial-intelligence program from Oversight Systems, which was able to quickly ferret out the culprit. AppZen analyzes expenses by looking for risk. Only about 10 percent of expenses that flow through a company have a problem that needs to be addressed, said Anant Kale, CEO of AppZen, based in San Jose, California.

AppZen also finds many expenses that are disallowed by corporate policy. Some of these are for strip clubs, in-room movies during business travel or charging gifts at a hotel shop.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Manhattan Resources: Higher trade, other payables from longer credit terms, accrued expensesAN increase of S$6.7 million in trade and other payables for fiscal year 2018 was mainly due to its subsidiaries securing longer trade credit terms, as well as accrued expenses, the Singapore-listed coal shipping firm said in response to queries by the Singapore Exchange. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Companies focus on mental health programmes for employees to reduce MC rateThe Johnson & Johnson Human Performance Institute, which was founded in the United States in 1991 and opened its APAC branch here last May, trains people in the hundreds in their Performance course every month
Source: The Straits Times - 🏆 8. / 63 Read more »