AP NEWS
Press release content from BusinessWire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from BusinessWire
Press release content from BusinessWire. The AP news staff was not involved in its creation.

AppZen Launches Insight Product to Allow Employee Same-Day Expense Reimbursement

August 13, 2018

SAN JOSE, Calif.--(BUSINESS WIRE)--Aug 13, 2018--AppZen, pioneers of artificial intelligence (AI) for business process automation, today announced the launch of Insights, a vanguard product sitting atop its audit platform allowing finance executives and team managers from across an organization to step away from the daily churn of expense review cycles with confidence. The enhanced platform allows managers to monitor and review team behavior and spend, while extracting themselves from mundane approval workflows.

Using the combination of AppZen’s Insights and existing real-time Expense Audit product, managers no longer need to approve — or even look at — employee expense reports while the company remains compliant with internal and SOX controls. AppZen audits and approves each report in real time, not only saving time for managers but improving the overall employee experience by giving companies the ability to reimburse employees same-day — without compromising controls, accuracy, or peace of mind.

“This is an exciting update for us as it proves how AI can truly disrupt an age-old control and reimbursement process in finance, while massively improving compliance and employee satisfaction,” said Anant Kale, Co-founder & CEO of AppZen. “This new product allows managers to spot leakage, misuse, and bad behaviors across the organization. We also understand that approving expense reports is not the best use of these talented peoples’ time. That’s where this new product comes in — as the insight layer to our expense audit product.”

The Insights product was developed in response to popular demand from existing customers, several of which are listed on the Fortune 500. While AppZen Expense Audit answered the request for real-time auditing, manager approvals could not be eliminated without compromising on controls until expense spend behavior was tracked and reported. Now, Insights gives managers inside the company the ability to improve their teams’ expense behavior over time while simultaneously removing the need to approve every expense.

The Insights product is currently available as an add-on to purchase by anyone currently using Expense Audit. Please see the AppZen Website and Blog for further details.

About AppZen

AppZen is the first artificial intelligence solution for business process automation. AppZen’s platform uses AI to automate expense report auditing and instantly detect compliance issues and fraud. AppZen’s patented AI combines computer vision, deep learning, and natural language processing to automatically read and understand expense reports, receipts, and travel documents and cross-check them with hundreds of data sources in real time to determine the accuracy and legitimacy of every expense. This enables companies to detect fraud and compliance issues in seconds.

The company was founded in 2012 and today works with more than 25 Fortune 1000 companies. AppZen is based in San Jose, California, with an additional office in Chandler, Arizona. For more information about AppZen, visit www.appzen.com, or our Blog, Twitter, Facebook, and LinkedIn pages.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180813005064/en/

CONTACT: AppZen

Beth Handoll, 1-415-535-8658

Media Relations

beth@appzen.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT INTERNET NETWORKS SOFTWARE MOBILE/WIRELESS PROFESSIONAL SERVICES ACCOUNTING FINANCE HUMAN RESOURCES

SOURCE: AppZen

Copyright Business Wire 2018.

PUB: 08/13/2018 08:00 AM/DISC: 08/13/2018 08:00 AM

http://www.businesswire.com/news/home/20180813005064/en