Artificial intelligence used to audit expenses

Most enterprises that don't use artificial intelligence only audit up to 10 percent of their spending, while companies that do use AI are able to audit virtually all their invoices, contracts and expenses, according to a new report. The report, from AppZen, a company that provides artificial intelligence technology for auditing company spending and travel expense reports, not surprisingly finds advantages to AI technology. AI is able to flag 8.7 percent of expenses as high risk, usually because of unauthorized expenses, errors in keyed-in amounts, and duplicate spend. AI also flags 4 percent of invoices as high risk, typically due to price, discount or terms that don't match the contract, inflated prices compared to market data, and duplicate spending across invoices or with T&E. "There's a lot that can go wrong in the enterprise typical organization's spend audit process," said AppZen CEO Anant Kale in a statement.