The AI in Enterprise Accounting Market has witnessed continuous growth in the past few years and is projected to grow even further during the forecast period (2020-2025). The assessment provides a 360 view and insights, outlining the key outcomes of the industry. These insights help the business decision-makers to formulate better business plans and make informed decisions for improved profitability. In addition, the study helps venture or private players in understanding the companies more precisely to make better-informed decisions. The AI in Enterprise Accounting Market study covers current status, % share, future patterns, development rate, SWOT examination, sales channels, to anticipate growth scenarios for years 2020-2025.

These are among the expenses employees bill to their companies, according to AppZen, a provider of financial software. You've got to hand it to them, employees are certainly creative in their perceptions of what constitutes business expenses. Businesses process an average of 100,000 expense reports and 700,000 invoices a year, and that means suspect expenses are falling through the cracks, according to AppZen's The State of Business Spend report for Q4 2019. The problem is that most modern invoice automation systems can look out for two invoices with the same invoice number, or the same amount, and stop a payment that appears to be a duplicate, according to AppZen. But they don't find typos in invoice numbers, duplicates across expense and AP systems – or, ahem, interesting items employees bill to their employers.

You want to be reimbursed for what? People with expense accounts may occasionally get rather "creative" when it comes to the items you ask your employer to reimburse. But an "extramarital travel companion" or trip to a strip club just might be pushing things a bit too far. Those were two of the most outrageous charges flagged by AppZen, which builds AI platforms for the business folks who manage and monitor corporate finances. AppZen's AI examined millions of aggregated, anonymized expense report data from December of last year, seeking to identify trends in unauthorized out-of-policy expenses submitted to travel T&E ("travel & expense") departments during the holidays.

The findings focus on spend-oriented regulatory violations, value at risk in expense reports and invoices, policy recommendations, takeaways for finance teams, and more. For more trends and insights, click the image below to access the full report.

Expense reporting is a time-consuming chore. Just ask the folks at Concur, who estimate that it takes 20 minutes on average to complete a single report and 18 minutes to correct an erroneous one. That's why Anant Kale and Kunal Verma set out to find a better way with AI, which seven years ago evolved into automated expensing startup AppZen. A little less than a year after raising $35 million in venture capital, San Jose, California-based AppZen today revealed that it recently closed a $50 million series C round led by Coatue Management, with participation from investors Redpoint Ventures and Lightspeed Venture Partners. The fresh funds bring the startup's total raised to over $100 million, which CEO Kale says will accelerate its mission to become the top AI platform to reduce spend, comply with policies, and streamline processes. AppZen recently surpassed the 1,500 customer mark, attracting nearly a third of Fortune 500 companies and quintupling revenue in the process.

This article is part of our collection about the 2019 state of IT. A CIO has always been busy running the IT and computer systems that support an enterprise. Now with artiificial intelligence (AI) turning every company into a data company, a CIO's job is more central and more complicated than ever before. A recent Gartner survey found that some of the world's biggest companies plan to double the number of AI projects within the next year, with four AI efforts already in place on average. Additionally, companies plan to spend more on AI, in the neighborhood of $77 billion in 2022, up more than 3x from the $24 billion spent in 2018, according to IDC.

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.

Employers are using artificial intelligence (AI) in recruiting chatbots, in video interviews to assess job candidates' body language or word choices, or to extract themes from engagement survey responses. But how companies are using AI to benefit the employee experience, support compliance efforts and ease administrative workloads is not as well-known. "So much of the buzz about AI has been for its'sexy' uses around sourcing and screening in recruiting, but there are a growing number of other applications of value to HR to be aware of," said Jeanne Meister, founding partner of Future Workplace, an HR advisory and research firm in New York City. One example of AI's expanding utility: using it to audit employees' expense reports, to ensure they comply with company policy and avoid wasteful spending. AppZen in Sunnyvale, Calif., uses AI to read and extract information from receipts to catch duplicates, out-of-policy spending, incorrect amounts or suspicious merchants.

One employee traveling for work checked his dog into a kennel and billed it to his boss as a hotel expense. Another charged yoga classes to the corporate credit card as client entertainment. A third, after racking up a small fortune at a strip club, submitted the expense as a steakhouse business dinner. These bogus expenses, which occurred recently at major U.S. companies, have one thing in common: All were exposed by artificial intelligence algorithms that can in a matter of seconds sniff out fraudulent claims and forged receipts that are often undetectable to human auditors -- certainly not without hours of tedious labor. AppZen, an 18-month-old AI accounting startup, has already signed up several big companies, including Amazon, International Business Machines, Salesforce.com and Comcast, and claims to have saved its clients $40 million in fraudulent expenses.

One employee traveling for work checked his dog into a kennel and billed it to his boss as a hotel expense. Another charged yoga classes to the corporate credit card as client entertainment. A third, after racking up a small fortune at a strip club, submitted the expense as a steakhouse business dinner. These bogus expenses, which occurred recently at major U.S. companies, have one thing in common: All were exposed by artificial intelligence algorithms that can in a matter of seconds sniff out fraudulent claims and forged receipts that are often undetectable to human auditors--certainly not without hours of tedious labor. AppZen, an 18-month-old AI accounting startup, has already signed up several big companies, including Amazon.com Inc., International Business Machine Corp., Salesforce.com