Question to ChatGPT :

Can you tell me more deep rooted problems from the eyes of business as a whole which should be the reason for businesses to invest in a specialist AI powered expense management software instead of using a simple expense form to claim and submit expenses ?

Answer by ChatGPT :

From a business perspective, some deep-rooted problems that may be addressed by investing in a specialist AI-powered expense management software include:

Inefficiency in expense management: Manually processing expense claims can be time-consuming and prone to errors, which can lead to delays in reimbursement and frustration for employees. Automating the process through an AI-powered software can streamline the process and reduce the chance of errors.

Lack of visibility and control over expenses: Without a robust expense management system, it can be difficult for a business to get a clear understanding of where money is being spent and whether expenses are within budget. An AI-powered software can provide real-time visibility and control over expenses, giving managers the ability to quickly identify and address issues.

Fraud and compliance risks: Manually processing expenses can make it difficult to detect fraudulent claims or ensure compliance with company policies. An AI-powered software can automatically flag potential fraud or policy violations, reducing the risk of financial loss for the business.

Difficulty in forecasting and budgeting: Without accurate expense data, it can be difficult for a business to forecast future expenses and budget accordingly. An AI-powered software can provide accurate, real-time data that can be used to make more informed budgeting decisions.

Difficulty in tracking tax-related information: Automated expense management software can track tax-related information which can be used to provide detailed and accurate reports that can be used to support tax returns and other compliance related activities.

Overall, an AI-powered expense management software can help businesses to improve efficiency, gain better visibility and control over expenses, reduce fraud and compliance risks, and make better-informed budgeting and forecasting decisions.

If you are looking for a modern AI based expense management software, try Reimburse, we could have created this video in 1/10th time had we used ChatGPT 🙂

About Manu Khetan

Rolling Arrays has been driving SAP SuccessFactors-ked HR Transformation since 2009. The company specialises in SF consulting, implementation, and support and also builds applications to enhance the utility of the SuccessFactors platform. It is committed to designing systems that help its customers to attract, develop and retain talented individuals. In 2021, Rolling Arrays was recognized as one of the top 75 fastest-growing companies in Singapore by The Straits Times & Statista.