Error and Anomaly Detection in finance leverage AI and ML to identify errors, mistakes, or unusual activity, as well as violations of internal policies, compliance rules, and accounting standards. These tools report anomalies and errors in real-time or via periodic batch processing, allowing users to take investigative or corrective actions on findings. These tools can be leveraged as on-premises, cloud-based or stand-alone solutions; or integrated with accounting and reporting systems (e.g., ERP). The typical users of these tools are risk management teams, fraud, and financial analysts, IT security teams, and compliance officers.
Organizations use expense management software to simplify their expense reimbursement and reconciliation process. The software provides facilities for expense report creation, submission, approval, reimbursement, and accounting. The software replaces the manual paperwork with an automated workflow to upload, track and submit expense receipts conveniently. These reimbursement receipts are accessible to the administrators through a streamlined process to approve the claims while checking for any corporate policy violations. In addition, the software assists organizations in keeping track of their employee’s corporate expenses.