By ET Bureau - May 26, 2021 3 Mins Read
Emburse, a global leader in expense management and accounts payable automation, announces the launch of Emburse Audit. Emburse Audit provides organisations with a smart, efficient solution to ensure accurate and in-policy expense reimbursement.
Emburse Audit combines the power of machine learning with a team of independent human auditors to save time, ensure compliance, eliminate wasteful spending and reduce fraud.
Emburse Audit initially analyses expense transactions against pre-defined criteria to assess the probability of compliance with an organisation’s reimbursement policies. Those with a high probability of error are routed to independent human auditors for review.
The new solution builds on Emburse’s existing expense management controls by giving customers flexibility to choose the level of audit that suits their organisation’s requirements. For many businesses, due diligence is an in-demand resource: companies often lack staff who are properly trained to audit expense reports.
Instead, the burden of enforcing complex policy controls falls on AP clerks or business managers, who can be put into the difficult position of having to deny reimbursement to supervisors or coworkers. Emburse Audit levels the playing field and creates equity at work so that all employees are treated consistently according to policy.
Adding machine learning and independent human auditors to the approval process gives organisations much-needed peace of mind. The Emburse intelligent audit model works as the first line of defense, discovering and denying basic instances of non-compliant spend, while the independent audit team prevents “rubber-stamping” and eliminates the risk of nuanced transactions falling through the cracks.
“Approving expenses correctly is a time-consuming task, so approvers will often sign off on spend with little more than a cursory glance. On top of this, rejecting expenses can lead to conflict with submitters, as well as leading to yet more time spent on approvals. We knew there had to be a better way,” said Eric Friedrichsen, CEO of Emburse.
“Emburse Audit is an incredibly intelligent solution that combines smart technology with independent human verification. This delivers significant savings by eliminating out-of-policy approvals, and since it enables a more streamlined approval process, it also means faster reimbursements and happier team members.”
The solution is currently available for customers of Emburse Certify and Emburse Chrome River.
The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.
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