We’ll be exploring the innovations shaping the future and why leading companies are moving away from fragmented, manual processes toward AI-driven automation and consolidated solutions. We’ll discuss:
How to gain more financial oversight and reduce fraud risk
Without real-time oversight, businesses can often struggle with unauthorized transactions, duplicate payments, and budget overruns. According to the NYSSCPA, it was reported by Accounting Today that 5% of companies lose up to
5% of revenue annually to fraud, with expense-related schemes among the most common.
Real-time tracking and AI-powered fraud detection: Implementing these technologies can significantly reduce fraudulent activities.
Employee time spent on manual processes: Manual expense reporting is time-consuming and prone to errors, leading to inefficiencies.
Automated spend controls: Automation helps enforce policy compliance and reduces unauthorized expenses.
Optimizing workflows and reducing manual work
Manual expense management processes, such as receipt collection, approvals, and data entry, are not only tedious but also costly. In an article by Pex, they quote a Global Business Travel Association (GBTA) report that states:
The average cost to process a single expense report manually is $58. Additionally, 19% of these reports contain errors, each requiring an extra 18 minutes and $52 to correct.
This amounts to approximately 3,000 hours and half a million dollars spent annually on correcting expense reports for the average company.
By integrating spend management solutions with ERP, accounting, and accounts payable systems, companies can eliminate bottlenecks, reduce administrative overhead, and free up finance teams to focus on strategic planning.
Unlocking AI-Driven Insights for smarter decision-making
AI-powered spend management transforms financial planning and forecasting. Predictive analytics help enable companies to reduce budget variances and improve cash flow predictability.
Budget accuracy: AI enhances forecasting accuracy, leading to better financial planning.
Cash flow predictability: Predictive analytics help in anticipating cash flow needs, ensuring adequate liquidity.
Spending pattern analysis: AI analyzes historical data to detect spending patterns, aiding in proactive budget adjustments and cost-saving opportunities.
Hosted by Israel Owolabi
Business Developement at Marqeta