EXPENSIFY ANNOUNCES NEW AI-POWERED AUDIT AND COMPLIANCE FUNCTIONALITY
Concierge DoubleCheck verifies all receipts for accuracy and compliance and highlights risky expenses for manual approval
BORA BORA, FRENCH POLYNESIA – Expensify, the only receipt and expense management partner of the AICPA and CPA.com, announced the launch of Concierge DoubleCheck – an AI-driven audit and compliance tool – at ExpensiCon today. Concierge DoubleCheck automatically inspects all employee receipts for errors and policy compliance, highlighting questionable expenses for further action. The tool allows companies to safely expedite expense report review and reimbursement, and increases confidence that every dollar that employees spend is within policy guidelines.
“Concierge DoubleCheck tells you in realtime if an expense looks unusual and why,” says Jason Mills, Director of Sales and Success at Expensify. “It helps employees fix expenses before they’re submitted, and gives auditors the information they need to quickly and confidently approve or reject an expense. Rather than making your finance or audit team look at every report under a microscope, you can let Concierge DoubleCheck scan every expense until it finds and flags something worth a closer look.”
Concierge DoubleCheck is the latest addition to the extensive toolset of Concierge, Expensify’s AI-powered virtual assistant. It automatically verifies basic receipt information – merchant name, transaction date and amount, currency type – and points out duplicate expenses, inaccurate currency conversion rates, and manually altered documents.
By identifying non-compliance instantly, Concierge DoubleCheck quickly teaches employees why certain expenses are out of policy and trains them toward better expensing behavior in the future. The tool also functions as a major safeguard against legitimate fraud – a practice that can cost companies more than $150,000 annually and remain undetected for upwards of two years, according to the ACFE.
Expensify has already enabled Concierge DoubleCheck for select enterprise customers, and will gradually release it to the entire user base.
To learn more about how Expensify can make your expense reporting process less manual and more compliant, check out expensify.com.
About Expensify Expensify automates the entire receipt and expense management process with the industry's most user-friendly mobile and web app. Featuring time-saving functionality built for companies of all shapes and sizes, Expensify is the only receipt and expense management partner of the AICPA and the tool of choice for accountants around the world. 30% of the top 100 U.S. accounting firms and 70% of the top 10 U.K. firms trust Expensify for their clients. Join millions of people saving time with Expensify at use.expensify.com!