Airbase Expands Global Expense Management with AI Innovation

Airbase expense management frees employees and accounting teams from the time-consuming drudgery of manually submitting expense reports and processing reimbursements.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Tuesday, November 14, 2023
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Technology, Payments, Finance, Fintech, Accounting, Professional Services, Software, Internet, Artificial Intelligence, Organization, Expense, Comptroller, Expense management, Machine learning, TravelPerk, OCR, IDC, Environment, Travel, Sales, Air base
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CALIFORNIA, UNITED STATES, NORTH AMERICA
Organisation: 
AIRBASE
Summary
Key Points: 
  • Airbase expense management frees employees and accounting teams from the time-consuming drudgery of manually submitting expense reports and processing reimbursements.
  • For businesses that support global operations and remote workers, Airbase expense management helps ensure compliance and faster reimbursements to employee bank accounts globally.
  • “To solve the complex problems of global payments and expense compliance, we rely on the most advanced and trusted technologies.
  • Airbase AI-driven expense management experience: Airbase uses generative AI and machine learning to automatically extract the details of each receipt, including generating the expense reason and details in the memo field.


Airbase, the leading procure-to-pay platform for mid-market and early-enterprise companies, today announces the first touchless expense report creation experience made possible by advances in generative AI. This transformation in expense management reflects Airbase’s commitment to an intuitive and streamlined user experience while also addressing the complexities of modern financial operations. Airbase expense management frees employees and accounting teams from the time-consuming drudgery of manually submitting expense reports and processing reimbursements. For businesses that support global operations and remote workers, Airbase expense management helps ensure compliance and faster reimbursements to employee bank accounts globally.

“To solve the complex problems of global payments and expense compliance, we rely on the most advanced and trusted technologies. We’ve long used AI like machine learning and OCR technology in our product and are increasingly adding generative AI — in this case, it’s to improve the process of expense reporting. Until now, employees have faced tedious tasks, and accounting teams waste time chasing receipts and transaction details needed to accurately book all expenses. Now Airbase fills out the expense report for the employee using a combination of machine learning and generative AI to populate required fields. This, along with automated approvals and international payment processing, results in an effortless experience for everyone,” said Thejo Kote, Founder and CEO of Airbase.

New features announced today:

  • Airbase AI-driven expense management experience: Airbase uses generative AI and machine learning to automatically extract the details of each receipt, including generating the expense reason and details in the memo field.
  • Airbase global reach and support: Airbase now offers reimbursements across 46 countries and payments in 34 different currencies. The platform’s existing integration with TravelPerk further enhances its international capabilities, ensuring seamless travel bookings and expense management for businesses operating on a global scale.
  • Explore these new features in our Expense Management interactive demo.

Pierie Schroll, Assistant Controller at ExpertVoice, remarks, “I love submitting multiple receipts and having Airbase automatically populate all the expense report details for a truly automated experience. I simply review and submit for approval and reimbursement. Airbase is a lot more user-friendly and intuitive than other expense management solutions, and because of that, our teams started using it right away.”

Redefining the procure-to-pay landscape with advanced AI integration.

Airbase has recognized generative AI’s power to create a better user experience and has seized the opportunity to bring that value to its users.

Kevin Permenter, Research Director, Financial Applications at IDC, remarked: “It’s truly commendable to witness Airbase’s relentless pursuit of enhancing user experience. Their deployment of the latest technologies, especially generative AI, showcases their commitment to creating a frictionless environment for users. In an era where AI is often just a buzzword, Airbase stands out by genuinely leveraging it to make the user experience better. It’s a testament to what modern technology can achieve when applied thoughtfully.”

Airbase is changing the way organizations manage their purchasing process, and recognition for its procure, pay, close approach continues to grow.

This recognition from esteemed industry analysts underscores Airbase’s dedication to pioneering advancements in spend management and procurement.

About Airbase:

Airbase is the only procure-to-pay solution to combine enterprise-grade power with a delightful user experience. Tackle complex approval and accounting workflows and enjoy effortless adoption by Finance, employees, and suppliers worldwide. Airbase radically simplifies purchasing to ensure compliance and smarter spending. With Airbase, you’ll stop uncontrolled spend, save time and money, and get a faster close.

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