Corporate Expense Management
AI North America Trending

TripActions Launches AI and ML Tool, Auto-Itemization, to Save Time on Expense Reports

TripActions, the travel, corporate card and expense management solution, at SXSW,  has launched Auto-Itemization, an artificial intelligence and machine learning offering from TripActions Liquid that automatically assigns individual line items on a receipt to expense categories and then applies company policy to each line item. The traditionally time consuming, 10-step manual process will be streamlined, saving countless hours of reporting for both employees and finance teams.

In development for more than a year, Auto-Itemization from TripActions Liquid is a solution that automatically splits transactions and attributes each line item to specific expense policies. The technology allows a user to upload a receipt for automatic itemisation; using AI, foreign language translation and fuzzy matching, each line item is categorised and assigned to a specific policy with >90 per cent accuracy. The use of machine learning also ensures that accuracy will increase over time.

Single transactions often consist of multiple parts or line items — like variable daily service charges for a hotel stay — that need to be reported independently for accounting and tax purposes. The cost of the room needs to align with a company’s hotel policy, while the room service that employee orders can align to a per diem for meal costs. When a card is charged at that hotel, however, a single large transaction is recorded — but the individual line transactions aren’t all itemised. That manual work is done later, first by the employee and then checked by the finance team.

“Traditionally, finance teams manually checked every single receipt that’s been uploaded into their expense management system. This leads to countless follow-ups with the cardholder for additional context, creating a time-consuming and frustrating experience for everyone involved,” says Michael Sindicich, GM and head of TripActions Liquid. “The amount of busywork that Auto-Itemization reduces for finance teams and users is absolutely game-changing.”

The launch of Auto-Itemization helps finance teams increase efficiency as travel returns and hotel stays — the most common transaction to require itemisation — increase. Travel spend on TripActions Liquid has increased nearly 1700 per cent year-over-year, with an 80 per cent increase in travel spend from January

With a 1300 per cent increase year-over-year in users, TripActions Liquid also enabled a freemium option for clients with fewer than 100 employees. Lauded for its mobile app, scalability, a higher moneyback rate, and global capabilities that include multi-currency card issuance and reimbursements, TripActions Liquid can support companies of all sizes, from startups to multinational corporations.

“We needed a consistent, global tool that could provide real-time global visibility and financial accuracy. TripActions is simply further ahead with encompassing everything in one global solution,” says Patreon’s Senior Director of Financial Operations, Crystal Ryu, a career finance and procurement professional who has worked for Postmates, Airbnb, Apple, Sony Pictures, and Mattel. “The biggest issue with other corporate cards we heavily scoped is that we ran into hard limitations with international scalability. TripActions Liquid can already do all of that.”

Recent TripActions Liquid capabilities include:

Coinbase integration enables users to be reimbursed to their Coinbase wallet and convert the reimbursement into any of the 100+ cryptocurrencies that Coinbase supports.
– Multi-Currency Per Diem, which enables companies to set policies for users who can claim per diem based on origins and destinations, making spend more predictable and preventing overtaxation while reducing fraud.

Author

  • Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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