Airbase has added touchless expense reports and improved international payment capabilities to its procure-to-pay platform.
These new global expense management capabilities are enabled by generative artificial intelligence (AI), Airbase said in a Tuesday (Nov. 14) press release.
Managing expense reports and processing reimbursements has traditionally been a time-consuming and tedious task for employees and accounting teams, according to the release.
Airbase aims to alleviate this burden by leveraging AI technology to automate the expense reporting process, the release said. By using a combination of machine learning (ML) and generative AI, Airbase can extract details from receipts and populate the required fields in expense reports, saving time and ensuring accuracy.
“To solve the complex problems of global payments and expense compliance, we rely on the most advanced and trusted technologies,” Thejo Kote, founder and CEO of Airbase, said in the release. “We’ve long used AI-like machine learning and OCR [optical character recognition] technology in our product and are increasingly adding generative AI — in this case, it’s to improve the process of expense reporting.”
In addition to touchless expense reports, Airbase has expanded its global reach and support, according to the press release. The platform now offers reimbursements across 46 countries and payments in 34 different currencies.
This international capability is further enhanced by Airbase’s integration with TravelPerk, which enables seamless travel bookings and expense management for businesses operating on a global scale, the release said.
These new capabilities join Airbase’s modern spend management platform that guides procurement processes from initial request to payment and reconciliation, per the release. The platform integrates with popular general ledgers, providing a faster close and comprehensive visibility into spend.
PYMNTS Intelligence has found that 55% of Software-as-a-Service (SaaS) firms currently use non-payroll spend management software. This software helps them deploy, account for and control their money by providing the benefits of automation and real-time data, according to “Improving Financial Performance: The Speed of Spend Management System Adoption,” a PYMNTS and Airbase collaboration.
In another enhancement made earlier this year, Airbase added Guided Procurement to its spend management platform. This procurement function automates the intake process for purchasing by directing employees to capture all necessary information and documentation, routing the purchase details to appropriate stakeholders and securing the required approvals.
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