SOURCE: AppZen

AppZen

November 19, 2014 00:01 ET

500 Startups' AppZen Unveils First Artificial Intelligence-Powered Solution to Automate Employee Expense Compliance and Audit

Company Tackles Over $400 Billion in Annual Expense Fraud and Company Waste, by Automatically Creating and Auditing Expense Reports, Ensuring Real-Time Compliance

SUNNYVALE, CA--(Marketwired - Nov 19, 2014) - Today, AppZen, a company backed by 500 Startups, introduces the first Artificial Intelligence (AI)-powered solution that automates expense reporting, payment, auditing and fraud detection for corporations. AppZen unveiled this breakthrough solution on stage during DEMO Fall 2014.

AppZen is a SaaS-based application, with accompanying iOS and Android apps, that uses data science to sift through credit card charges, calendars, travel itineraries and other sources to automatically create expense reports for employees. AppZen then uses an AI-powered personal assistant to mimic a human accountant, asking all the right questions, and ensuring IRS compliance. Every report is then given a risk score, which allows human auditors to spend their time only reviewing the most risky reports. AppZen marks the first 'ambient' expense compliance and audit solution, as it works in the background and saves corporations millions of dollars in potential fraud, audit risk, and auditing costs.

For decades, companies have handled expense reports with paper forms, receipts, and staples. Unfortunately, until now, expense report software has merely been a digital representation of the same process. In addition, although many companies lose millions of dollars in expense report fraud, audits must be done manually by accountants. Due to sheer volume and time constraints, this means typically only a miniscule percentage of reports are checked -- opening companies to fraud and the risk of steep IRS fines. For the first time, AppZen has dramatically improved this workflow, allowing employees to generate expense reports in one-fifth the time and get paid quickly, and for every report to be automatically checked for full compliance.

AppZen works with leading applications from Oracle, SAP, Netsuite, Workday, Salesforce making it easy for corporations to integrate the solution into their existing ERP systems. AppZen's accompanying apps for iOS and Android also make it intuitive for employees to use their mobile device to generate and submit expense reports.

"At AppZen we want corporate controllers and CFOs to breathe a sigh of relief. They no longer need to live with the worry that expense fraud is siphoning away company funds," said Anant Kale, AppZen Founder and CEO. "AppZen accounts for every penny, and automates the entire expense process, providing accounting teams with the breathing room to focus on what is important, while remaining confident that their risk of fraud and audit and fines by the IRS is lower than it's ever been before."

The company was founded and built by veteran technologists Anant Kale (CEO) and Kunal Verma (CTO). Mr. Kale is the former VP of Applications at Fujitsu while Mr. Verma is a former researcher at Accenture Labs, with industry-leading expertise in semantic technologies, natural language processing, and machine learning, and seven patents to his name.

For more information about AppZen, please visit www.appzen.com

ABOUT APPZEN

AppZen provides the world's first ambient solution for T&E expense compliance and audit. AppZen's patent pending data science based technology automatically creates expense reports, provide real time compliance to IRS rules and company policies and automatically audits and assigns risk score to every expense to detect fraud and misuse.

ABOUT DEMO

Produced by IDG Enterprise Events Group, the worldwide DEMO conferences focus on emerging technologies and new products innovations, which are hand selected from across the spectrum of the technology marketplace. The DEMO conferences have earned their reputation for consistently identifying cutting-edge technologies and helping entrepreneurs secure venture funding and establish critical business. For more information on the DEMO conferences, visit http://www.demo.com/.

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