AppZen has announced the launch of Mastermind Analytics, its Artificial Intelligence (AI) driven audit solution. AppZen’s expense report auditing solution combines computer vision, deep learning, and natural language processing to automate expense report auditing and detect intentional and accidental compliance issues and fraud.
Mastermind Analytics provides a complete overview of individual transactions as well as paper trails to provide valuable insights without switching between systems. With it, finance teams can further decrease spending, reduce risk, and improve operational performance.
It’s on-demand charts, dashboards, and metrics provide all the bells and whistles finance professionals need to get valuable insights. It also offers the capability to identify offenders with the most ‘Missing Receipt Affidavit’ or analyze work-from-home expenses based on employee work arrangement status.
Tools: It offers easy and speedy process automation for checking every expense against Travel and Expense policies, Value Added Tax, Foreign Corrupt Practices Act (FCPA) regulations, IRS rules and regulatory requirements. The comprehensive auditing solution is made possible through its patented AI technology for businesses of all sizes.
Master Analytics Features
- AI-driven insights are built on top of the most accurate and 100% audited spend data including information extracted from documents
- It offers a 360º, real-time view of a company’s finances
- It has more than 30 on-demand charts covering current cross-system spend, risk, and operational performance
- Helps businesses benchmark their performance. This includes spending, risk and operational performance against industry peers
- Users can create dashboards for specific use cases, metrics, and teams.
Why is audit software important? Audit software solutions help slash the time it takes to do audits. They also help in providing a comprehensive data trail with a few clicks of a button. At the same time, it helps eliminate the need for paper records along with the labor and mistakes they produce. What financial teams take weeks to audit, an audit software can do in just a few hours.
Furthermore, an Audit management software helps you to capture evidence in real-time while working from paper trails can make compliance difficult to prove. A missing file could risk non-conformances or fail the audit completely.