Two expense apps that have scored funding of late aim to change how expenses are managed and reported. AppZen uses artificial intelligence to
automate auditing, which saves managers time and reimburses travelers more quickly, and scored $2.9 million in seed funding in June 2016. That
same month, Spendesk launched in France, and in January, it raised $2.2 million. Spendesk says it eliminates the need for expense reports with preapproved payments: a single-use virtual MasterCard, a reloadable virtual card for monthly payments and a reloadable plastic card for offline expenses.
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How It Works
Expense data feeds into AppZen, which flags expenses
that violate the client’s policy and learns from whether
the client approves or declines them. Clients can configure the system to reject expenses with violations,
warn the manager, escalate to a compliance chief and/
or email travelers for more information or to resubmit
the correct receipt. Clients also can set the system to
approve low-risk expenses for reimbursement.
Managers approve traveler requests for
virtual cards or funds for reloadable
cards. Managers can configure the system to approve requests below a certain spend threshold or from particular
employees. The app allows travelers to
U.S.-based midsize and larger companies on Concur
Expense, Oracle’s PeopleSoft and iExpense and soon
Oracle Fusion. AppZen supports “all countries, lan-
guages and currencies,” according to CEO Anant Kale.
Small and midsize companies in France,
Germany, Spain and the U.K. Accounts can
be set up in euros or British pounds, and
the cards can be used around the world.
Annual fee based on estimated number of expense
reports. At the end of the year, AppZen bills clients
that go over.
Monthly subscription fee depends on the
number of users and spend volume.
Format Desktop, plus responsive Web app for mobile. Desktop, plus Android and iOS apps with some capabilities.
Concur and Oracle expense, the client’s historical
T&E spend, and scraping of public websites like Yelp
reviews, government sites and news articles. The
scraping hedges against fraud, such as whether a
restaurant merits a high expenditure or dinner attendees are fake.
Bank transactions and soon an applica-
tion programming interface with a “major
accounting software” firm.
List of high-risk violations that require further ac-
tion, the level of risk for each violation and a link to
information that led to AppZen’s discovery, plus an
individual’s violation history.
List of requests, amounts approved and real-time spend, all filterable by user, team, vendor,
date or other variables. Also on the dashboard,
managers can approve or decline requests, create user accounts and create project teams.
AppZen works in the background, so travelers never
see it. They submit expenses through their expense
systems as they typically would.
Travelers fill out vendor, description,
amount and currency and can view all
transactions and images of their cards.
The system notes if a receipt is missing.