SAPrecently announcedthat they will be releasing a new feature, called Verify, for theirexpense managementsoftware SAP Concur. This new feature will use machine learning and AI technology to automatically approve expense reports while identifying possible anomalies for auditors to review.
SAP has used analysis and scenarios from over $1 trillion in spend, and tens of millions of expenses and receipts within its platform to build its AI and machine learning modules. Verify uses these modules to locate hard-to-find spend issues or expense reports that don’t comply with a company's spend policy.
Some of the features of Verify as listed by SAP are as follows:
Modernize the expense management process
Review 100% of expense reports
Identify anomalies and hard-to-detect spend issues
Increase visibility into financial spend
Expense report fraud has increased since the pandemic started
According to the Association of Certified Fraud Examiners’ December 2020 Fraud in the Wake of COVID-19: Benchmarking Report, 79% of respondents reported an increase in employee fraud, with 90% of these respondents expecting this number to rise in the next 12 months.
In most cases, expense report errors are probably honest mistakes, but this study shows that the need for expense report audits is vital when most employees are working remotely to ensure they are adhering to company spend guidelines. Automated detection of spend issues and out-of-compliance expense reports saves time and money by allowing auditors to only focus on potential problems. It also increases efficiency and minimizes waste and leakage.
G2's Expense Management category sees a dramatic increase in traffic
Traffic to G2’s Expense Management Software category has increased over 96% since March 2020, possibly due to the shift to remote work during the same time period, and the increased ROI offered by this software due to improved automation leading to increased productivity.
Employers rely on this software not only to manage employee-initiated expenses, but to monitor, automate, and modernize the audit process. SAP hopes that their new Verify feature will enhance these processes for companies of all sizes. Verify will be offered as an add-on to SAP Concur and is set to go live in Q3 2021.
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Nathan is a Senior Research Analyst at G2 focusing on finance and accounting software and their respective markets. Coming from the world of finance, Nathan understands and is familiar with the importance of finance/accounting software, and the complexities, struggles, and nuances that come with them. He has over 15 years of analytical experience in industries ranging from health care and transportation logistics to food service and software. Nathan received his MBA in finance and international business administration from the University of Illinois, Chicago, and his B.S. in production and operations management from California State University, Chico.