Your Financial Services is a mid-sized financial company specializing in investment management and financial planning services. Managing expenses efficiently and accurately was critical for your operations and compliance with regulatory requirements. You have faced challenges with manual expense tracking, which was time-consuming and prone to errors.
Your Financial Services relied on manual expense tracking processes, which involved employees submitting paper receipts, manual data entry into spreadsheets, and complex approval workflows. This led to several issues:
Time-Consuming Process
Employees and finance teams spent excessive time on expense tracking and reconciliation.
Data Entry Errors
Manual data entry often resulted in errors, leading to incorrect reimbursements and accounting discrepancies.
Delayed Approvals
The multi-step approval process sometimes caused delays in reimbursing employees, affecting morale.
Lack of Visibility
The company lacked real-time visibility into expenses, making it challenging to track spending trends and manage budgets effectively.
Integration Complexity
Integrating a new solution with existing financial systems and approval workflows without disrupting operations was a significant challenge.
Accuracy and Compliance
Ensuring expense data accuracy and compliance with financial regulations was a top priority.
Your Financial Services decided to leverage Microsoft Power Platform AI Builder to transform your expense tracking processes. We can develop a custom solution that included the following components
AI-Powered Expense Recognition
AI Builder was used to automatically extract expense details (such as date, amount, vendor, and category) from scanned receipts and invoices.
Power Apps
A user-friendly mobile app was created using Power Apps to allow employees to upload digital receipts, view expense status, and track reimbursements.
Power Automate
Power Automate was used to automate the entire expense approval workflow. Expense data extracted by AI Builder was seamlessly integrated into the approval process.
Power BI
Power BI dashboards provided real-time insights into expense trends, budget utilization, and compliance, enabling finance teams to make informed decisions.
Implementing Power Platform AI Builder for expense tracking had several significant benefits for any Financial Services
The AI-powered solution reduced manual data entry by 80%, saving employees and finance teams significant time.
Expense data accuracy improved, reducing errors and discrepancies in financial records.
The automated workflow reduced the time taken for approvals by 50%, leading to quicker reimbursements and improved employee satisfaction.
Power BI dashboards provided real-time visibility into expenses, enabling better budget management and expense control.
The automated system ensured compliance with financial regulations, reducing the risk of audit issues.
By leveraging Microsoft Power Platform AI Builder, your Financial Services successfully transformed your expense tracking processes, resulting in improved efficiency, accuracy, and compliance. The solution not only reduced manual effort but also provided real-time insights that empowered the finance department to make informed decisions leading to enhanced productivity and financial control.
Our Locations
© 2023 PowerFy Solutions. All right reserved.
Design – Avanexa
