Every dollar of working capital matters to today’s businesses.
That makes tracking and managing expenses important, as evidenced by “Grubgate,” where tech giant Meta fired more than 20 employees for abusing the company’s meal expense system.
Yet effectively tracking and managing employee business travel and other expenses remains complicated and convoluted.
Traditional methods involving manual data entry and paper receipts are being replaced by digital solutions that can automatically capture and categorize expenses using artificial intelligence and machine learning.
By integrating with accounting systems and providing real-time insights, these tools are bolstering financial transparency and helping companies get a firmer grip on cash flow while at the same time redefining how expenses are tracked, controlled and projected.
However, while B2B payments are seeing expense management innovation, many firms are using legacy infrastructure and traditional rails for…
