Cision PR Newswire
Brex Gives Every Employee an Expense Assistant With AI
News provided byBrex
Sep 19, 2023, 9:00 AM ET
Powered by Brex AI, every employee now gets the same "swipe and forget" corporate card experience as their executives
SAN FRANCISCO, Sept. 19, 2023 /PRNewswire/ -- Brex, the only unified global spend platform, announced today the launch of Brex Assistant, a first-of-its-kind, proactive assistant that simplifies expense management for employees and improves their productivity. Brex Assistant is the flagship product of Brex AI, a suite of capabilities that transform spend management to enable unprecedented levels of efficiency, compliance, and accuracy.
Brex Assistant uses the power of natural language and autonomous AI agents, combined with data integrated from calendar information, organizational context, past expenses, and exclusive integrations, to automatically populate expense documentation and assign the expense to the appropriate category and budget with unparalleled accuracy. For example, Brex Assistant knows when an employee is traveling for work based on their calendar. When they book a flight, Brex Assistant automatically assigns the appropriate travel budget, fills out the business memo, and generates the itemized receipt. The expense is fully compliant with the company's policies, all without any employee effort.
In addition to automating expense information, Brex Assistant has the ability to:
- Answer questions employees would traditionally ask their finance team such as "How much am I allowed to spend per day at the offsite?" and "What other restrictions apply for this trip?"
- Respond to and execute employees' commands on how to best complete expenses with simple prompts such as "Route all charges from DoorDash to my WFH Meal Stipend."
- Answer questions about a past transaction to help employees remember the business context, such as "What was on my calendar when I expensed this Uber?"
"Brex is known for offering an amazing employee expense experience, and by giving everyone an assistant of this caliber, we've shipped our most groundbreaking experience yet," said Henrique Dubugras, Brex's co-founder and co-CEO. "Finance teams and managers can look forward to record-breaking employee compliance levels and increased productivity."
While Brex has been leveraging AI since inception across underwriting, fraud, receipt matching, merchant categorization, and other product areas, it has dialed up its AI investments over the past year, particularly in customer-facing applications. With these capabilities, Brex has:
- Saved the average enterprise customer 300 hours per month in employee expense compliance effort
- Saved customers an annualized $18M+ by blocking out-of-policy spend through AI-powered controls
- Automatically generated over 1.4M receipts and 1M receipt memos
- Automatically GL-coded millions of transactions to minimize manual finance team reconciliation
- Automatically filled more than 450,000 reimbursements for employees through optical character recognition (OCR) technology
- Automatically approved more than 2.7M in-policy expense transactions
"With Brex's AI and automation capabilities, our accountants are able to close the books faster than ever before. We average a three-day close now. We were at a five- to seven-day close because AP was trying to track down what each expense was, why we were spending it, and who was doing the spending. Brex allows us to get quicker at turning around data and information internally," said Aaron Wilkins, Executive Vice President at Human-I-T.
To learn more about Brex AI and Brex Assistant, visit brex.ai.
Danielle Bereznak, Director, External Communications
Brex is the only unified global spend platform — with corporate cards, expense management, reimbursements, bill pay, and travel, all in one place. Brex makes it easy for finance teams and founders to manage every aspect of global spend at scale by empowering their employees anywhere to make better financial decisions. Brex proudly serves tens of thousands of businesses, from enterprises to startups.
View original content to download multimedia:https://www.prnewswire.com/news-releases/brex-gives-every-employee-an-expense-assistant-with-ai-301931043.html
NOTE: This content is not written by or endorsed by "KFOR", its advertisers, or Nexstar Media Inc.