AI will catch lies on employees' expense report if they make false claims

AppZen, an 18-month-old AI accounting startup, has already signed up several big companies and claims to have saved its clients $40 mn in fraudulent expenses

One employee travelling for work checked his dog into a kennel and billed it to his boss as a hotel expense. Another charged yoga classes to the corporate credit card as client entertainment. A third, after racking up a small fortune at a strip club, submitted the expense as a steakhouse business dinner.

These bogus expenses, which occurred recently at major US companies, have one thing in common: All were exposed by artificial intelligence algorithms that can in a matter of seconds sniff out fraudulent claims and forged receipts that are often undetectable to human auditors—certainly not without hours of tedious