Monitoring costs in real time is virtually impossible with traditional manual tracking. It's hard to spot questionable or incorrect charges without scrutinizing every line item. Submitting expense reports becomes frustrating for employees and reviewing them thoroughly is a painstaking process for managers. The lack of visibility into spending increases the potential for wasted funds or even fraud.

Overall, receipt management with spreadsheets and folders is an outdated process that hinders construction companies from having control and insights into their expenses. There has to be an easier way to stay on budget without all the headaches of traditional expense tracking, and at KYRO, we have built an easy solution powered by AI.

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How KYRO’s AI Simplifies Receipt Management

The key to KYRO’s AI-powered receipt management is automating tedious manual tasks. We compare data from receipts to the information entered and automatically raise flags (or exceptions) when a mismatch is found.

Empowering a Mobile Workforce

For organizations with a significant remote or traveling workforce, mobile expense tracking capabilities are essential. Employees can capture receipts on the go, automatically populating expense details through optical character recognition (OCR) technology. This real-time reporting minimizes the risk of lost or forgotten receipts, ensuring accurate expense submissions.

Automated Data Extraction

KYRO uses optical character recognition (OCR) to scan receipts and instantly extract key details like the merchant name, date, total amount, and other purchase information. With this, it is easy to compare the total amount on the receipt with the actual amount entered, thus removing the need for tiresome manual scrutiny.

Digital Storage and Organization

Physical receipts get easily misplaced, damaged, or faded over time. AI systems like KYRO provide secure digital storage and automated organization of receipts, so you can instantly access any receipt at any time. Receipts are digitally tagged for easier searching and reporting.

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Real-Time Expense Tracking

With traditional manual receipt tracking, there is often a lag between when a purchase occurs and when the accounting department processes the receipt. This makes it difficult to have visibility into spending in real-time.

KYRO’s AI-powered receipt management platform provides real-time visibility into all business expenses through easy-to-use visualizations. These dashboards or graphs allow finance managers to instantly view expense trends, see where money is being spent, and detect outliers or anomalies.

Key features of real-time expense tracking include:

• Spending Dashboards - At a glance, view total spending across the organization or drill down into spending by department, employee, or project. Dashboards refresh automatically as new receipts are processed.
• Analytics Tools - Run reports to analyze spending by various dimensions such as category, location, or time period. Track expense trends over time and forecast future budget needs.

With continuous real-time insight into every expense, businesses can closely monitor costs, prevent budget overages, and optimize spending. The ability to instantly detect spikes or anomalies also aids in fraud prevention and enforcement of expense policies.

Anomaly and Fraud Detection

One of the most powerful features of KYRO’s AI-powered receipt management is automatic anomaly and fraud detection. The system uses advanced machine learning algorithms to analyze each transaction and identify anything unusual or potentially fraudulent.

Some examples of what the anomaly detection can identify:

• Large spikes in spending compared to historical baselines
• Errors like inflated totals or double-billed items
• Purchases that don't match an employee's role or spending patterns

The AI looks holistically at the entire stream of transactions across the organization, not just line-by-line. This allows it to spot issues that might be missed by traditional rules-based systems. The algorithms are continuously improved based on new data, allowing the system to adapt as your business and fraud schemes evolve.

Any anomalies are brought to your attention immediately so you can take action. You can set custom thresholds for risk scoring to filter out more noise or only surface high-risk events. The system makes it easy to quickly research transactions or flag them for your accounting team.

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Improve your expense reimubursements with KYRO's AI

With AI-powered anomaly detection, you no longer need to rely on tedious manual audits or after-the-fact analytics to catch overcharges, mistakes, or fraud. Issues are identified in real-time, before they can escalate and cause major problems. This saves you time and ensures you have visibility into the integrity of your financial transactions.

Managing receipts and expenses is a major pain point for many businesses and employees. AI-powered solutions are bringing tremendous improvements to this critical process. Given these compelling advantages, AI is no longer a nice-to-have, but a must-have for modern receipt management. By harnessing AI's capabilities, organizations can gain critical insights into spend, prevent costly oversights, and drive significant efficiency gains. For any business still relying on manual receipt handling, implementing an AI solution is a high-impact way to reduce friction, boost productivity, and realize major cost savings.

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