How AI tools can streamline and automate expense management

Managing expenses manually is exhausting—especially when you’re chasing down receipts, manually entering data, and dealing with shared credit cards. Month-end close becomes a scramble, and it feels like there’s never enough time to get it all done right. You’ve probably spent hours reconciling expenses, only to find that things don’t quite add up. And then there’s the stress of realizing that a few missed receipts or unauthorized charges are delaying your close.

According to the Global Business Travel Association (GBTA), the average expense report costs $58 to process, assuming everything goes smoothly. But with nearly 1 in 5 reports containing errors, the cost and time spent correcting mistakes piles up fast. For many companies, these inefficiencies have simply become part of the job, but they don’t have to be. PEX can help you streamline and automate expense management close via its AI and automation tools.

The untold cost of manual expense reporting

Before using PEX, many of the companies we talk to don’t feel like they have the resources to enforce their spend policies. Without the resources to manage every transaction, unauthorized, out-of-policy, and untrackable charges often slip through the cracks—especially if you’re relying on shared credit cards.

Chasing down missing receipts and late expense reports becomes a monthly ritual, eating up time and energy that could be better spent elsewhere. If you’re still using manual methods, you’re likely seeing frustrating discrepancies between what’s recorded in your ERP and your actual expenses. Manual data entry turns reconciliation into a slow, tedious process and month-end close into a recurring slog.

PEX AI helps employees get receipts and expense reports in on time

One of the biggest headaches for finance teams is chasing down receipts. Employees often forget or delay submitting them, creating additional work during month-end reconciliation. With PEX, that expense reporting process is automated.

Data from PEX transaction records automatically populates the cardholder’s expense report, and employees receive a text reminder to submit their receipts. All they have to do is respond with a photo of the receipt.

PEX’s AI then automatically pairs the receipt with its transaction and maps it to the correct general ledger (GL) code. The digital equivalent of having an executive assistant, this tool works for everyone, not just senior leadership. This feature reduces the time and errors involved in manual entry, helping businesses close their books faster and more accurately. 

AI and automated spending rules block misuse and overspending

Controlling unauthorized spending can be a challenge, especially when relying on shared credit cards. PEX’s automated spend controls eliminate this risk by allowing you to define strict spending rules for each cardholder. These automation-powered controls decline out-of-policy transactions, offering real-time protection against overspending and reducing the need for manual review by finance teams. PEX gives you the simplest, smartest way to stop unauthorized, over-budget, and out-of-policy spending. 

In fact, according to a 2023 PEX customer survey, 60% of PEX customers who use these spend rules say they save money. Instead of shared credit cards, any authorized user gets their own PEX Visa® Commercial Card or PEX Visa® Prepaid Card. You can distribute these cards to anyone. The cards also come with spending rules that define when and where it can be used, and how much users can spend. If users don’t follow the rules, PEX denies the charge. 

Here’s how it works:

Once you create a rule set, you can assign it to a card with one click. And that employee will know:

• Gas pump…approved; Convenience store…declined
• Weekdays…approved; Weekends….declined
• Hardware store…approved; Bar and grill…declined
• $50…approved; $200…declined

Administrators can adjust the rules on the fly through the PEX website or mobile app. This gives your team the flexibility to send anybody to make any purchase you need without turning the corporate card into a “blank check.”

Eliminate errors and inefficiencies with seamless accounting and ERP integrations

Another major pain point for finance teams is ensuring that all transactions are recorded accurately and assigned to the appropriate project or budget. PEX addresses this by integrating seamlessly with accounting and ERP systems such as Sage Intacct, Quickbooks, CMiC, Procore, and Netsuite. Once a transaction is approved, it’s uploaded to your accounting software with one click. No manual data entry required. No cutting and pasting. No mistakes in month-end reporting. 

Automated expense management not only eliminates common errors but also saves significant time during month-end close. Many companies even use the PEX API to integrate with other business software, such as Human Resources or Customer Relationship Management systems, giving finance teams a real-time, accurate picture of company finances at any given moment.

It all comes together at the month-end close

The end of the month is often the most stressful time for finance teams, especially when they are manually reconciling expenses. PEX’s AI-driven tools streamline reconciliation by automatically categorizing expenses, matching receipts, and syncing directly into your ERP system. PEX reduces a lot of the friction many finance teams encounter when closing their books.

Here’s how it helps: 

• Reduces Errors: No more lost receipts or manual data entry mistakes. Every transaction is automatically logged, categorized, and paired with a receipt.
• Faster Close: AI handles much of the legwork through features like auto-tagging GL codes, integration with popular accounting softwares, detailed reporting. This means that finance teams can focus on analysis and reporting rather than chasing down receipts and reconciliation.
• Complete Visibility: Real-time reporting and automated syncing with ERPs lets you see exactly where company funds are being spent, helping you close the books with confidence.

See how much PEX AI-powered automated expense management can save you

Expense management doesn’t have to be a never-ending cycle of chasing receipts, correcting errors, and scrambling to close the books on time. PEX’s AI-driven tools offer a way out of this manual grind. By automating tasks like receipt matching and spend control, PEX helps you reclaim the hours spent on tedious, repetitive work and ensures your financial data is accurate and up-to-date.

But it’s more than just saving time—it’s about gaining a competitive edge. With AI and automated expense management taking care of the details, your finance team can focus on what really matters: strategic decision-making, optimizing resources, and driving growth.

Learn how AI and automation can transform your expense management into a competitive advantage: Schedule a demo today.