Auto-Itemization, a revolutionary new offering from TripActions Liquid™, uses machine learning to automatically categorize and assign individual line items within a receipt to the proper expense policy, a unique capability that streamlines the process of expense management and saves finance teams countless hours.
In order for finance teams to close their books every month, every company dollar spent needs to be properly managed. Unfortunately, not all transactions are created equal. Often, a single transaction has multiple parts or line items — like fluctuating daily service charges for a hotel stay — that need to be reported independently for accounting and tax purposes.
Take the hotel stay. The cost of the room needs to align to a company’s hotel policy, while the room service an employee orders can align to their daily per diem for meal costs. When a card is charged at that hotel, however, a single large transaction is recorded — but the individual line transactions aren’t all itemized. That work is done later, by the employee.
Until now, finance teams have then had to manually check the employee’s itemizations or itemize themselves. They’d have to do this with every single receipt that’s been uploaded into their expense management system. This leads to countless follow-ups with the cardholder for additional context, creating a time-consuming and frustrating experience for everyone involved.
Auto-Itemization from TripActions Liquid is the first and only solution that allows users to split transactions into multiple line items and attribute those line items to specific expense policies — and does so automatically, relieving employees of the burden of spending time trying to assign purchases. Now, all a user has to do is upload their receipt to TripActions Liquid, and Auto-Itemization —leveraging AI, machine learning, and fuzzy matching technology — will auto-categorize the individual line items to specific policies with 90% accuracy.
Itemize transactions in seconds
Itemized transactions can also be reviewed and modified by users. If something doesn’t look right, a user can edit their transaction.
Control and efficiency for admins
Gone are the days of exporting transaction data into a spreadsheet and itemizing line items manually. Auto-Itemization gives finance teams the ability to view, edit, approve, and reject itemized transactions right within TripActions Liquid — a process that eliminates a once-painful workflow that used to take hours.
Any receipt, any language
Auto-Itemization serves as a scalable way to itemize thousands of receipts from across the globe. Thanks to built-in translation capabilities, the technology can translate receipts into whatever language a finance team needs.
Companies with a global presence can rest easy knowing that employees can responsibly spend however and wherever they are, and that closing their books each month can be done with the click of a button.