Bengaluru 12 July 2018: Happay, one of India’s fastest growing FinTech companies, has launched an Enterprise Edition of its expense management platform with AI powered capabilities, to auto populate expenses incurred during official travel by employees.
Press reports of the recent Andhra Pradesh High Court ruling suggest that the onus is on the employers to deduct appropriate tax from the per diem allowance (DA bills) paid to employees, if employees fail to submit the bills. This implies that the companies have to maintain a record of such expenses. These can be easily maintained through Happay’s Latest Enterprise edition.
Anshul Rai, Co-Founder & CEO, Happay said, “As official travel is continuously rising, Happay has developed AI-powered capability within its Enterprise Edition to help reduce the tax burden for both corporates and its employees. The bills for daily allowances will now automatically get captured from various sources and saved in the software adding to convenience for employees.”
New AI-powered expense management features for Enterprises include:
- AI-powered expense capture enables employees to auto-populate expense data from different sources into Happay. Expense data can be captured from:
- Transaction SMSs that employees receive when they use their official or personal Debit or Credit Cards for Business Expenses
- Invoices received on Email from Online travel Aggregators
- Corporate Credit Card Statements
- Automatic Scan of Receipts, etc.
- AI-powered approvals ensure that expense reports are routed to the right approver and expense reports without policy violations are automatically verified, thereby giving managers more time to review reports that have violations
What’s more with the new report trail feature, employees also have complete visibility into where their report is in the approval process. Finance teams, on the other hand, have a complete audit trail of all expense data enabling them to be audit-ready with ease.
Happay’s Enterprise Edition is supported by powerful API integrations with existing Enterprise systems such as HRMS solutions, CRMs, Travel Management software, in-house software tools, Accounting ERPs and more. Recently Happay, in collaboration with HDFC bank, had introduced a new prepaid card-linked Travel and Entertainment (T&E) expense management solution to enable Indian enterprises to efficiently manage their business travel expenditure.