UK finance teams are still spending hours each week on manual expense, invoice and supplier payment work, according to research from Corpay, a global S&P500 corporate payments company. To ease that burden, Corpay has launched its AI-powered Virtual Assistant in the UK, available within its Corpay Complete platform. The tool is designed to help finance teams see their spending clearly and move tasks forward faster, and it is now available to all new and existing UK customers.
The research, based on responses from 300 UK CFOs, found that 86% of finance teams spend six or more hours per person each week on expense, invoice and supplier payment administration. It also showed that 83% believe their spend processes are still more manual than they should be. These results point to a heavy administrative load that continues to weigh on finance departments.
The Virtual Assistant allows finance teams to ask questions in plain language about card spend, expenses, supplier payments and approvals. It then brings up the reports, tasks and information they need, without requiring them to search through the platform.
Finance teams keep control at all times. Every action the Virtual Assistant supports needs user confirmation before anything is approved, rejected, submitted or changed, and access is based on each user’s role and permissions.
“Finance teams don't need more information. They need quicker access to the information that matters,” said Piero Macari, Vice President of Products at Corpay. “With the Virtual Assistant, finance teams can ask a question in plain language and find exactly what they need, whether that's a report, a spend pattern or an approval task, without digging through the platform. It's a practical step that helps people stay in control while spending less time searching and more time acting.”
Corpay Complete combines corporate cards, virtual cards, accounts payable automation and cross-border payments in a single platform that integrates with existing ERP systems. With the addition of Corpay AI, finance teams can reach information, reports and approval workflows more quickly through plain-language questions, rather than navigating the platform manually.
Source: financialit.net — Read the original article
