Airbase, a diversified expense management solutions provider, has introduced advanced GenAI capabilities to its expense management platform, aiming to streamline expense report creation by automating the extraction of details from receipts.

The company claims the aim of this is not to eliminate expense reports entirely, but the AI features reduce the workload by extracting expense reasons, categorizations, and memo field details.

Airbase's AI-driven enhancements support reimbursements in 46 countries and enable payments in 34 currencies, simplifying expense management.

Analyst QuickTake: Business expense management companies have been actively incorporating AI into their products recently. Last month, we saw Medius revealing its intention to introduce an AI-driven agent for automating accounts payable, Aavenir improving its sourcing and contracting processes on ServiceNow by integrating Gen AI features, and Basware collaborating with Microsoft to enhance customer support using ChatGPT.