TL;DR: AI categorizes each transaction into the correct expense category based on description, amount, and history, and flags uncertain items for review. Financial records are kept up-to-date in real-time, without manual categorization at the end of the month.
Uncategorized Expenses Waiting for Review
Each transaction must be assigned a category to make sense of financial reports. In practice, this task piles up, and someone has to categorize hundreds of items from memory at the end of the month. The job is monotonous, prone to errors, and always late.
Until categorized, you don't have an accurate picture of where your money is actually going.
How AI Categorizes Expenses
AI automates the process, making it more efficient and accurate.
- From description and history. Recognize what the transaction is about and assign the correct category.
- Learning your rules. Adapt to your accounting plan and habits.
- Flagging uncertain items. Leave items that are uncertain for quick human review.
- Continuous, not monthly. Categorize as you go, so financial records are always up-to-date.
Measurable Results
- Constantly updated financial records instead of piling up for the end of the month
- A more accurate picture of expenses by category
- Less manual work and fewer errors in categorization
Frequently Asked Questions
Does it know our accounting plan?
Yes, it is set up according to your categories and rules, so it categorizes the way you keep your records.
What if it makes a mistake?
You correct it once, and the system learns from it, becoming more accurate the next time.