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. With this new report trail feature, employees have complete visibility into where their report is in the approval process. On the flip-side, Finance teams have a complete audit trail of all expense data enabling them to be audit-ready with ease.
Commenting on the service, Anshul Rai, Co-Founder & CEO, Happay says, “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”.
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, and these can be easily maintained through Happay’s Latest Enterprise edition.
This new AI-powered expense management includes AI-powered expense capture that enables employees to auto-populate expense data from different sources into Happay by capturing data 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 and many more. Moreover, its 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.
A Bangalore-based company, Happay was founded in 2012 by IIT Kharagpur alumni Varun Rathi and Anshul Rai. In last six years, the company has grown from scratch to one of India’s leading FinTech companies with 350+ employees across 10+ locations. Happay’s cloud-first and mobile-first business spend management software linked to corporate cards is used by 4500+ corporates across 40+ business verticals in India.
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.
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