Finance

Take the manual process out of expense classification

Automate the identification and categorization of expenses from financial statements to optimize budgeting and forecasting

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Challenge

Expense categorization is a highly manual process

Accurately categorizing expenses is crucial for efficient financial management and reporting. However, the process can be tedious and error-prone, especially when dealing with a vast array of transactions across various categories.

Solution

Identify and classify expenses with OmniAI

OmniAI provides simple tools for identifying and categorizing expenses within financial products. Our tabular model reduces manual effort and increases accuracy. The solution is ideal for finance teams seeking to optimize their expense management processes.

    Define your schema

    Start by defining a schema with the target categories/divisions. Or use OmniAI to discover the categories and trends within the data.
    1transaction_type:
    2 description: "Type of the financial transaction."
    3 options:
    4 - "PURCHASE"
    5 - "SERVICE_FEE"
    6 - "SUBSCRIPTION"
    7 - "REFUND"
    8 type: "String"
    9
    10expense_category:
    11 description: "Category of the expense."
    12 options:
    13 - "TRAVEL"
    14 - "OFFICE_SUPPLIES"
    15 - "TECHNOLOGY"
    16 - "MEALS_AND_ENTERTAINMENT"
    17 type: "String"
    18
    19vendor_name:
    20 description: "Name of the vendor associated with the transaction."
    21 type: "String"
    22
    23amount:
    24 description: "Monetary value of the transaction."
    25 type: "Float"
    Transform data image

    Transform your data

    OmniAI processes transaction data, applying the schema to accurately categorize each expense. This includes identifying the type of transaction, the relevant expense category, the vendor involved, and the transaction amount.

    Insights

    Efficient Expense Management

    With OmniAI, financial teams can automatically sort and categorize expenses, leading to more accurate financial reporting and analysis. This automation streamlines the expense management process, reduces the potential for human error, and provides deeper insights into spending patterns. As a result, financial teams can make more informed decisions, leading to better budget management and financial planning.

    Finance resources

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    Expense categorization

    Automate the identification and categorization of expenses from financial statements to optimize budgeting and forecasting.
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    Extract key financial metrics like revenue and COGS from financial documents for streamlined financial analysis and reporting.

    Ready to try OmniAI?

    Book a demo today and see how our solution can transform your workflow.

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