Rantalainen is expanding its range of digital services with the launch of the new RAN Expense solution. Powered by AI and automation, the service brings together business expenses, purchases, mileage and per diems in one easy-to-use solution.
Processing travel and expense claims still involves a significant amount of manual work for many businesses. Receipts are collected through different channels, information is entered manually, and missing documentation has to be followed up afterwards. RAN Expense reduces these manual steps by automating the process from receipt capture through approval and into financial administration.
AI streamlines expense processing from receipt to accounting
RAN Expense is designed to make expense management as effortless as possible. The user simply takes a photo of a receipt, after which AI identifies the receipt details, categorises the expense and automatically creates an expense report. The user only needs to review the information and submit it for approval.
In addition to standard business expenses, the service can be used to manage representation expenses, mileage and per diems, among other expense types. RAN Expense calculates reimbursements automatically and takes applicable local tax legislation into account.
Approval workflows, expense categories, cost centres and other processing rules can also be configured to meet the organisation’s needs. A comprehensive processing history is retained for every expense, improving transparency and giving the company greater control over its spending.
RAN Expense can be connected to supported corporate and personal Visa and Mastercard cards. New card transactions are automatically transferred to the service, and available digital receipts can be matched directly with the correct transactions. For paper receipts, users receive a reminder, reducing the likelihood of missing documentation.
One partner makes the entire process smoother
A key benefit of RAN Expense is that companies can manage both expenses and financial administration with the same partner. Information is transferred automatically to financial administration, reducing the need for separate tools, file transfers and manual processes. As part of Rantalainen’s service offering, the solution integrates with the customer company’s systems.
“Companies still spend a considerable amount of time processing receipts, checking information and following up on missing expense details. With RAN Expense, we combine easy-to-use technology and AI with Rantalainen’s financial administration expertise. Our aim is not simply to introduce another new system for the customer, but to create a seamless solution where information flows securely from receipt to approval and onwards to accounting,” says Toni Hovinen, Chief Digital Officer at Rantalainen.
RAN Expense gives employees, approvers and finance teams an up-to-date view of company expenses. At the same time, it reduces manual work and speeds up reimbursement for expenses employees have paid out of pocket.
The service is suitable for companies of different sizes and scales as the organisation grows. The solution supports multi-level approval processes, multiple languages and currencies, as well as international organisational structures. It can also be used to track carbon emissions related to company expenses and business travel for sustainability reporting purposes.