[Translation of press release in Japanese]
Works Applications Co., Ltd. (Headquarters: Minato-ku, Tokyo; Representative Director and Chief Executive Officer: Masayuki Makino; hereinafter "WAP") today announced the purchase of “AI WORKS Expense” by Monex Group, Inc. (Headquarters: Minato-ku, Tokyo; Representative Executive Officer, President & Chief Executive Officer: Oki Matsumoto; hereinafter "Monex Group") as its expense reimbursement system. Monex Group has utilized our former products “COMPANY” series for years and decided to implement “AI WORKS Expense” expecting the upgrade to “AI WORKS” Suite.
Realize “future accounting operation one step ahead” by reducing 60% of simple tasks
Monex Group is a global online financial group for individual investors with TradeStation Securities in the U.S., and Monex Boom Securities (HK) in Hong Kong, in addition to the industry leading Monex in Japan. In celebrating the 20th anniversary from its founding next year, it aims to offer new asset classes and services utilizing cutting-edge technologies such as block chain in order to embody its vision to create “future of finance, staying one step ahead", in addition to enhancement of existing services. Among them, it proposed realization of “future accounting operation, staying one step ahead” aiming for automation of internal simple tasks by utilizing advancing AI and RPA (Robotic Process Automation), etc. and shifting to high-value-added work. A project has been launched for setting up a new expense reimbursement system with an eye toward the efficiency improvement of the expense reimbursement work for all employees.
As a result of repeated comparison with various products, Monex Group highly evaluated the product concept of “AI WORKS”. In the concept, “AI WORKS” offers not only functional capacity as a standard package solution corresponding to complicated internal regulations and business customs but also automatic running function and “suggestion” capability based on WAP’s deep insights for business operations and machine learning. Furthermore, in order to obtain higher efficiency of investment, it decided the leading implement of "AI WORKS Expense" expecting to upgrade accounting/finance system to "AI WORKS" Suite in the future. With the use of "AI WORKS Expense", Monex Group estimates a 60% reduction in the workload per person for application and approval of expense reimbursement.
Four features of expense reimbursement system “AI WORKS Expense”
1. No more data inputting – intuitive and highly usable operation screen
Necessary information is automatically completed to expense reimbursement application by a capture of receipt or transportation IC card, or by linking with scheduler/corporate card/reservation websites for airline ticket, etc. All you have to do to complete expense reimbursement process is reviewing and selecting the suggestions based on the past application records, therefore complicated inputs are no longer necessary.
2. Within standard functions - handling complicated internal regulations and business customs
In addition to various payment methods such as petty cash and payroll transfer, “AI WORKS Expense” is able to accommodate the functionality needs of complicated internal regulations unique to each company and automatic calculation of allowances based on job titles/departments (Also comply with Law on Book and Record Keeping through Electronic Methods). Moreover, it enables flexible workflow in settings according to the type of application, amount of money and etc.
3. Error check time to be cut to “zero” – automating primary check of application contents
“AI WORKS Expense” automates error check of application contents based on the route of commutation, consistency with internal regulations, and past application records. This will reduce the burden of approval work and false data and human error will be pursued down to “zero”.
4. Flexible link to core business system – utilizing same infrastructure and offering operational connection
As "AI WORKS" Suite has a wide variety of products from Financial Accounting system to Human Resources and Payroll system. Thus it can provide rich assortment of functions such as flexible automatic journal setting, budget link, and personnel information link, considering the following operations of expense reimbursement work.
"AI WORKS Expense" supports the whole workflow from pre-application, reimbursement application, approval to settlement in expense reimbursement work.