Xpenditure, a leading start-up in the digitisation of business and travel expenses, officially launches in the UK today and aims to get rid of manual expense processes and increasing productivity. The software, available on iOS, Android as well as a web interface, enables users to record and track travel expenses simply by scanning a receipt. Here’s how it works.
The company’s clever A.I. system extracts all receipt data - including time, dates and cost - and collates it in one area, so finance managers can approve in real-time with the swipe of a button. Xpenditure reduces costs of recording and tracking travel expenses manually by roughly 70%* on average per receipt. The app also eradicates human errors linked with manually recording business, client and travel expenses. A global study found that one in five expenses recorded are erroneous.
The same study also found that the average cost of logging one paper receipt manually is around £41.70, whereas Xpenditure has calculated that digitally logging receipts costs on average £12.37 per receipt - saving almost £30 per expense. Likewise, the artificial intelligence developed by Xpenditure, makes it removes processing errors, which affect nearly 1 in 5 paper expense reports* and costs the company an average of £37.26 to rectify.
Xpenditure wants to encourage all UK businesses to use digitised expense management solutions for both business and travel expenses - from client lunches to taxis and flights. Currently, it takes 20 minutes to log one paper expense receipt manually, whereas with Xpenditure that time is reduced to just five minutes.
Boris Bogaert, Xpenditure co-founder and serial entrepreneur said:
“Xpenditure completely eliminates paper expense reports. We offer a simple service for professionals. Employees or travellers simply take pictures of their receipts, then the data is automatically extracted and linked to the corresponding fields and transmitted to the accounting department, which then gives its opinion on their acceptance. We believe it is imperative that companies adapt their processes to new technologies because they are more efficient.”
From just £5,83 per user per month, businesses stand to make significant savings on wasted time and increase employee productivity. Say goodbye to long hours filing paper expenses and spend more time focusing on your business. Xpenditure can also be integrated with Xero to make accounting teams’ jobs easier. Other integrations include Slack, DropBox and various other supporting software found here.
Key features include:
- Real-time insights – Get insights into your businesses spending as soon as receipts are uploaded so you can track spending in real-time.
- OCR Scanning – Extract all information and avoid manual input errors by using OCR scanning.
- Account Integration – Xpenditure can be easily connected to accounting software.
- Mileage Tracking – Track miles with the app and use GPS data to get exact mileage.
- In-App Approval – Managers, HR teams and decision-makers can approve and reject expenses with just one swipe (right to approve, left to reject).
- Duplicate Detection – To avoid inefficiency, duplicated entrees are automatically detected and can be reviewed and deleted when necessary.
Created to overhaul archaic expense tracking systems, the Belgian start-up, created in 2001, is used by 50,000 users in 65 countries across the world. The company, which was acquired by quality of life services film Sodexo in March 2017, has a customer base of over 600 businesses including high-profile clients such as BMW, Deloitte, Land Rover and Jaguar.
Xpenditure teams are constantly working to improve the user-friendly, efficient solution that relies on customer feedback to deliver new features every week.
- Activity Overview – Teams can monitor expense activity and communicate about each expense using the activity section.
- Per Diems - You can now add a Per Diem expense via the mobile application. Simply fill in some information about your trip and the platform will calculate your Per Diem automatically. Send them for approval in one click.