New app tracks travel expenses in simple way
Xpenditure, a start-up in the digitisation of business, client and travel expenses, has launched in the UK with aims to get rid events agencies of manual expense processes and increasing productivity. The Xpenditure app, available on iOS, Android as well as a web interface, enables users to record and track travel expenses simply by scanning a receipt.
The company’s AI 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.
Boris Bogaert, Xpenditure co-founder and serial entrepreneur said: “Xpenditure completely eliminates paper expense reports. We offer a simple service for event 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.”