Imagine a world where you didn’t have to do your expenses, how great would that be? With our sister company Fraedom, that’s what we are aiming to achieve.
A simple action such as purchasing a cup of coffee whilst on a business trip has multiple steps involved, the majority of which come after you’ve actually paid for it. What if you could eliminate all of the steps involved once you’ve paid for the coffee and replace them by simply taking a photo of the receipt and uploading it via your smartphone?
It’s called the ‘touchless transaction’.
Let’s take the coffee example; here’s the scenario: You’re visiting a client site and have popped into a coffee shop to grab a coffee before your meeting. Once you’ve paid, got your receipt and had your drink, you then have to go through the process of logging that expense.
Every business is different, but a typical end-to-end process will probably involve having to create the transaction (if you paid by cash) or wait for it to be created, if you’re paying by card. You’ll then have to scan a copy of the receipt and upload into an expense management system, or add it onto a spreadsheet. You’ll have to code it to a cost centre and provide a description. Once you’ve spent 15 minutes doing all of that it’s finally sent off for approval whilst you get on to your next receipt.
When the touchless transaction becomes a reality (and we’re not far off), all you will have to do is take a photo of the receipt. Our existing Optical Character Recognition technology will automatically read the receipt and the key information about the transaction is then uploaded into our system.
The whole process from then on is completely automated, drastically reducing (or completely eliminating) the time and effort involved in managing your expenses.
The end of expenses as we know it.