Managing company expenses can be both tedious and time consuming. But there is a way to get the job done easier. Switching to digital receipts is a great start.
A fully automated process for expense management can mean savings of up to 70 percent compared to the time it takes to manually manage expenses, from transaction to administration.
The time savings correspond to the costs that companies with manual processes are stuck with – often unknowingly. This is one of the conclusions in the report produced by the Royal Institute of Technology (KTH) in Stockholm on behalf of Eurocard.
Digital receipts used to be but a theoretical solution. Now however, several Nordic countries have come a long way with both legislation and standards. In addition, technological developments have progressed, meaning new solutions that make digital receipt management easier than you might think.
Companies looking for efficiency in expense management can achieve a lot, with the help of new possibilities available. An obstacle however, is the behaviour from employees who are not used to handling digital receipts. And this behavioural change is something that is both critical and complex to solve.
So what does one have to keep in mind to achieve a more efficient process? Here are three general guidelines to get you started:
Digitalise your receipt management. Through the Eurocard app, you can send digital copies of paper receipts with your transaction, directly to your expense management system.
Simplify routines and tools. Make sure it is easy for your employees to do the right thing, with easy to follow processes and simple and efficient tools for digital management. A small company can come a long way with credit cards and mobile apps with daily transfer of transactions.
Show demand. The market is evolving, but many players are still waiting to see how big the demand is. When more companies start asking for digital receipts instead of paper receipts from service providers, wholesalers, stores and restaurants – things will move fast. And entrepreneurs and users, like yourself, are the ones who will make the most of it.