Despite the advantages of digital receipt management, a new study shows that many companies continue to use manual processes. “There is a misconception that it can be both difficult and expensive to digitise. The fact is the savings can greatly exceed the cost,” says Ila Sabet Bergström, Head of Sales & Customer Relationships at Eurocard.
A brand new study which looks at receipt management in 235 Nordic organisations shows that views often differ considerably between management and those who work on receipt management as part of their daily work with regards to the drawbacks and benefits of taking a digital approach.
“There is a gap between how managers and employees who work with receipts on a daily basis view the opportunities that exist. Those working the closest to the systems clearly experience the disadvantages of manual receipt management. So, it is often easier for them to see the benefits of working more digitally, says Ila Sabet Bergström.
But the study also shows that handling receipts manually has several negative effects on the company. Like decreasing the motivation of the individual employee and increasing the risk for fraud.
“This knowledge, however, is not yet widespread, making it difficult for company management to make a correct assessment of how profitable digital receipt management actually is for the company,” she says.
According to the study, there are primarily three reasons why management decide not to digitise their receipt management:
- Too costly.
“This is usually rooted in a viewpoint that is focused only on what the change will cost and not what inefficient processes and systems are costing the business already. The study presents a clear calculation model which gives a good overview as to how considerable the existing costs can actually be,” says Ila Sabet Bergström.
- Difficult to integrate with existing IT systems.
"Generally speaking, integrating a digital receipt management system with the existing IT structure is not a problem. Most receipt management systems are already connected to the different accounting systems in the Nordic countries.”
- Low priority.
Management often considers that the potential savings to be made from receipt management processes are too small. This is to underestimate the positive impact that this area can actually have on the business as a whole. The study shows that employees who work at companies with a digital receipt management system in place are more motivated and more likely to comply with legal regulations. Moreover, digital management reduces the risk of fraud compared with an entirely manual process,” she says.