How great would it be to have a digital receipt sent straight to your mobile, automatically matched to the right transaction and transferred to your expense management system? This is already possible thanks to Smart receipts, which make receipt management both faster and more secure.
A new study of 235 organisations in the Nordic Region shows that companies spend considerable time on receipt management, often without realising just how much employee time is taken up by manual receipt management processes. Half of all the companies included in the study use paper receipts as an integral part of their processes.
“Companies which use entirely manual processes spend almost 14 minutes handling a single paper receipt between the purchase being made and when it is entered into the accounts. For a business processing 500 paper receipts a month, this is equivalent to as many as 115 working hours,” says Gustavo Molano, Nordic Co-Head of Direct Sales at Eurocard.
Huge time savings via new solution
But all this can be changed via direct receipts, a solution which has been introduced on the Nordic market relatively recently. Direct receipts means that a digital receipts is being sent directly from the merchant to the customer’s mobile phone where they are matched to the right transaction and then forwarded directly to the company’s expense management system,
“Direct receipts are essential in allowing companies to digitise their entire receipt management process. The study also shows that companies which use direct receipts can process a receipt in less than 1.5 minutes which is equivalent to 11 working hours for a company processing 500 receipts per month. Or in other words, a time saving of 104 hours, almost 90%, compared to an entirely manual process,” says Gustavo Molano.
Fewer mistakes and lower costs
At Eurocard, direct receipts is part of the Smart receipts solution, which allows companies to use digital receipts along the entire process, from purchase to accounting.
Already today, a number of merchants in the Nordic region, including taxi companies, hotels and food chains, offer Smart receipts.
“Smart receipts save time for both the employee making the purchase and the person in charge of giving approval. Moreover, an entirely digital process eliminates the risk of receipts getting damaged or going missing. This means far fewer errors and considerably reduced administration costs,” says Gustavo Molano.
Smart Receipts from Eurocard Explained:
- You pay using your Eurocard corporate card.
- A digital receipt is sent immediately to your smart phone, matched to the right transaction and then sent onwards to your company’s expense management system. If the merchant is not connected to Smart receipts, as the cardholder you can simply photograph the receipt yourself and then match it to the right transaction on your mobile phone.
- Everything will then be ready for you to send the expense report onwards for approval.