Companies in the Nordic Region spend copious amounts of time on receipt management when handling expenses, and often completely unnecessarily. A new study shows that up to 90 percent of this time can be reduced with digital solutions.
“If there is anything we have learnt over the last two years, then it’s that we now do things in a completely different way, and companies are in many areas far more digital compared to just over a year ago.”, says Gustavo Molano, sales manager at Eurocard.
So where do companies and organizations stand today when it comes to digitalising receipts?
A brand new study, which includes 235 organizations in the Nordic region, shows that companies still spend copious amounts of time on handling receipts, and that they in most cases are unaware of the time they waste by manually processing receipts.
Many solutions available
“Almost none of the companies in the study had accounted for, or even thought of accounting for, the time they waste on Receipt management”, says Gustavo Molano.
“But it does not have to be this way. There are several digital tools and solutions available, that are easy to use and can help companies save both time and money, he continues.”
The study shows that companies can reduce time spend with up to 80% percent, just by using an app with receipt capture technology, instead of manually processing receipts.
No big investments
“The reason why many companies are not using these tools, I think is because there is a perception that they are costly”, says Gustavo Molano and continues:
“It is easy to simply look at the cost of implementing a new solution, but if you compare it to the cost of having employees spend an unreasonable amount of time doing their expenses, it is not a big investment.”
Smart receipts are the future
But the solution that he believes will revolutionise the market are direct receipts that can reduce time spend with up to 90%, a solution that is already available for example at certain taxi companies, food chains and hotels in the Nordic region, and is expected to grow a lot in the near future.
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, without any human intervention.
“This provides opportunities to digitalise the entire receipt management process, from an initial purchase to bookkeeping. It will generate significant time savings for the individual employee as well as the company, as seen in the study.”
At Eurocard direct receipts is part of the solution Smart receipts.
3 key findings from the study:
- Almost half of all companies still use paper receipts as an integral part of the expense handling process.
- 81% of the Nordic companies require employees to digitalise their receipts but 49% of these do not support employees with the proper tools.
- Direct receipts can reduce time to handle expenses by up to 12,5 minutes per receipt compared to handling paper receipts.