A start-up which deals in the digitisation of business and travel expenses has officially launched in the UK.
Xpenditure aims to get rid of manual expense processes, increasing productivity, through its app which is available on iOS and Android as well as via a web interface.
Using an artificial intelligence system, it enables users to record and track expenses simply by scanning a receipt. The AI extracts the data – such as time, dates and cost – and collates it in one area so finance managers can approve in real-time with the swipe of a button.
The firm has offices in Amsterdam, London, New York, Barcelona, Mechelen (near Brussels) and Sao Paulo.
“Xpenditure completely eliminates paper expense reports,” said Boris Bogaert, Xpenditure co-founder and serial entrepreneur.
“We believe it is imperative that companies adapt their processes to new technologies because they are more efficient.”
Xpenditure says its app eradicates human errors linked with manually recording expenses. A global study found that one in five expenses recorded are erroneous.
The same study also found that the average cost of logging one paper receipt is around £41.70, whereas Xpenditure has calculated that digitally logging receipts costs on average £12.37 per receipt, saving almost £30 per logged expense.
The AI also removes processing errors, which according to research affect nearly one in five paper expense reports and cost a company an average of £37.26 to rectify.
The software also integrates into platforms such as Xero, Slack and DropBox.