Thursday, June 29, 2023

What is expense report?

Expense reports are used to track and document the costs associated with business-related expenses, including travel, meals, accommodation, transportation, office supplies, and other reimbursable or deductible expenses.

Here's Anna's experience with expense reports:

Anna, a sales representative, recently returned from a week-long business trip to a client's location. During her trip, she incurred various expenses related to airfare, accommodation, meals, transportation, and client entertainment. Now, she needs to submit her expense report to get reimbursed for these expenses. However, she finds the process to be a major challenge due to several issues.

First, Anna realizes that she has accumulated a substantial number of receipts during her trip, making it time-consuming to track and categorize each one correctly. Some receipts have also faded or become illegible, making it difficult to provide clear documentation.

Furthermore, Anna encounters issues with her company's outdated and clunky expense report system. It requires her to manually input each expense detail and attach the corresponding receipts, leading to a tedious process prone to errors. As a result, submitting her report is frustrating and causes unnecessary delays.

How does Receipt-AI save you time and money?

Instead of an expense report, imagine a system where you snap a receipt with your phone, and send it using SMS. Our advanced AI and OCR technology quickly extract the date, vendor, and total, then rename and upload the receipt file to your accounting software like Xero or QuickBooks, all in under 5 seconds.

We track and analyze the receipts automatically.

Receipt-AI offers more than just time-saving and accuracy. The system provides real-time visibility into your expense data, help you and your company to track spending patterns, identify cost-saving opportunities, and make informed financial decisions.