There are many benefits to automating expense management, from paying for an expense to validation and settlement in accounting. This also includes the electronic invoice, which could soon become the standard in the EU.
Expenses, specialising in business expense management, allows companies to forward an electronic invoice received by email directly to the software. Thanks to state-of-the-art OCR+ technology, the solution automatically captures the invoice. It adds it to the SaaS software, regardless of whether the invoice appears in the body of the email or is present as an attachment.
E-invoicing can make invoicing easier because it usually takes less time. The time between issuance and payment is reduced, and administration is made more accessible because software systems can automatically read and process the e-bill data. This eliminates manual work steps, and processes can be accelerated. Paper is saved, and input errors are reduced.
Electronic Invoice Speeds Up Invoicing Processes
With Expensya’s comprehensive solution approach, companies can process the electronic invoice as a new type of invoice even faster. The OCR+ technology developed by Expensya recognizes and processes all relevant data of the available receipts and creates the corresponding expense items in the platform. The digital copy of the ticket can, in turn, be sent directly to managers or finance directors for internal review and approval. Companies can concentrate on their core business again and save considerable time and money.
Accounting 4.0: Approach To Holistic Digitization
The tax office accepts the electronic invoice as proof of expenses, just like classic paper invoices, as long as the company meets the legal requirements. In a 2019 Frauenhofer survey, 38 percent of the companies surveyed said they process more than 5,000 weekly and over 260,000 invoices annually. This means an enormous expenditure of time and personnel. In most cases, invoice processing is also poorly automated, and companies must first digitise the invoices. The European Commission’s planned request to make e-invoicing the standard could help here. However, concrete implementation is still pending, and Germany, in particular, lags in an international comparison.
Comprehensive Solution For Digital Expense Management
Invoices are part of the business documents that must always be correctly retrievable regardless of time zone and geographic location. In case of doubt, quick access to information and business figures can represent a critical competitive advantage over other companies. Thanks to digital spend management, those responsible can make decisions based on accurate data and thus reduce the risks for the company.
Approving countless invoices and, in the worst case, entering the individual invoice items by hand is a mammoth task and costs companies time and money. In many companies, there is still potential for process speed and automation optimization. All associated work steps can be significantly streamlined by switching to digital tools for business expense management.
Founded in 2014, Expensya, based in Paris and Tunis, offers an intelligent system for the automated management of business expenses. As an end-to-end solution with an intuitive user interface, the solution can adapt to the needs of companies of all sizes. Expedia’s platform supports the management of expense reports, cost analysis, and the implementation of travel policies.