Eliminating Expense Reports in SME’s and Corporations


Today we will present a major breakthrough in expense reporting at Finovate in London. As the title speaks for itself, we still want to explain what we have been doing the last couple of months.

Instead of making expense reporting “suck less”, we actually get rid of them. Permanently!

That’s a bold statement, but just a few months after we launched in March 2013, we actually managed to do this for several companies. They love it…

And there’s an obvious reason why they love it. Filling out and submitting expense reports costs valuable time, and business money.

To reach this point we analysed how companies manage expenses at the moment. A lot of them still rely on Excel when it comes to expense reporting, while others already use software to make the job easier.

But even with software in place, there were still a lot of frustrations for the employee, approver and CFO. We did some questionnaires and here are some answers to the question regarding what they hated most about expense reporting:

  • Never manage to get my report ready in time
  • It takes so long before I get my money reimbursed
  • If there’s one expense on the report that isn’t approved, the whole cycle gets stuck!

So to tackle all of these problems we went back to our drawing board and designed an expense management system that reduces paperwork and built in a flow that makes the life of both employee and CFO easier.

Here’s how it works:

1. Xpenditure reads out all data of your receipts

First it starts with the actual expense. We offer an app to take a picture and digitize your receipts. But digitizing isn’t enough; you still need to type over the data.

That’s why we scan and read out your receipts whenever you take a pic with the app or webcam, or when you send us e-mail with the picture of the receipt.

Once all data is extracted, your expense is created. Add additional data to your expense - that way you can always track how much money you’ve spent on a certain project or category.

2. Approval on expense level instead of report level

Another major improvement compared to other systems is the way expenses are approved. Expense approval used to happen on the reporting level. This means that if an employee submits an expense report and one of them isn’t approved, he has to start all over again. Frustrating, isn’t it?

Xpenditure takes approval to the expense level instead of the report level. Whenever an employee adds an expense, he can send it to the approver immediately, without making any report. Approving expenses has never been easier, and the flow doesn’t involve any paperwork.

3. Eliminating the actual expense report

flow-reportNow that all expenses are digitized, and already approved by the approver, there’s still one thing to be done. In the past we would call this process “expense reporting”, but that term won’t be around for much longer.

Instead of expense reports, Xpenditure is capable of doing much more!

Integration with accounting software makes it possible for the employee to send the expenses directly into the accounting software of his company. Because all of the expenses are already approved, there’s no need for an extra “report”.

Other integrations we did even go a step further. We work together with several payroll service providers, and we’ve built a unique way to reimburse expenses. The integration allows companies to reimburse employees automatically on their salary slips.

Let’s resume…

Expense management software  that allows you to work without paper! The complete cycle, from receipt to reimbursement fully automated! Integrated with your existing accounting or ERP software, what else do you need?

  • Employees never have to type expenses in Excel again
  • Expenses are approved whenever they are submitted
  • Expenses can be send to accounting or ERP software, expense reports belong to the past
  • Reimbursement of employees can happen automatically through their salary slips


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