For many employees, producing an expense report is considered a “necessary evil.” On top of taking time and resources, many manually produced expense reports contain errors that could lead to wasted spending at a company, and more wasted time.
Research from KDS published earlier this year stated that nearly 20 percent of employees inflate their expenses on their expense reports by rounding up totals on taxi or hotel receipts, for example. Industry experts agree that automation can help reduce these errors.
Fraedom has been boosting its travel and expense management services in recent months, having rolled out its Travel & Expense product last March, which allows businesses to set up the automated T&E management service in less than 48 hours.
But already, Fraedom is revamping its expense management capabilities, and its most recent advancement aims to reduce the wasted time, resources and money that come from manual, error-prone expense report creation.
The company announced late last week that it is partnering with receipt data extraction service Itemize to automate data input from receipts to the expense report. Through their partnership, Fraedom and Itemize allow business users to simply take a photo of their receipt from a smartphone and upload it through the app. Itemize automatically extracts key data from the document and puts it right into the expense report generated on the Fraedom platform.
According to the firms, Itemize can identify merchant name, transaction value and tax information.
“Fraedom can now bring our unique and powerful document processing algorithms to their clients worldwide,” said Itemize CEO and Founder Jim Thomas. “Automating this process ensures efficiency, increases accuracy and conserves resources.”
According to Fraedom CEO Kyle Ferguson, the partnership brings the firm one step closer to its goal of offering touchless, wholly automated expense reporting services to business customers. “It makes it quicker and easier for users to manage their receipts and frees them up to get on with their jobs,” he said. “For finance, it increases receipt compliance and tax reclaim, saving the company time and money.”