By Max Clarke
64 percent of employees are finding themselves out-of-pocket due to inaccurately filled out expense forms or missing receipts.
“Expenses are a headache; it's easy to lose receipts or struggle to find the time to submit them,” said Constant Tedder, founder of the company behind a new expense handling app, ExpenseMagic Ltd, who carried out the research. “When the time comes to make a claim, it's a nightmare sorting out lots of different pieces of paper and getting them into a coherent order for the accounts department. This survey shows just how bad the current process is for claiming out-of-pocket expenses, which means that too many people are losing out on a regular basis."
Almost half of the employees surveyed claimed they sometimes lose receipts and often forget to claim for certain items or travel costs. A further 12 per cent say they regularly lose receipts. Three per cent even admitted they claim less than half of their expenses each time because their records are in such a mess.
In a bid to reduce the number of individuals being caught short on expenses claims, ExpenseMagic is a new iPhone application being launched today to take the pain out of managing expenses. The user simply takes a photograph of each receipt and the app automatically uploads this to ExpenseMagic.com.
The image is then read by real people and all the important information is captured. The information is accessible through the user’s account via their iPhone and online. When the user is ready to submit an expense claim, a report can be generated with digital images of each expense which can be emailed to the employer for approval and then passed onto the accounts department for payment.