Receipts have a bad reputation for many good reasons. Almost every move business travelers make generates new ones, whether they’re for airfare bookings, lodging, ground transit, or even snacks on the plane. This can lead to an ever-expanding pile of paper to categorize, collate, and fret over. Receipts are easy to lose, prompting employee headaches when the expense report comes due. Managerial angst ensues if the submitted expense report does not square with the evidence provided.
But with a few receipt roundup tips, it doesn’t have to be that way. Here are some quick ways you can reduce the frustration associated with paper receipts:
Decrease fraud potential (and paper) with eReceipts
Travel and expense (T&E) spending can be a big chunk of a typical company budget (about 10-12% on average), and it’s a magnet for fraud and compliance risk. Each year, businesses lose 5% of revenue to fraud and a staggering 83% of fraud cases involve asset misappropriation, which includes padded T&E claims. But with Concur Travel, eReceipts go straight from the source – app center partners, airlines, hotel and car companies – into employee expense reports. That way the traveler doesn’t have to lift a finger and the risk of expense report fraud by employees is minimized.
Reduce receipts by requiring corporate card purchases
Another great way to reduce receipt volume and increase visibility is to mandate corporate card use for all T&E related purchases. The benefit here is two-fold: Managers can set receipt threshold limits on card purchases, and managers can see the spending in near real time, allowing for much better budget awareness.
Digitize physical receipts with the SAP Concur mobile app
Despite our best efforts, some receipts still exist only on paper. Thankfully, with the SAP Concur mobile app, ExpenseIt users can simply snap a cell phone photo of a one-off paper receipt for automatic upload into an expense report. ExpenseIt’s optical character recognition (OCR) technology does the rest, negating human error in the process.
To learn more about these ways to make receipts less of a hassle for you and your travelers, check out our infographic today.