24 finance


Throw away your expense receipts


We’ve all been there – that last minute panic to find your expense receipts at the end of the month, trying to remember which client which bill was for, and the feeling that there’s always something you’ve missed, writes Alison Dewar of The Business Magazine


Now however, there’s a simple solution in the shape of ExpenseIn, a cloud-based system which does away with paper receipts by using mobile technology to capture and store them securely online until they are needed.


In addition, its PA Assist service enables in-house staff to “pick up” the receipt and manage the whole process; while the overall system ensures compliance with HMRC rules and regulations and improves management reporting.


ExpenseIn is the brainchild of Reading-based entrepreneur Martyn Webster, well-known to the Thames Valley business community as co-founder of Integralis, Content Technologies and TextAnywhere.


As both an entrepreneur and a chartered accountant, he and a group of like-minded peers focus on how technology can be used cost-effectively to improve the way day-to-day activities are managed.


“We looked at expenses and realised that the way people do their expenses hasn’t changed in the last decade,” he said. “At the same time however, smartphones with cameras are now the norm, broadband, wi-fi and cloud storage are commonplace proven technology and much, much, more affordable.


“By putting all the technology together, we came up with the idea for ExpenseIn, a cloud-based expenses management system with a mobile app at the front end, which does away completely with the need to keep paper receipts.”


Webster estimates that out of 5.2 million businesses in the UK, over 80% still rely on traditional spreadsheets or paper-based receipt systems for expenses. And while the remainder are using some form of online system, he says ExpenseIn is different because it is so intuitive.


“Our team has had many years’ experience of designing systems and it’s that ease of use that sets us apart,” he continued. “Most online expense systems look at the issue from the accounting package side, whereas we have approached it from the front user’s perspective – how to make life easier for employees when it comes to submitting their monthly claims.”


After a series of trials, ExpenseIn launched in December 2015 and early adopters are “delighted” with the instant results, says Webster.


All users have to do is open an account in the cloud and then download a free mobile app which uses Smartscan technology to “grab” receipts and store them securely online. Once a receipt has been captured, if required, the user can add a short descriptive text.


Businesses can set specific fields – for example different expense policies for different projects or teams; set mileage rates or financial limits for claims; and the system also allows individuals who charge hourly expenses to enter time and rates for billing.


ExpenseIn provides detailed reporting and analysis, creating archives and audit trails to ensure everything is HMRC compliant, something which Webster says is very important.


“A lot of companies, especially the smaller ones, are worried that businessmag.co.uk TTHE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – JUNE 2016


Martyn Webster


they have to keep paper-based receipts, but that’s not the case, especially as HMRC is very focused on moving processes online through its Making Tax Digital programme,” he said.


“In addition, because ExpenseIn allows the easy monitoring and authorisation of expenditure, it makes analysis and reporting of management information and help with compliance extremely simple.


“Whether you’re a larger organisation with your own finance department, or a smaller business with an external accountant, the information can be easily shared and accessed to comply with all the necessary reporting procedures.”


Webster believes among the sectors to benefit most will be those in professional services – firms with a high-value mobile workforce, such as accountants, financial service advisers and lawyers – who charge by the hour and therefore put a premium on their time.


“These are professionals who, if they are spending time doing their expenses rather than charging out their time to a client, are costing their firm money,” he said. “In addition, businesses with a very mobile workforce, such as sales or maintenance teams will very quickly see the benefits. As a low-cost solution, return on investment is rapid.”


He concluded: “In over 30 years in business, I’ve never yet found anyone who enjoys doing their expenses – they are a necessary irritant that get in the way of something more important. This system is all about saving time and making lives easier.”


Details: Martyn Webster 03334-141808 customerservices@expensein.com expensein.com


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