OCR Receipt Validation automatically verifies expense receipts providing even higher ROI with increased operational efficiencies.
August 22, 2011 — In the field of travel and expense management automation, new technology is central to generating increased ROI for client companies. The management and automatic linking of receipts, whether scanned or faxed, to specific expense reports in automated expense management systems has gained significant acceptance as it helps to maintain a paperless environment and further streamline the traditional processes associated with the submission of expense receipts.
ExpenseAnywhere is a company making significant technological advancements in the field of Travel and Expense Management automation. The firm recently introduced Enhanced Recognition Technology, OCR software, as part of their automatic receipt imaging service that takes receipt imaging and verification to an entirely new level. ExpenseAnywhere solution with its OCR functionality now allows auditors, approvers, and users to easily and instantly view the specific receipt associated with each expense item entered into an expense report. No more frustration and countless wasted hours in finding the right receipt from pages and pages of digital receipts that may be attached to an expense report. ExpenseAnywhere solution automatically identifies and validates receipts so the reviewers can speed through their verification process.
ExpenseAnywhere, with its intelligent OCR capability, is the first to offer such distinguishing functionality. It can help companies achieve an even higher–level of accuracy in review and audit of expenses at only a fraction of the cost. This feature alone provides companies with increased ROI and phenomenally improved operational efficiency, resulting in speedier processing of expense claims. Clients utilizing the OCR capability of ExpenseAnywhere solution have claimed upwards of 80% automatic matching of receipts to expense items. ExpenseAnywhere continues to invest in R&D to increase the accuracy of its OCR matching algorithms.
In addition to the new OCR capability, ExpenseAnywhere continues to give their users the ability to quickly upload receipt images directly to their expense reports via fax, e-mail, mobile and scanners. Mobile users also have the distinct ability to capture and upload images of receipts using their camera phone while on the go…perfect for any business traveler.
ExpenseAnywhere OCR is available in all three of the expense management solutions offered by the company (ExpenseAnywhere–Lite, ExpenseAnywhere–Enterprise, and ExpenseAnywhere–Gov) and can be tailored according to each customer’s specified requirements.
In addition to newer developments with receipt imaging, ExpenseAnywhere users are now empowered to use mobile apps for Blackberry, iPhone, and Android to enter, submit and approve expense reports. Furthermore, the company has recently introduced two new modules for Budgeting, and Auditing with its ExpenseAnywhere solution — to help customers better control their corporate spend. The Budgeting Module allows CFOs and cost center managers to set and assign expense budgets and monitor expenses against the budget, while the Auditing Module provides auditors with an enhanced ability to set audits and auditing controls for conformity with SOX and other regulatory compliances to further mitigate risk and fraud.