Everyone Hates to fill Out Expense Reports
Randy Eckel, CEO, ImageTag
For those uninitiated, we have created a new platform (KwikTag v6) that makes quick work of automating many common, and uncommon, document-based processes. To lower the cost of purchase and deployment, we have a growing catalog of solutions which are pre-packaged and ready for your unique process configuration. We call these solutions KwikApps.
Our first KwikApp (KwikPayables) was built to automate the easy and efficient capture, entry, approval and payment of invoices. Our second out-of-the-box solution is aimed at the expense management process. We call it KwikExpense.
You might ask how we decided on expense processing as our next commercial KwikApp. The obvious answer would be “everyone hates to fill out expense reports”. That’s certainly true… if we can take the pain out of submitting an expense report, we would be very popular with our users. The second obvious choice would be “we hate processing expense reports”. Our current KwikPayables customers certainly agree with that statement.
Before we went any further though, we needed some real data about if our customers, and prospective customers, really wanted to solve this unpopular process problem. So we surveyed our customers and prospects and discovered some very interesting things:
- Almost 70% of mid-market companies still have a manual, or partially manual, expense reporting process
– Most users still mail-in receipts using inter-office mail
– Less than a third capture receipts as images, fill out an excel spreadsheet and email it all into the AP department
– Approximately 10% allow receipts to be faxed in (BTW – we have long experience in the “fax in your receipt market” via our Receipt Digital Filing solution)
- The average cost of processing one expense report is over $20
- The process problem lies at both ends of the process – submitting expenses and processing for payment (credit cards or reimbursement)
Our customer base, and therefore our survey base, is very mid-market oriented. Large companies have been automating this process for years. Why hasn’t our customer base sought to automate it also? Cost. Current solutions are just too expensive and too hard to use to be justifiable.
Of course that’s where we come in … our quest is to provide quality solutions, at a price that our customers can afford.
I encourage you to check out our new KwikExpense v6 solution. You will never have to fill out, or process, an expense report again!