Technology Wins: A Better Receipt Capture
Modern OCR technology is a faster and more secure process for capturing expenses than first generation products that use mechanical turks to fill in the details when technology can’t read the receipt.
In the past, using low-cost, outsourced human labor to review expenses was the most accurate way to ensure that expenses were captured and reported correctly, but there’s a trade off. You’re left to wonder whether you’re putting your company at risk, exposing highly sensitive data.
An expense report can reveal personally identifiable information, like where a person lives based on their Uber receipts. It can show where they’re attending meetings, which clients they are entertaining, and it can even give away trade secrets.
There hasn’t been much pressure to innovate in the business travel and expense management space over the past decade, but OCR technology has come a long way. It’s not only fast, it’s accurate and it’s secure.
Companies that prioritize data and value the importance of data security should consider using technology automation. The more people you grant access to your data, intentionally or unintentionally, the more potential risk. Opting for a truly automated process for capturing expenses prevents the need for sharing sensitive data with people outside of your company.
With modern technology, capturing business expenses can be easy and painless. With TravelBank, simply snap a photo of a receipt, confirm the total amount, and our OCR technology scans it to fill in the details.
TravelBank employs a truly automated receipt capture process, that can even recognize expense categories specific to your company. When the details of a receipt are unreadable, the expense is marked for your attention so you can fill in the merchant and category.
It’s so fast, you can capture a stack of receipts in minutes. When you’re ready, submit your list of expenses to create an expense report with one tap.