There are a lot of expense management tools out there, but David Parker believes most of them are missing one important thing.
The co-founder of Konsentus, the RegTech company providing TPP identity and compliance services, made the claim on LinkedIn in a thread discussing FinTech app Revolut’s new expense management tool.
Parker said, “Most if not all of the solutions though in this space still miss some basic functionality. [Firstly, the] ability to extract VAT from the receipt. Why is this important? Well, yes, you can calculate the potential VAT, but with so many different rates around Europe the only sure way that you have the right VAT is to extract it off the receipt. This data does not come down the scheme data feed so the only way to do this is from the receipt. Just capturing an image of the receipt is not enough.”
The second thing Parker believed most expense management tools missed out on was automated transaction matching of receipts and transactions. “Pretty much all the solutions in the market require you to manually open up the transaction and then take the image,” Parker continued. “The user has to identify what transaction and what receipt need to be paired.”
Revolut’s solution claimed it could help workers keep track of their expenses by simply snapping a pic of the receipts and have them uploaded through the service.
Parker has is also a consultant at Itemize, the FinTech company that can extract data to companies to transform purchase documents, such as receipts and invoices, into data for their accounting and expense tracking needs.
He added that Itemize managed to do both those things through its Purchase Document Data Extraction tool. “This process is fully automated, any number of receipts and the system matches the receipt automatically to the transaction,” Parker stated.
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