More and more businesses are recognising the limitations of traditional paper-based receipt management and are transitioning towards digital solutions to enhance efficiency, protect the environment, and drive sustainable business operations.

At the forefront of this transition to digital expense reporting is ExpenseOnDemand, which, in partnership with Xero, is making great strides in creating a world where accounting is paperless.

Let’s see how.

Protecting the Environment

If you haven’t given much thought to the waste generated by paper receipts, the statistics can be shocking. In the UK, over 11.2 billion paper receipts are printed each year.

That’s equivalent to 200,000 trees being cut down and 10,640 tonnes of paper waste.

By making it possible (and more efficient) to use digital receipts for expense management, ExpenseOnDemand is actively decreasing paper consumption and waste generation, positively contributing to the preservation of the environment.  

By relying more  on digital receipts and digital expense reports through solutions like ExpenseOnDemand, accountants become less reliant on paper-based practices, significantly reducing carbon emissions associated with printing, shipping and disposal of paper receipts.

ExpenseOnDemand is also promoting eco-friendly practices across its user base, with features like carbon footprint tracking. With ExpenseOnDemand, users can designate expense categories for carbon footprint monitoring and can also track carbon emissions associated with mileage expenses, helping businesses stay eco-minded and committed to sustainability.

Driving Efficiency Gains

While protecting the environment is of course essential, the reality is that businesses will be slow to adopt eco-friendly solutions if they don’t increase their bottom line. Fortunately, digital receipt management with ExpenseOnDemand improves efficiency too

ExpenseOnDemand streamlines the entire process from receipt and expense report submission to expense approvals and reimbursement. Expense management automation can reduce expense processing time by up to 60%, and can also reduce errors that come with manually organising paper receipts.

Paper receipts are also easy to lose and prone to physical damage and fading. Digital receipts, on the other hand, can be stored safely and securely, and through ExpenseOnDemand’s integration with Xero, digital receipts can sync directly to a client’s existing accounting system. Integration with Xero also provides real-time data insights, enabling proactive decision-making and financial management.

Overall, expense management software saves time for employees so they can focus on driving growth and innovation in the business.

Creating a Sustainable Business Model

The adoption of expense management software is also leading to more sustainable business models. For example, digital receipt management significantly reduces paper usage, reducing costs associated with printing and paper. One telling report found that the cost of processing expense claims can be reduced by as much as 78% per transaction with an automated expense management system.

With ExpenseOnDemand and Xero integration, businesses can track expenses in real-time to make sure they are up-to-date and accurate. ExpenseOnDemand also minimises human error by automating data entry and updates.

ExpenseOnDemand’s approval workflows can ensure that only valid business expenses are approved by accounting. Proper compliance can ensure you maximise your tax deductions and are thoroughly prepared in the case of an audit.

For a small business with a few employees only,  paper receipt management may be feasible. However, as a company grows it will naturally hire more employees and incur more expenses, making paper receipt management overwhelming.

Digital solutions like ExpenseOnDemand can scale with your business as it grows, accommodating more users. With multilayered approval hierarchies, users can approve an increasing number of expenses, and through integration with Xero it’s easy to get a detailed overview of expense reports.

Through its commitment to sustainability, innovation, and efficiency, ExpenseOnDemand is paving the way for a completely paperless accounting future.