Tuesday, 21 June 2011

Employees could be losing out financially to employers

An independent survey commissioned by ExpenseMagic, the company behind the new iPhone app for managing work-related expenses, has found that a high proportion (60 per cent) of employees in the Midlands will be out-of-pocket due to making inaccurate expense claims.

Over half (53 per cent) of the employees surveyed claimed they sometimes lose receipts and often forget to claim for certain items or travel costs. Two per cent even admitted they claim less than half of their expenses each time because their records are in such a mess.

This new survey highlights just how many of us could be losing out financially to employers due to bad management and poor handling of business expenses. This is further emphasised by the revelation that across the UK less than a third of employees (33 per cent) actually claim ALL of their expenses accurately.

Constant Tedder, founder of ExpenseMagic Ltd comments, “Expenses are a headache; it's easy to lose receipts or struggle to find the time to submit them. When the time comes to make a claim, it's a nightmare sorting out lots of different pieces of paper and getting them into a coherent order for the accounts department. This survey shows just how bad the current process is for claiming out-of-pocket expenses, which means that too many people are losing out on a regular basis."

In a bid to reduce the number of individuals being caught short on expenses claims, ExpenseMagic is a new iPhone application being launched today to take the pain out of managing expenses. The user simply takes a photograph of each receipt and the app automatically uploads this to ExpenseMagic.com. The image is then read by real people and all the important information is captured. The information is accessible through the user’s account via their iPhone and online.

When the user is ready to submit an expense claim, a report can be generated with digital images of each expense which can be emailed to the employer for approval and then passed onto the accounts department for payment.

To make things even easier for international business travellers ExpenseMagic supports 30 currencies and even automatically selects the right currency based on the user's location.

The ExpenseMagic App is free to download from iTunes and the first five expenses processed are free. Tedder continues, “The app makes it simple to capture expenses on the move, which means you don't lose out if you lose the receipt. Expense claims can be made straight from the phone, streamlining the process to make everything faster and less painful.”

The ExpenseMagic app is now available to download. To download ExpenseMagic for free, please visit iTunes: http://itunes.com/app/expensemagic
 and for more information go to www.expensemagic.com
To view a video demonstration, visit: www.vimeo.com/expensemagic/expensemagicdemo

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