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WirelessDevNet.com Press Release
Two Thirds of Employees Out-Of-Pocket on Business Expense Claims According To New Research
An independent survey commissioned by ExpenseMagic, the company behind the new iPhone app for managing work-related expenses, has found that a high proportion (64 per cent) of employees will be out-of-pocket due to making inaccurate expense claims. Almost half of the employees surveyed claimed they sometimes lose receipts and often forget to claim for certain items or travel costs. A further 12 per cent say they regularly lose receipts. Three 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 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 whilst 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
About ExpenseMagic.com
ExpenseMagic is a new business iPhone App for managing expenses on the go. The App is aimed at individuals and companies of all sizes who are looking to improve financial control over business expenses and reduce delays and errors in the claiming process. The user takes a picture of the receipt or invoice which is automatically processed by trained specialists who capture all the relevant data and store it onto secure servers. The user can then easily generate an expense report containing the digitised receipts from the iPhone or online account and forward it to their line manager or accounts department for payment.
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