According to a study done by the U.S. Chamber of Commerce, employee theft costs American companies $20 billion to $40 billion a year. This means that every man and woman working in America today contributes more than $400 per year to that total whether by accident or on purpose. Because manual entry is only 90% accurate, the simple act of automating data entry quickly and accurately can address inadvertent employee reimbursement mistakes.
Itemize combats this statistic with two different solutions. The first is the Itemize Expense Management App which makes tracking expenses fast and easy. By simply taking a picture of a receipt, invoice, or reimbursement request, the app automatically extracts and itemizes the necessary data to compile a report that app-users can trust. No manual entry is required. The data can be exported to PDF, Excel, Xero, & QuickBooks® using built-in expense templates. With the Itemize Expense Management App, users track expenses, capture purchases, and get reimbursed with the touch of a screen. The app is the solution for small business owners combating human error.
For larger companies, insert Itemize’s second solution: Receipt OCR Data Extraction API. Itemize powers expense management companies, enabling them to deploy the API as a component of their own expense applications. By doing so, these companies eliminate manual data entry and provide their customers with a faster and more accurate user experience. The API extracts data from receipts in less than 30 seconds, itemizing the contents. Imagine a compliance department accessing the hotel folio and knowing the full extent of the mini-bar charges.
The API also eliminates manual data entry, making it easier for employees to keep track of their receipts and submit their expense reports on time. Not all employees are attempting to cheat the system, but when human entry is involved, the risk of inaccurate reporting only rises.
Decrease employee theft by employing one of the Itemize solutions today. The Itemize App is updated and available for purchase in Google Play, the Amazon Appstore, and the Apple Sore. Learn more about the Receipt OCR Data Extraction API at https://www.itemize.com/api/