MyExpenses’ Receipt Validation service takes your expense approval process to another level.
The Receipt Validation process takes place after the appropriate managers have approved claims, but before sending to the finance team. Our dedicated Receipt Validation team review the receipts attached to each and claim. They will run accuracy checks including:
- Value and Date matching
- Identifying duplicate claims
- Ensuring the VAT treatment on each claim is correct
Incorrect expense claims not only leave room for fraudulent activity which brings additional costs to the business but can also mean reclaimable VAT is being missed on valid receipts.
Employees are often unaware of which claims and categories allow VAT reclaim. Not only that, they aren’t invested in this part of the expenses process because it doesn’t affect their reclaim amount.
Furthermore, in instances where it is established that the VAT reclaim is incorrect, this can cause future complications in the event of a HMRC VAT audit.
Does that coffee receipt seem worth the effort of checking?
- Our Receipt Validation team check an average of 1892 claims each month per company.
- In one organisation a single claimant submitted over 300 claims in a 3-month period.
- The total VAT missed on submitted expense claims in one organisation over a 3-month period was over £4,500.
The following examples are taken from the 7-month period of January 2022 to August 2022:
Receipt Validation Case Studies
A strict receipt checking process also encourages accuracy in submitted expense claims.. Employees want their claims repaid on time, without delay – so they take extra care to ensure their claim is accurate in the first place. These are the standards we should all be aiming to achieve.
From 27% to 92% Successful Claims in just ONE Month!
During a 7-month period Company A had a total of approximately 1,700 expense claims checked and validated by MyExpenses’ Receipt Validation Team.
Following the addition of Receipt Validation, a cross-section of Company A employees averaged a combined success rate (where claims pass receipt validation checks) of just 27%.
As a result of our Receipt Validation checking process this rapidly increased to 92% in only 1 month!
Receipt Validation customers often benefit from a consistent claims success rate average of 98%, as was the case here.
89% of Company A’s claims were processed by the Receipt Validation Service in less than 24 hours.
Receipt Checks Validated in under 24 hours!
During the same 7-month period;
MyExpenses’ Receipt Validation Service, meticulously checked approximately 15,500 expense claims for Company B.
That’s an average of 2,214 claims each month.
Based on 1-minute per claim, thoroughly checking such a high volume of claims each month requires admin time of around 37 hours!
Multiple clients have switched to MyExpenses as they were waiting over 2 weeks, in some cases, for their receipts to be checked by the audit team.
Consequently, our Receipt Validation Team pride themselves on their numbers. They deliver unrivalled accuracy in a timely manner.
These numbers speak for themselves:
Their Receipt Validation Checking Average for this organisation is just 0 days, 14 hours, and 20 mins.
One Receipt Check was provided in under a minute. The team were staring at the screen waiting for that one to come in!
The maximum time for a check over the same timeframe, is 5 days 3 hours, and 16 mins.
Last but not least, 81% of all Company B’s claims processed in less than 24 hours.
As impressive as these numbers are, I still don’t feel that the timeframe of 5 days does the team justice.
Due to complexities, certain claims can be held up by external factors such as liaising with the customer account contact; for clarification on how to proceed.
Consequently, to prove this isn’t a one-off, here’s the same chart showing the same data for Company A:
Let’s just finish off with a quick overview of the benefits of the MyExpenses’ Receipt Validation Service:
- Reduce Expense Fraud
- Increase Employee Claim Accuracy
- Reduce Admin Time
- Increase VAT Reclaim
- Reduce Claims Process
- Increase Claimant Satisfaction
To find out more on how Receipt Validation can benefit your organisation, email us at email@example.com.
Alternatively, you can find out more about MyExpenses Expense Management Software here.
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