Five Reasons to Implement a Contactless Expense Solution

When someone dreams of opening their business, they are not dreaming of spreadsheets, the time they will spend processing operating expenses, reconciling reports and the maddening search for a lost receipt.

Yet this is the reality for many. 

Publications like Chron and Entrepreneur Asia-Pacific have addressed that the success of business is reliant on having humans at the core of it. Humans have the ability to think and feel, and that is what makes employees indisposable.

However, the lack of streamlined systems in a business can mean employees are spending too much time punching numbers, and not enough time on work that only the human component can achieve.

So what can implementing the world's only contactless expense solution do for the efficiency and success of your business? 

Save time

Your employees have better things to do than process receipts. In fact, 87% of office workers want their employers to implement technology that automates the manual, repetitive work tasks that drain their time and drive operational inefficiency (research by OnePoll, commissioned by Automation Anywhere, 2020). Let your team spend time on the strengths you hired them for.

Save money

Enabling your employees to focus on the work they are skilled and proficient in rather than on tedious admin, saves your business money. West Virginia Auditor JB McClusky explains, "It costs more than $100 USD to process just one [receipt]." Shorten the pipeline between the point of sale and the ERP system by eliminating the number of hands that touch the receipt. 

Eliminate fraud

By implementing a solution that connects the point of sale software to a businesses financial system, receipts are sent with raw, line-by-line data. Expense fraud accounts for 14% of all internal business fraud cases, with this number jumping to 20% in businesses with fewer than 100 staff, and 23% in nonprofits. Having a system that prevents fraud and duplicate claims keeps your business transparent and fraud-free.

Eliminate waste

Have you considered why your digitally created receipt needs to be printed off, just to be uploaded into your digital financial system? RIPA Expenses recognised this didn’t make sense and by bridging the gap, it eliminates the unnecessary waste that is produced in its wake. The US alone produces 686 million pounds of waste from receipts annually. Make your business a leader in sustainable change with a solution as simple as contactless receipts.

Promote wellbeing

Contactless technology is at the forefront of protecting people during a pandemic – with no exclusion to your staff touching receipts after a contactless payment. You know this. But saying goodbye to paper receipts also protects you from unnecessary exposure to BPA and BPS chemicals. Research has found, “individual thermal receipts can contain BPA that is 250 to 1,000 times greater than the amount in a can of food.”  Toxic, carcinogenic chemicals. Cutting paper receipts out of your business process cuts out the exposure risk.

If you have no other option, you can test for BPA/BPS by scratching the printed side of the receipt. If it turns dark, it’s coated in the chemicals. 

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Your business doesn’t need time-consuming expensing. Neither do you. RIPA Global is your go-to expensing solution. It takes care of all the details, from point of sale to expense reports. By eliminating tedious tasks, you are saving time, increasing operational efficiency and ultimately, dedicating your resources to what matters: driving revenue and increasing profitability.