Automate your expense reporting so you can do what you love. Expense Geni Automate your expense reporting so you can do what you love.
Before Collect receipts 100s of receipts I collected over a month Find Matching Transactions in Quickbooks Find the matching transaction in my Quickbooks Take a picture of the receipt and upload as an attachment Manually Edit the Entry Choose a category for the expense item Enter the total amount and GST/PST paid If I have paid tips, I need to extract the tips from the total amount paid
Current Challenges Time consuming & lost productivity Lose track of receipts Less tax return on sales taxes paid
Solution A mobile app that can submit your receipt on the go. Parse the receipt information Automatically categorize the expense Automatically add the appropriate sales tax
Product Demo DEMO TIME!
Business Model Revenue Stream: Subscription based on headcounts Cost: Software Development & Storage Cost
Roadmap 1 - 2 Years Itemized travel expense report Detailed analytics & forecasting (meals, transportation, etc.) 3 - 5 Years Expand to the consumer market for better purchase analytics
Market Almost 1.1 million (97.9%) small businesses in Canada https://www.bdc.ca/en/articles-tools/business-strategy-planning/manage-business/pages/10-things-didnt-know-canadian-sme.aspx
Competitive Advantage Automated sales tax recording Better receipt understanding Small business user friendly receive automatic expense classifications and even have access to tax-friendly business categories. 20 minutes on average to complete one expense report.
Competition and how we are different and disruptive None of these providers, have high accuracy transcription of receipt for tax and documentation purposes, they still catalog them as images or pdf and various other formats, which just moves the clutter from your desk or wallet to you phone or computer Non of theses company transcribe #needs a goog title Source: https://www.thebalancesmb.com/best-receipt-scanners-and-trackers-4172461
In 2015, the small business nonprofit organization SCORE compiled statistics about small business accounting costs. According to SCORE, most small business owners spend at least $1,000 per year on accounting administrative costs, internal expenses, and legal fees. The data is broken down like this: 23% spend $1,000 or less 31% spend $1,000 to $5,000 18% spend $5,000 to $10,000 12% spend $10,000 to $20,000 16% spend $20,000 or more The typical accounting fees for small business fall between $1,000 to $5,000, according to the poll. If you’re a new business owner, don’t forget to factor accounting costs into your budget. If you’re a veteran owner, it might be time to re-evaluate accounting costs.
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