ProblemFiling out expense reports can be a tiresome and frustrating experience. Many times old receipts end up in piles on employees desks. Is there a better way to handle receipts?

We asked our friends and business partners how they feel about the receipt handling process in their organizations. 70% reported that they thought receipts could be handled more efficiently. 79% thought an app that improves the process would be useful.

Dealing with receipts takes time, leads to additional administration and no one thinks it’s fun. Lost receipts can also be a significant cost to employees.

ReceiptCam is a receipt-scanning app that integrates with your accounting software to make receipt handling super easy.

Take a picture of your receipt using the app, add a description, and upload the information to our server.

The server forwards the data directly to your accounting software or an e-mail address, saving you the trouble of dealing with paper receipts, and freeing up your accountant free to deal with more important tasks.

79% of our survey’s respondents said that they would find our app useful.

Solution

Technical implementation

Our current prototype is integrated with Netvisor using e-mail attachements that are sent directly to the accounting software.

From the user’s point of view this implementation brings the same functionality as the final version. There are however some limitations to its usefulness. The user experience is slightly imparied as we need to use the subject line of the e-mail to transfer data directly to Netvisor. The rest of the information is stored as a pdf.

From the accountant’s point of view, this implementation does not realized the full time-saving potential of ReceiptCam. We do however believe it is good enough to get a sense of the application’s utility.

Business modelREVENUEBased on interviews with small business owners, the preferred payment method is a monthly subscription on a per user basis. We speculate that a reasonable cost per user per month is around 10 €.

CUSTOMER LIFETIME VALUEPrice per user: 10 € Users per customer: 3Average cost per user: 7,5 €Months of use: 12Customer lifetime value: 90€

INITIAL CUSTOMER ACQUISITION COSTHours/closed deal: 1,7Cost/hour: 20 €Initial customer acquisition cost: 33 €

COSTSThe main cost will be revenue share with our partners. We expect to give 25% to accounting agencies and 50% to the accounting software provider.

The marketThe market potential in Finland is determined in each country by the possibilitites to integrate Receiptcam into the existing accounting softwares. In Finland, we have identified Netvisor, E-conomic, eFina, Heeros, Netbaron and Administer as compatible with our MVP solution in Finland. Based on their number of users our potential market is 94000 users in Finland.

Once we have proven that Reciptcam is useful and can become a profitable business we will be able to start working on our final product that will integrate directly into the APIs of the accounting programs.

Expanding internationally will be technologically easier as there are standardized protocols for transferring accounting data between systems such as SIE, XBRL and SAF-T.

Go to market strategy

The first users will be acquired based on our partner agency Greenstep’s current customer base. Initially the sales process will be completely based on direct sales and therefore slow. In the longer term our growth hinges on our ability to convince more accounting agencies to adopt our product.

As we finalize our product we will partner up with more accounting agencies and do a revenue share deal with them to give them an incentive to sell Receiptcam to their customers. The accounting software providers are also potential sales channels.

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User growth

User growth from sales onlyUser growth with viral coefficient 15% starting 2014

CompetitionThe competition has mainly focused on creating receipt handling functionality from the users point of view. Receiptcam is unique in its focus on the accounting process and accounting software integration.

Smartphone app

Integrated with accounting software

Integration available for multiple accounting systems

Available for all major platforms