# Artificial intelligence: Could it spell the end of paper receipts? Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2019-04-04 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: The Benefits of Digitising Finance Processes with Meta Description: Discover how Selenity is revolutionising finance processes with AI-based technologies to streamline paperwork, prevent lost receipts and increase efficiency. URL: https://financedigest.com/artificial-intelligence-could-it-spell-the-end-of-paper-receiptshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd190418-1-1-1736839073341-compressed.jpg) By **Deborah Saunby**, Sales and Marketing Director at Selenity It might be surprising to hear but many organisations are still reliant on printing, posting and manually filing paper documents. In fact, every year the UK hands out [11.2 billion](https://www.parcelhero.com/blog/news-updates/study-stamping-out-receipts?awc=5950_1549108672_044de768826e25171a2a9046aeecb15e&utm_source=affiliate&utm_medium=awin) paper receipts at a cost of £32m. At the most basic level, storage of paper-based information is both expensive and inefficient. ![Deborah Saunby](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/deborah-450x676-1736839073379-compressed.jpg) Deborah Saunby The [challenge of ridding organisations from administrative burden’s such as processing paper receipts goes hand-in-hand with digitising processes and the introduction of new technologies](https://www.financedigest.com/mldw-technology-market-size-share-top-leading-companies-consumption-drivers-trends-forces-analysis-revenue-challenges-and-global-forecast-2028.html "MLDW Technology Market: Size, Share, Top Leading Companies, Consumption, Drivers, Trends, Forces Analysis, Revenue, Challenges And Global Forecast 2028"). To date, we’ve already seen finance teams make good progress streamlining and [automating](https://www.financedigest.com/what-businesses-can-achieve-with-microsofts-full-suite-of-process-automation-tools.html "What businesses can achieve with Microsoft’s full suite of process automation tools") processes such as accounts payable and invoice processing. For instance, [Artificial Intelligence](https://www.financedigest.com/artificial-intelligence-in-banking-robo-advisors-and-beyond.html "Artificial Intelligence in Banking – Robo Advisors and beyond") (AI) based technologies are already able to recognise important information contained in documents – invoice or PO numbers, the total invoice cost, the payee, date and if the invoice is on time or overdue. This is certainly set to continue and increasingly [finance teams](https://www.financedigest.com/finance-teams-using-ai-outperform-peers-as-demand-for-skills-grows.html "Finance Teams Using AI Outperform Peers as Demand for Skills Grows") are looking at how they can free up time spent on repetitive activities. Employee expenses management is ripe for this kind of transformation as much time has to be devoted to handling reimbursements, when the real [value for accountants and finance](https://www.financedigest.com/how-embedded-insurance-can-drive-growth-and-value-for-the-insurance-and-finance-sectors.html "How Embedded Insurance Can Drive Growth and Value for the Insurance and Finance Sectors") professionals lies in managing policy checks and interpreting data. **Digitising processes** More and more there is a move towards digital systems and in a few months’ time HMRC’s Making [Tax](https://www.financedigest.com/self-employed-taxpayers-and-making-tax-digital.html "Self-employed taxpayers and Making Tax Digital") Digital (MTD) will come into effect – ending the traditional tax return and requiring organisations to submit digital tax returns using MTD-compatible software. The introduction of MTD will also help to make financial protocol more secure and reliable. In light of the latest results from a [YouGov poll](https://www.gov.uk/government/news/ditch-paper-receipts-as-vat-goes-digital) last month, Senior Decision Makers in finance and accounting admitted they were not the best at keeping receipts and 65% confessed to losing them in the past. Digitising these processes within [finance will help prevent the loss of receipts and improve](https://www.financedigest.com/italy-slashes-2023-growth-forecast-but-sees-public-finances-improving.html "Italy slashes 2023 growth forecast but sees public finances improving") efficiency with this data being automatically backed up online for future access. This isn’t the only type of digitisation we’re seeing when it comes to translating paper into [digital form](https://www.financedigest.com/linear-digitized-transition-to-form-the-crux-of-digital-dentistry-market.html "Linear Digitized Transition to form the crux of Digital Dentistry Market"). Increasingly the use of AI-based technology is [transforming the way data](https://www.financedigest.com/four-ways-data-and-ai-can-transform-financial-services.html "Four ways data and AI can transform Financial Services") is collected and analysed. For instance, Optical Character Recognition (OCR) technology is able to [convert typed](https://www.financedigest.com/industrial-catalytic-converters-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region.html "Industrial Catalytic Converters Market Competitive Growth Strategies Based on Type, Applications, End User and Region") or handwritten text, whether it’s from a scanned document or photo. Essentially, the technology can help [finance teams and accountants process](https://www.financedigest.com/how-decentralized-finance-can-aid-in-the-acquisition-process.html "How Decentralized Finance can aid in the acquisition process") volumes of data such as paper and e-receipts without increasing headcount. Not only does this [save finance](https://www.financedigest.com/untapped-cost-savings-why-smart-building-management-systems-are-a-finance-department-priority.html "Untapped Cost Savings: Why Smart Building Management Systems are a Finance Department Priority") professionals from the drudgery of manually transferring information from paper receipts into expense reports – but also harnesses the storage capabilities of AI engines. As accountants and finance professionals file expense claims, machine learning algorithms are able to identify [trends and patterns of expenditure and determine future projections](https://www.financedigest.com/fluid-coolers-market-by-covid-19-impact-analysis-volume-and-value-revenue-business-opportunity-future-projections-and-key-trends.html "Fluid Coolers Market By Covid-19 Impact Analysis – Volume And Value, Revenue, Business Opportunity, Future Projections, And Key Trends"). This provides better visibility and control of real-time spending whilst also harnessing [machine learning](https://www.financedigest.com/transforming-insurance-through-artificial-intelligence-and-machine-learning.html "Transforming Insurance Through Artificial Intelligence and Machine Learning") capabilities in order to increase efficiency, quality and identifying new ways to reduce costs. The technology can also be used to help prevent fraudulent claims as policy checks can be built into expense [management software](https://www.financedigest.com/document-management-software-market-to-expand-at-a-value-cagr-of-12-3.html "Document Management Software Market to expand at a value CAGR of 12.3%"). This also increases [compliance rates as policy validation is automated and this in turn](https://www.financedigest.com/turning-the-burden-of-compliance-into-competitive-advantage.html "Turning the burden of compliance into competitive advantage") means that approver intervention is minimal. Features such as this are invaluable to smaller organisations that may not have dedicated finance teams. **[Automating for strategic](https://www.financedigest.com/why-cfos-must-have-intelligent-automation-on-their-strategic-agenda-in-2022-and-beyond.html "Why CFOs must have Intelligent Automation on their strategic agenda in 2022 and beyond") decision-making** It’s no secret that increasingly finance teams are being called upon to provide more strategic [support to the business](https://www.financedigest.com/factbox-reaction-to-uks-energy-support-package-for-businesses.html "Factbox-Reaction to UK’s energy support package for businesses"). In order to harness data and support decision-making, finance teams [need to stop carrying out transactional processes such as checks and audits](https://www.financedigest.com/why-the-us-urgently-needs-media-compliance-auditing.html "Why the US urgently needs media compliance auditing"). Automating accounting tasks which are tedious and manual not only frees up [valuable time](https://www.financedigest.com/now-is-the-time-for-finance-leaders-to-take-on-a-more-strategic-and-valuable-role.html "Now is the time for finance leaders to take on a more strategic and valuable role") but also increases efficiency, which allows finance professionals to focus on analysis. This is further strengthened by the YouGov poll which [revealed 25% of people](https://www.gov.uk/government/news/ditch-paper-receipts-as-vat-goes-digital) working in small businesses are spending more than 10 hours a week working on administrative tasks within the department. The [move to AI-based systems and automated processes](https://www.financedigest.com/the-implantable-biomaterials-market-to-move-ahead-on-rpa-robotic-process-automation.html "The Implantable Biomaterials Market to move ahead on RPA (Robotic Process Automation)") doesn’t remove the need for skilled finance professionals. Instead there is a [need for less repetitive ‘number crunching’ tasks alongside a greater emphasis on the ability to manage](https://www.financedigest.com/looking-to-buy-a-rental-property-heres-why-you-need-a-property-manager.html "Looking to Buy a Rental Property? Here’s Why You Need a Property Manager") and interpret data. Accessing real-time information is becoming a key consideration for many [finance professionals and with the introduction of more AI technologies we’re set](https://www.financedigest.com/the-technologies-set-to-boost-the-finance-sector-in-2022.html "The technologies set to boost the finance sector in 2022") to see paper processes dwindle. Given the efficient way most organisations are now able to share information, it makes little sense for [finance teams to be re-keying data between systems](https://www.financedigest.com/the-role-embedded-finance-systems-will-play-as-commerce-goes-increasingly-digital.html "The Role Embedded Finance Systems Will Play as Commerce Goes Increasingly Digital") and sifting papers between departments. The finance teams of the future are agile, cross-functional and harnessing [data to drive](https://www.financedigest.com/how-alternative-data-drives-e-commerce-success.html "How Alternative Data Drives E-commerce Success") greater business insights. With [accounting software](https://www.financedigest.com/is-your-accounting-software-holding-you-hostage.html "Is your accounting software holding you hostage?") becoming easier to use, we’ve seen the evolution of technology. From [digital spreadsheets for recording transactions to systems which can import](https://www.financedigest.com/how-financial-services-organisations-can-address-the-vulnerability-lag-and-safeguard-their-most-important-digital-assets.html "How financial services organisations can address the ‘Vulnerability Lag’ and safeguard their most important digital assets") transactions, keep track of digital receipts and taxes. With paper orders and invoices all but dead, there are many elements of the financial service sector that AI can replace and paper receipts are the [next step](https://www.financedigest.com/open-finance-the-next-step-for-global-digital-transformation.html "Open finance – the next step for global digital transformation"). --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---