Automated Expense Management (Receipts)

Monzo Chat Business Banking
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This might be a bit of a big request but would be a major game changer for small limited companies.

I currently use Rydoo to automatically process expense receipts and prepare them for importing into Xero for reconciliation. It would be great if Monzo had its own receipt management built in, where for example you would upload a pdf or photo of a purchase receipt and link it to a transaction in Monzo.

Using OCR or an automated system to scan the receipts for a few basic categories - Cost, Date, Merchant name. Which then the user could check over and edit or approve.

There are similar apps/websites like Expensify and Receipt bank that do this but it would be a lot more efficient if it could be done in the Monzo app and would be a feature I think people would be willing to pay for.

I noticed on the Business account Trello board there was a tab for Receipt OCR, is this still potentially in the pipeline? Would this included the ability to link receipts to transactions and included data fields which can then be exported to apps like Xero?

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Hi Joe, great suggestion and question! Totally understand what a pain this can be for small business owners. Currently, you can upload an image of a receipt against any transaction within Monzo. :slight_smile: You can also categorise the transaction against specific categories (we’re exploring new categories and you can take a look here), and give some feedback!

We’re also exploring how we can automatically export those receipt images into accounting tools (like Xero and FreeAgent), and it’s something we’d definitely like to do in the near future.

Receipt OCR is a little further out, but hoping that with the above it’s a step toward making things easier for you!

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Hi Jordan, Thanks for the response. Yes that makes sense. I guess you don’t really need OCR if you are manually uploading receipts into transactions, as information like cost and date will already be in the transaction data.

Being able to export receipt images into Xero would be amazing! I really hope that does get implemented. At the moment uploading receipts to transactions doesn’t help me unless I can export or sync it with accounting software.

Thank you.