Belgian startup Xpenditure has bankrupt $5.7 actor in Series A funding. The Brussels-based aggregation offers an amount administration belvedere aimed at enterprises, SMEs and sole traders — basically anybody who has to clue and activity costs — and, ultimately, promises to do abroad with the charge to manually book account amount reports.
“In our mission, it says acutely that we appetite to annihilate the account amount report,” Xpenditure CEO and co-founder Boris Bogaert tells me. “It’s such a abhorrent decay of time and effort, and it needs to die. It’s sad to see that some software companies booty this burst action and go through astronomic lengths to charm all this decay of accomplishment – alone now in a agenda form.”
In contrast, Xpenditure promises to handle the business costs action “from cancellation to accounting”. It consists of a adaptable app to browse cardboard or cyberbanking receipts and abide them to the startup’s cloud-based amount administration software. The abstraction is that this allotment of the ‘data entry’ action is done on the fly rather than actuality larboard until the end of anniversary ages and done in batches.
The startup’s web app is again area this abstracts can be added categorised and organised, accessible to automatically accomplish and abide an amount report. “For us, a apple chic SaaS band-aid reinvents a process. Just accomplish an app that scans the cancellation on your smartphone, automatic approval flows and seamless chip in your ERP or online accounting solution,” adds Bogaert.
“Why should you delay until the end of the ages to abide it to be reimbursed? That doesn’t accomplish sense! Just bang a on and let accounting handle it. All this inefficient being is because there acclimated to be a cardboard flow, and cardboard flows are apathetic and wasteful. It absolutely absolutely baffles us that bodies bandy out the paper, but accumulate the apathetic and careless action that was congenital about it.”
To that end, Xpenditure integrates with best of the above online accounting platforms, such as Xero, Sage One, E-conomic, Freshbooks, QuickBooks Online, Exact Online and FreeAgent. There’s additionally abutment for billow accumulator account Dropbox and online organiser Evernote.
“Our chump is actually everybody with a job – in the world,” says Bogaert back I ask who Xpenditure’s ambition barter are. “We don’t anticipate there’s anyone who doesn’t accept to accelerate a cancellation to their bang-up or accountant from time to time. We accept action barter like Pernod Ricard, Miele, Deloitte, but additionally a lot of SMEs like Shapeways and freelancers. We accept barter in 40 countries appropriate now and counting.”
Regarding competitors, Bogaert cites U.S.-based Expensify and Shoeboxed, but says that the European bazaar is actual altered and best solutions are not able-bodied ill-fitted to the different requirements of barter in Europe. “We spent a few years accepting to apperceive all the acknowledged frameworks in Europe, and we congenital tech to cycle out bound in new markets, whatever their bounded rules are,” he says.
In Europe specifically, enterprise-focused Concur (SAP) can be counted as a competitor, but the apprehensive spreadsheet and cardboard abide Xpenditure’s better target. “Our capital competitors by far are still Excel bedding and blimp envelopes abounding of receipts. Accountants abhorrence these, because they get a big accumulation of blowzy cardboard at the end of the ages that they charge to array out afore the aftermost day of the division or month.
“Xpenditure transforms that blowzy accumulation into a acquiescent beck of agenda requests throughout the ages – we are able to annihilate peaks for accounting bodies which is why accountants and CFOs are about big admirers of us.”
Meanwhile, Xpenditure’s Series A annular was led by assorted clandestine investors, including absolute actor Bart Swanson (Summly, Badoo, Amazon). Other investors accommodate Lorenz Bogaert and Toon Coppens (Netlog, Twoo – awash to IAC), and Jonas Dhaenens (Combell/Unitt).
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