The startup offers an automated expense management platform that utilizes Optical Character Recognition (OCR) technology to digitize travel expenses. This solution streamlines the entire expense report process, enabling users to efficiently manage and validate expenses in real-time, ultimately saving time and reducing administrative burdens.
Funding
$2.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
ACGGFounders
Product
Problem
Managing travel and expense reports is often a manual, time-consuming process, requiring employees to track paper receipts, manually enter data, and submit reports for approval. This can lead to errors, lost receipts, delayed reimbursements, and a lack of real-time visibility into company spending.
Solution
Okticket provides an automated expense management platform that streamlines the entire expense reporting process, from initial capture to final reconciliation. Using Optical Character Recognition (OCR) technology, the platform digitizes receipts and invoices in real-time via a mobile application, eliminating the need for manual data entry. The system applies customizable logic to identify and manage spending behaviors, automatically flagging potential policy violations. Okticket integrates with various ERP, HR, and BI systems, ensuring seamless data transfer and real-time visibility into expense data.
Target Audience
Okticket targets businesses of all sizes, from small businesses and startups to large enterprises, as well as accountants and consultants, across various industries that seek to automate and streamline their expense management processes.
Features
- Mobile app for real-time receipt capture and digitization using OCR technology
- Automated expense report generation and submission
- Customizable expense policies and approval workflows
- Automatic detection of duplicate expenses and policy violations
- Integration with over 100 banks for automated reconciliation of card transactions
- Multilingual and multi-currency support
- Mileage tracking and calculation
- Reporting and analytics dashboards with customizable filters
- OKT Card: an optional debit Mastercard with configurable spending limits and automated reconciliation
- Certified by the Spanish Tax Agency (AEAT) for digital receipt validation