The new technology, developed by London-based firm EReceipts, will generate electronic proofs of purchase and invoices that companies can collect in a dedicated online account which can link to accounting packages, such as Sage, and translate data directly into the system.
Business owners and employees are issued with an EReceipts account card and personal barcode which identifies them.
When an EReceipt account holder makes a purchase or creates an invoice through an EPOS system or e-commerce site the information is captured and sent directly to their dedicated site where it is permanently stored and can be viewed at any time via computer or the EReceipt mobile app.
If a purchase is made from a business that has not invested in the technology, EReceipts allows customers to take a photo of their receipt via a smart phone and send it to their account. The system performs a ‘datascrape’ and exports the information into the user account.
The system, which is also available in different applications for high street shoppers and retailers, will be officially launched on 15 September with initial focus on London and a nationwide roll-out planned for October.
EReceipt technology director Shishir Bankapur said in the run up to the soft launch which is planned for this weekend, SMEs had shown a lot of interest.
He added: "Most of them use accounting software and this will save them an awful lot of time on manually dealing with invoicing and expenses and for an SME time translates into money. Because they are also very tightly staffed their resources get freed up to focus on the practical business operations."
Adam Chetter, owner of County Durham print firm Printmeit.com, welcomed the idea.
He said: "The software is a fantastic idea for small businesses. As a business owner having your invoices and receipts on devices such as tablets is ideal as it means you always have your records with you."
Businesses can apply for different EReceipt packages ranging from a basic free option up to a comprehensive account costing £40pm, which includes features such as unlimited datascrapes and reporting systems.
The company plans an international roll-out starting later this year to include Malta in 2012 and SA, Australia and US in 2013.
