1. Problem
Filing out expense reports can be a tiresome and frustrating
experience. Many times old receipts end up in piles on employees
desks. Is there a better way to handle receipts?
We asked our friends and business partners how they feel about the
receipt handling process in their organizations. 70% reported that
they thought receipts could be handled more efficiently. 79%
thought an app that improves the process would be useful.
Dealing with receipts takes time, leads to additional administration
and no one thinks it’s fun. Lost receipts can also be a significant cost
to employees.

2. ReceiptCam is a receipt-scanning
app that integrates with your
accounting software to make
receipt handling super easy.
Take a picture of your receipt using
the app, add a description, and
upload the information to our server.
The server forwards the data directly
to your accounting software or an e-
mail address, saving you the trouble
of dealing with paper receipts, and
freeing up your accountant free to
deal with more important tasks.
79% of our survey’s respondents said
that they would find our app useful.
Solution

3. Technical
implementation
Our current prototype is integrated with
Netvisor using e-mail attachements that
are sent directly to the accounting
software.
From the user’s point of view this
implementation brings the same
functionality as the final version. There are
however some limitations to its usefulness.
The user experience is slightly imparied as
we need to use the subject line of the e-
mail to transfer data directly to Netvisor.
The rest of the information is stored as a
pdf.
From the accountant’s point of view, this
implementation does not realized the full
time-saving potential of ReceiptCam. We
do however believe it is good enough to
get a sense of the application’s utility.

4. Business model
REVENUE
Based on interviews with small
business owners, the preferred
payment method is a monthly
subscription on a per user
basis. We speculate that a
reasonable cost per user per
month is around 10 €.
CUSTOMER LIFETIME VALUE
Price per user: 10 €
Users per customer: 3
Average cost per user: 7,5 €
Months of use: 12
Customer lifetime value: 90€
INITIAL CUSTOMER
ACQUISITION COST
Hours/closed deal: 1,7
Cost/hour: 20 €
Initial customer acquisition
cost: 33 €
COSTS
The main cost will be revenue
share with our partners. We
expect to give 25% to
accounting agencies and 50%
to the accounting software
provider.

5. The market
The market potential in Finland is determined in each
country by the possibilitites to integrate Receiptcam into
the existing accounting softwares. In Finland, we have
identified Netvisor, E-conomic, eFina, Heeros, Netbaron
and Administer as compatible with our MVP solution in
Finland. Based on their number of users our potential
market is 94000 users in Finland.
Once we have proven that Reciptcam is useful and can
become a profitable business we will be able to start
working on our final product that will integrate directly into
the APIs of the accounting programs.
Expanding internationally will be technologically easier as
there are standardized protocols for transferring
accounting data between systems such as SIE, XBRL and
SAF-T.

6. Go to market
strategy
The first users will be acquired
based on our partner agency
Greenstep’s current customer base.
Initially the sales process will be
completely based on direct sales
and therefore slow. In the longer
term our growth hinges on our
ability to convince more
accounting agencies to adopt our
product.
As we finalize our product we will
partner up with more accounting
agencies and do a revenue share
deal with them to give them an
incentive to sell Receiptcam to their
customers. The accounting
software providers are also
potential sales channels.
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User growth
User growth from sales only
User growth with viral coefficient 15% starting 2014

7. Competition
The competition has mainly focused on creating
receipt handling functionality from the users
point of view. Receiptcam is unique in its focus
on the accounting process and accounting
software integration.
Smartphone app      
Integrated with accounting
software
 
Integration available for multiple
accounting systems

Available for all major platforms  