The UK uses 11 billion receipts every year, which costs more than £32 million pounds. But did you know that most of these receipts cannot be recycled?
Print receipts destroy billions of trees every year. Moreover, they are bad for our health and can even cause skin cancer.
Another hassle with receipts and invoices is companies need them for tax and expense returns. However, receipts often get lost or deteriorate in quality, making expense management one of the biggest issues in UK workplaces.
PolyBox eliminates the need for physical receipts by providing digital versions alongside custom dynamic reports that track expenses and provide real-time financial insights, based on machine learning technology. This means PolyBox eliminates the need for businesses to keep receipts for Tax.
If customers have still received a physical receipt for something, they can still take a picture so that it can be integrated into the dashboard.
PolyBox was founded by Rojin Yarahmadi and Nick Benopoulos, who both recently graduated from a masters degree in E-business at Newcastle University.
Rojin and Nick came up with the idea for PolyBox by working closely with retailers, where they experienced the need for more efficient expense tracking first-hand. They are now in the testing round, and hope their product will help the UK meet its 2030 sustainability targets.
PolyBox is working closely with Ignite, Newcastle University, the National Innovation Centre for Data (NICD) and the Arrow program to improve its machine learning algorithm, develop better data analysis, and better understand the North East business needs.
PolyBox’s main focus is to use receipts data and provide reports based on users’ needs. This also gives clients a better understanding of expenses, budget allocation, and how to improve the way money is spent.