In another industry first, Wells Fargo & Company (NYSE:WFC) today announced the Business Spending Report - a new, web-based financial management tool for small businesses.
This free service gives businesses an automatic consolidated overview of their spending, updated each business day, allowing them to monitor and track expenditures anytime, anywhere.
Using the patent-pending Business Spending Report, small business owners can quickly view their spending transactions from their Wells Fargo Business Check Card, Business Credit Card, and Business Online Bill Pay in one convenient place, through a secured, online banking session.
"This is an important new tool for small business owners that enables them to better manage their spending, organize their finances, and maintain the financial health of their company," said Brenda Yost, senior vice president Wells Fargo Card Services. "Business owners tend to wear many hats - including that of finance manager. This much-needed service allows them to spend less time managing their expenses, and more time building and growing their businesses."
Card and bill pay transactions are organized into key categories such as office supply/stationery, auto/gas, utilities/telecom, and more. By automatically organizing purchases and payments into categories, the Business Spending Report helps business customers quickly spot spending patterns across their Wells Fargo accounts. Additional features include:
- Business owners can view their current spending and download, save and print up to 16 months of detailed spending history.
- An annual spending summary is available for the first four months of every year to help business customers prepare taxes.
- Business owners can quickly review spending for their business accounts separately from their personal accounts - or for all their accounts combined.
- All of this is available without having to download information into complex financial software.
"It's simple to use and small business owners save time by not having to enter or categorize information themselves," said Mark Baumli, senior vice president of Wells Fargo's Business Internet Services. "This is a key tool for small businesses to manage their spending that provides them with an up-to-date picture of their spending habits."
The Business Spending Report highlights Wells Fargo's leadership in the small business and internet areas. The nation's number one small business lender in total dollar volume according to the most recent Community Reinvestment Act data (2004), Wells Fargo is utilizing the power of the internet to provide its more than one million small business customers with the industry's most innovative products and services.
Wells Fargo also announced enhancements to My Spending Report, the expense management tool for consumers released last February, which gives customers a big picture view of their spending. It combines payments and purchases from customers' credit card, check card, checking account and online bill payment in one convenient place. Many of the same new features available with the Business Spending Report are also available with My Spending Report and include:
- A new year-end spending summary to make tax preparation easier.
- An extended spending history that can be downloaded and printed, which now includes up to 16 months of detail.
- Automatic organization of card and bill pay expenses into 19 categories; including new categories such as pet/veterinary, healthcare/pharmacy, and entertainment.
Both the small business and consumer spending reports are accessible through a secured, online banking session and are automatically available to Wells Fargo customers at no cost. Customers can access Business Spending Report and My Spending Report by clicking the "View Spending Report" link on their Account Summary or Account Services page.
Another feature of Wells Fargo Online is the next generation e-mail alerts designed to help both businesses and consumers better monitor their finances. These free, convenient alerts are delivered to customers' chosen email addresses, providing personalized information to help them stay on top of recent account activity, thereby helping to detect and prevent fraud.