Revolut for Business has today launched a new Expense Management tool, designed to help growing businesses by removing the hassle from handling expenses.
The innovative fintech has created a simple and intuitive tool with everything in one place, ensuring that no card expenses will be unaccounted for.
Business owners now have the ability to easily approve or reject team expenses, an area that has traditionally been difficult to manage. These processes are often prone to error, time-consuming and require businesses to manually import and match data across multiple tools.
The new Expense Management feature is available to freelancers and corporates on paid plans and reaffirms Revolut’s commitment to help businesses get off the ground and to save entrepreneurs around the world time and money with a radically better business account.
Business owners can now monitor expenses in real-time, approve or reject them and sync them with their Xero accounts to automate reconciliation. Categories that businesses create in Xero will be used in expense management, resulting in a seamless integration experience between the two platforms.
Edward Berks, Business Platform Director at Xero said:
“Small business owners deserve technology that gives them greater control over their finances. It's no longer necessary for them to have isolated pockets of data in different accounts and Revolut's customers will now have their expenses beautifully integrated with their accounting records in Xero. The days of paper receipts stored in shoeboxes are long behind us.”
For businesses that don’t use Xero, they can simply create their own categories within the Expense Management tool and easily export expenses as a CSV file.
The process has also been radically simplified for team members. All they need to do is snap a picture of their receipt and upload it directly in the app, then add a category and fill in a brief description. Automated reminders will also be sent for incomplete expenses.
Domenico De Fano, Senior Product Owner at Revolut for Business said:
“We want to help teams focus on what’s important for their business, not on the administrative work. We’ve made the process of uploading, approving, and tracking expenses as simple as possible for everyone involved, meaning there should never be another opportunity for a receipt to go missing“
Revolut for Business recently launched two new business account plans with no monthly fees and made changes to the pricing structure of their plans, introducing a customisable model that provides even more control and great value pricing. The new expense management tool is included in all the paid plans.