Revolut Business has launched Expenses, a tool designed to help business owners stay organised and in better control of company spending.
With Expenses, business owners will get full visibility of their company finances. Along with receiving real-time spending notifications, they can also set up spending limits, block and freeze company cards.
Through the app, business owners can stay on top of issues such as missing receipts and late submissions. The new product will also help reduce the amount of time employees spend on submitting and reporting expenses as they will receive automatic notifications with reminders to submit receipts after each transaction.
Furthermore, Revolut’s new product will also read a receipt after which it will automatically attach it to the matching expense. Repeat expenses will be categorised into specific segments such as transport or subscriptions.
Revolut’s automated bookkeeping tool was launched to help reduce the hours accountants and finance managers spend on company books. It also allows files to be exported to any external accounting platform or software for users. For instance, Xero users can easily connect their Xero profile to a Revolut Business account allowing them to better manage their accounting.
To use Expenses, Revolut Business customers are required to have one of Revolut’s paid plans, and within their Revolut Business account, tap on ‘Expenses’. Owners or the assigned finance manager will then be able to review expenses in-app.
Given how most transactions take place online, owners will be able to forward digital receipts to the company Revolut Business account via email or upload them as a file.
Commenting on the new launch, Revolut Business head of product James Gibson said, “We have built our Expenses product to simplify everyday tasks for business owners, employees and accountants alike. Regardless of whether you are a freelancer, small business or future unicorn, our set of tools will provide you with control over your company spending – so you can focus on running your business.”
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