Revolut Business is launching its Expenses product with new features that offer an additional layer of control over business spending, help businesses save time and stay organised.
With Expenses, business owners have full visibility over their business finances and outgoings. Owners can receive spending notifications in real-time, they can also set up spending limits, block and freeze company cards. Expenses can be reviewed in-app.
Employees won’t forget to submit expenses, as they will receive automatic notifications with reminders to submit receipts after each transaction. Revolut’s smart tech reduces the amount of manual work for them, it reads a receipt then automatically attaches it to the matching expense. Now staff can also add any out of pocket expenses. As a lot of transactions take place online, owners can forward digital receipts to the company Revolut Business account via email or upload them as a file. The new categorisation feature allows repeat expenses to be easily organised. Repeat expenses are automatically categorised into segments such as transport or subscriptions. Business owners or the assigned finance manager can then review expenses in-app.
Revolut’s automated bookkeeping tools simplify a usually time consuming process. Now customers can use the fintech’s default categories and tax rates, or customise them should this be the accountant’s preference. This tool can reduce the hours accountants and finance managers spend on company books, and files can be quickly exported as a CSV file to use on any external accounting platform or software. Xero users can easily connect their Xero profile to a Revolut Business account allowing them to better manage their accounting and finances.
To use Expenses, Revolut Business customers need to have one of Revolut’s paid plans, then go to the menu within their Revolut Business account and tap on ‘Expenses’.
James Gibson, Head of Product at Revolut Business 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.”