We’re big fans of Revolut here at Numo. In our review of the challenger bank, we commented on how the range of features caters to just about every type of small and medium-sized business. We also loved how easy the whole experience is, from signup to integrating it into your company’s financials. Now, the team at Revolut has introduced a new feature – their Expense Management tool. We take a look at what this exciting addition brings to the table and what it could mean for your business.
Manage employee spending
According to Revolut’s blog post announcing their Expense Management tool, it has the potential to be a game-changer. Existing users can already order physical and virtual cards for team members in a matter of seconds. From here, you can set budgets, track spending, and enjoy all of the features that Revolut has to offer businesses.
Of course, with multiple account holders and cards comes the headache of keeping on track of spending. The Expense Management tool is designed to help make managing employee spending a whole lot easier. Every step of the expenses process for everyone involved it taken care of. You can upload, approve, and track transactions using the feature.
The finer details
There’s quite a lot to unpack when it comes to exploring the features that come with the Expense Management tool. There are elements for the team members using it, the finance team reviewing it, and the accountants organising it. We’ve outlined the main features for each:
For team members. Those who have access to Revolut accounts will be able to use the app for their business purchases. They can then take a picture of the receipt and submit it instantly. If you forget, the app will remind you.
For the finance team. Whether you’re the company owner or the financial admin, you can track everything. You can instantly see expenses as they happen and review them. You can also accept or reject the expense, which will notify the employee.
For the accountant. Revolut now syncs with popular accounting software Xero. You can read our Xero review to find out more info on the service. If you already have the service, your categories and rates will sync with Revolut. You can also reconcile all your expenses in this one are. If you don’t use Xero, you can export expenses as a CSV.
When is it available?
The good news is that you can start using the Revolut Expense Management tool right away. The feature is included with all paid Revolut for Business paid plans. So, if you already have an account, you can keep using it as normal. If not, this might be the perfect time to sign up for one.