Revolut for Business has introduced an Expense Management tool to its offering. The company says that it has 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. The feature is already included with all Revolut for Business paid plans.
After a purchase has been made, the Revolut for Business app sends the user a push notification that they can tap to take a picture of the receipt. If the user does not do this in response to the push notification, a reminder will be sent later on.
For business owners or finance administrators, this means they will be able to track and review expenses as they happen. If they reject an expense, Revolut for Business will notify the employee that they need to refund it and how to do it.
The Expense Management tool also has a connection to accounting software firm Xero. When a user syncs their Revolut for Business account with their Xero account, the categories and tax rates they have created in Xero will also be available in Revolut for the team to use. Once completed, all expenses will then be automatically posted to Xero. Paired with Revolut's existing account feed integration, this means it takes one-click to reconcile card expenses.
If the Revolut for Business user does not have a Xero account, they can create their own categories within Expense Management, and then export expenses as a CSV file. The company says it is working to add more integrations with more accounting tools.
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