Digital bank Revolut has integrated Xero, an SME accounting platform, to facilitate seamless business expense reporting. The Revolut for Business app has also been updated for team members to upload receipts and add expense information, according to a release from the company
The new “Expense Management tool,” is designed to help growing businesses more easily manage expenses. Business owners may now approve or reject team expenses, an area that has traditionally been difficult to manage.
The Expense Management feature is available on paid plans and is described as part of Revolut’s commitment to help businesses get off the ground by saving time and money. Expenses may now be monitored in real time. By syncing with a Xero account, businesses may reconcile expenses.
Edward Berks, Business Platform Director at Xero said that 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.”
If you don’t use Xero, users may create their own categories within the Expense Management tool and export expenses as a CSV file.
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 customizable model that provides even more control and great value pricing. The new expense management tool is included in all the paid plans.
Revolut continues to release new features that appeal to both retail and business customers. The digital bank aims to differentiate its service from traditional high street banks and other challenger banks.
Revolut is in expansion mode having recently launched in Australia with other countries in the queue. A pending launch in North America is expected in the coming weeks.