Revolut aims to simplify the process of keeping on top of business expenses, enabling employees to photograph receipts and upload them to the new platform
Revolut has launched an expense management tool for business banking customers across Europe – as it seeks to further boost its appeal to young, growing companies.
The feature will be available to all Revolut for Business customers on paid plans with the UK challenger bank, and offers integration with the Xero accounting platform.
It is designed to simplify the way small business owners monitor and manage employee expenses, freeing up more time to concentrate on growing their company.
Revolut for Business senior product owner Domenico De Fano said: “We want to help teams focus on what’s important for their business, not on the administrative work.
“We’ve 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.”
Revolut business expense tools can be integrated with Xero accounting software
Revolut says team expenses are an area of business that have traditionally been hard to manage for small firms, and this new tool is an attempt to synchronise expense data and simplify the process of accepting or rejecting claims.
Employees are able to log their expenses by taking a photo of their receipts and uploading to it to the app, along with a description of the purchase.
Available to both business and freelancers, the expense management tools can be synced to Xero accounting software to automate the settlement process.
Xero business platform director Edward Berks said: “Small business owners deserve technology that gives them greater control over their finances.
“It’s no longer necessary for them to have isolated pockets of data in different accounts and 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.”
Revolut broadening its business account proposition
Revolut has attracted more than 100,000 business account customers across Europe since it launched the service in 2017.
Key features of its business proposition include multi-currency accounts, which enable firms to hold, receive and exchange 28 different currencies without facing bank charges.
Last month, it announced two new business accounts that have no monthly subscription costs and are targeted primarily at start-ups and freelancers.
Revolut also confirmed it will change the pricing structure of its services for businesses, giving users the option to tailor the individual features of their plan, and make changes to it at any time to suit the evolving needs of their business.