Manage employee spending easily with Expenses
Business · 6 September 2023Richard Johnson
The Hunt for the Missing Money: a monthly feature playing in your accounting software and spreadsheets. Picture it – accountants and finance teams grimacing over who spent what, and where? Meanwhile, employees sweat as they desperately dig into their wallets, purses, and bags to find old receipts to reconcile.
Collecting accurate spending information from your team isn’t only tedious, but challenging. Chasing receipts, processing expenses, juggling separate accounting tools…the potential for expense management to turn into one big ugly mess is high. That’s why our first step for all our customers is kitting out your team with physical and virtual corporate cards. By empowering your team to spend when and where they need to, you can easily keep an eye on your budgets, and know your whole team can spend globally with low fees.
When the spending’s done, that’s where our in-app Expenses tool comes in.
Expenses in Revolut Business is a game-changer
With Expenses, uploading, approving, and tracking expenses is as simple as possible for everyone involved – on our web and mobile apps. That means everything’s accounted for. No more MIA receipts, and every penny, cent, and franc accounted for.
Plus, Expenses is available on all Revolut Business plans, priced per active team member per month.
For team members: easy in-app receipts
Spend, tap the push notification, snap a picture of your receipt, done. All from the Revolut Business app. Or, forward an email with a receipt or invoice to your own unique Revolut Business Expenses email address (which you can find in-app) and we'll match it with the corresponding transaction to cut down on paperwork.
And if you’re too busy to do it right then and there? No worries, we’ll send you a reminder later.
Master out of pocket expenses
It’s inevitable you and your colleagues will make out of pocket expenses at some point – paying cash or using personal cards for parking charges, taxis, train tickets, and other work-related costs. That’s money you need to be reimbursed, and your company needs to record.
It’s no surprise we’ve made this a simple process too. Simply tap ‘Add non-Revolut Expense’ in the Expenses app, add a few details, and you’re on your way to having your accounts properly balanced.
For finance teams: review, approve or reject in real-time
If you’re a business owner or finance admin, you’ll be able to track expenses as they happen, and review them without awkwardly switching between different apps just to access approvals. If you reject an expense, we’ll tell the employee they need to refund it (and the steps explaining how to do it). That’s time you’re earning back – and time is money, after all.
For accountants: It gets better with Xero
If you’re a Xero user, good news! Once you’ve synced Revolut Business with your Xero account, all the categories, tax rates, and receipts you’ve created in Xero will also be available in your Revolut Business account for your team to use. All your expenses will then be automatically posted to Xero when complete. Paired with our existing account feed integration, this means all it takes is one click to reconcile card expenses with no room for mistakes. Phew.
Not a Xero user?
We get it – Xero’s not for everyone. You can create your own categories and custom labels in our Expenses mini app for specific categories and projects, and export your expenses as a CSV file. Then just upload to your accounting app of choice. We’ve also got a fantastic accounting integration with FreeAgent in the Revolut Business app. And we’re regularly adding more integrations with other accounting tools, too.
Accountability and total control
When it comes to your business, every penny counts. Controlling where your spend’s going and accounting for it is one of the hardest, admin-heavy tasks your finance team will face. Receipts left unaccounted for can lead to unbalanced books, and a muddy view of your business finances.
With Expenses, you can easily manage your team’s corporate card and company spending, and have all the essential parts of expense management together in one place.
Go here to explore and setup Expenses in-app.