Revolut introduced a new Expense Management tool, designed to help growing businesses handle their expenses.
What's new: UK-based challenger bank Revolut continues to enhance its Revolut for Business offering.
- Business owners and managers can now monitor expenses in real-time with the ability to easily approve or reject team expenses
- The Expense Management feature is available to freelancers and businesses on paid plans
- Revolut for Business recently launched two new business account plans with no monthly fees and made changes to the pricing structure of their plans
Small business ecosystem: As part of this feature launch, Revolut has also improved its integration into small business accounting platform Xero.
- Team members on a Revolut for Business account can upload pictures of their receipts and add expense information
- Xero users can synchronize expense data across the two platforms, simplifying the reconciliation process
Looking to increase monetization: Revolut's business model includes a mixture of free and premium accounts. Features like Expense Management are intended to encourage business users to pay up for added functionality.
"Small business owners deserve technology that gives them greater control over their finances," said Edward Berks, business platform director at Xero.
"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."