5 Reasons for Revolut Expense Management

accounting software, if it is already integrated with Revolut for business.

A lot of employee at SMEs normally submit their expenses

manually. In 2019, the majority of business functions have been automated.

However, expenses are one of the few areas that still involve an excessive

amount of manual processing. Picture stuffing their pockets, wallets and

briefcases with wrinkled receipts. These bunched up pieces of paper then get

stapled to printed spreadsheets that must be typed up, listing every detail of

every item, and then mailed to accounting departments.

Here are five of the biggest reasons why businesses should embrace the Revolut Expense Management functionality integrated into the

Revolut for Business

account:

1. Revolut Expense Management functionality will speed up processing and approvals while reducing administrative costs

The cost to manually submit, process and reimburse each expense

report has been proven to be higher compared to a fully automated solution. It

requires a lot of data entry with details being manually entered on

spreadsheets, mailed, then verified, approved and entered onto the central

accounting software. That makes for a highly labor- and time-intensive process.

In addition, the need for paperwork to be manually filed (and ate times shipped

is very time-consuming), which in turn, slows down reimbursement times.

The Revolut Expense Management streamlines the whole process.

2. Employee can now submit expenses while on the road

Most employee expenses are incurred while on the road for such

things as meals, hotels or car rentals etc. Employee should not be required to

keep receipts until returning to the office. The Revolut Expense Management

solution will now let employees to simply take a photo of a receipt and send it

directly to the system.

From there, the receipt can automatically be read using optical

character recognition (OCR), and the expense transaction data is entered into

the system for the user.

3. Automation with a solution like Revolut Expense Management lowers the chances of human error

In general, expense accounting requires a lot of data entry, not

limited to just the expense (general ledger codes, approval codes etc.). This

presents many opportunities for human errors to occur at any stage of the

expense reimbursement process. And because audits happen at a later date, the

error might not be discovered for a while, if at all discovered.

With a solution live

the Revolut Expense Management, an expense line item can now go from receipt to

submission to approval and reimbursement with almost no information having to

be entered manually. It significantly reduces and, in many cases,, nearly

eliminate potential for human error.

4. Limited Enforcement of internal cost regulations

Business regulations and compliance is an area that a lot of small

businesses would rather not deal with. For example, some areas of travel policy

(such as cost of a lunch) are easy to track and enforce, while others, such as

travel day per diems or class-of-flight restrictions that require verification,

which can be challenging and time-consuming.

Business-specific regulations, such as booking flights in advance, can also prove tough to enforce, and often may be overlooked by the responsible employee.

The end result is that small businesses end up losing money because of poorly-enforced travel costs regulations.

5. Easier to Prevent Expense Fraud

Is it possible that employees sometimes submit over-inflated or

outright fraudulent expenses? Yes!

To effectively combat fraud, a

small business

using spreadsheets to manage expenses would need to manually verify that every single expense is legitimate before approving it.

With Revolut Expense Management, a receipt can be submitted the

minute the expense is incurred.