Revolut Business, which is the portion of the digital bank that focuses on small to medium-sized business (SMB), is rolling out a new product to help businesses save time, according to a Tuesday (March 9) press release.
The purpose of Revolut’s new product is to cut down the amount of work done and needed by workers for organizing expenses — after reading a receipt, it then attaches it automatically to the corresponding expense.
With many transactions taking place digitally now, owners can forward digital receipts to the company. New features allow for repeat expenses to be more efficiently organized. Repeat expenses will be categorized automatically into relevant segments, such as transport or subscriptions for example.
Also, business owners and assigned finance managers will be able to read the expenses in-app to review.
“Regardless of whether you are a freelancer, small business or future unicorn, our set of tools will provide you with control over your company spending — so you can focus on running your business,” said James Gibson, head of product at Revolut Business, according to the release.
Revolut said the new tool will cut down on hours spent on company books. The files can be exported quickly via a CSV file, which then can be used on any external accounting platform or software.
Per the release, Xero users, will be able to connect their profiles to Revolut Business accounts and better manage their accounting and finances.
Revolut Business also recently rolled out QR codes in an attempt to help encourage more socially-distant payments. The codes are accessible to business owners of any type through the Revolut app, without any external devices needed.
Business owners will also be able to generate QR codes on their smartphones that customers can then scan, allowing customers to pay with things like Apple Pay, Visa, Mastercard or their own iOS or Android devices.