Revolut for Business has today launched a new Expense Management tool, designed to help with handling expenses.

Xero users now have the ability to monitor expenses in real-time, approve or reject team expenses with the new feature, which is available to freelancers and corporates on paid plans.

“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.”

For businesses that don’t use Xero, they can simply create their own categories within the Expense Management tool and easily export expenses as a CSV file.

The process has also been radically simplified for team members. All they need to do is snap a picture of their receipt and upload it directly in the app, then add a category and fill in a brief description. Automated reminders will also be sent for incomplete expenses.

Domenico De Fano, Senior Product Owner at Revolut for Business added: “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“