Expense management in the next decade, excerpt from XU Magazine

Sarah Hiraki

 · 03/04/2020  · 03/04/2020
Excerpt from XU Magazine

Our Head of Product, Vaidas Adomauskas, shares his thoughts on the next wave of expense management with Xero and Revolut. If you’ve been using the same tools for a few years now, he explains, it may be time to bring your toolbox into the new roaring 20’s. Just because your process isn’t broken doesn’t mean it can’t use an efficiency fix. Read on, in this article snippet from Vaidas and XU Magazine:

As finance experts, we can be set in our ways about how we like to do things. Each of us has our own set of favourite tools, tricks, and methods of conquering our to-do lists. Not only do our preferences impact our own work, but the work we do collaboratively with our clients. Part of being a finance expert is being a leader and a resource in the industry – and often leadership means taking your clients with you into the next decade.
Even a process in good working order may be overdue for some critical improvements. Without a doubt, you’ve updated your process dozens of times since you first started out. But even if you’ve done it before, the prospect of another big shift can be a bit intimidating.
Don’t fix; evolve
At Revolut for Business, we’re dedicated to empowering businesses to strive for success beyond the bottom line. We help our businesses (and accountants!) save time and focus on what really matters; growth and providing excellent service. Developed as an alternative to the status quo of business accounts, Revolut for Business is radically different by our nature. We’re a platform designed to accommodate global businesses big and small. With our frictionless user experience, super fast setup and connected tools, you’ll have ultimate control over your business and full access to clients’ finances. And, of course, Revolut for Business offers complete transparency of costs and the security you expect from a top-tier provider.  
Our community of businesses are incredibly savvy, so it came as a surprise when we looked into the financial habits of small businesses throughout Europe, and discovered that a whopping 44% of SMEs had no formal system for expense management – and are thus putting themselves at risk for some nasty surprises when they reconcile their finances. While settling up for some business travel or the occasional client lunch can seem trivial, it can have a massive impact on your bottom line. In fact, businesses lose 1.9 billion pounds* every year to unauthorised expenses.
Because of this, we’ve done our best to raise the profile of our incredible expense management solutions and help you avoid being part of that dreaded 44%**.
Read the full version

* Percentage of small businesses with more than one employee (N=433) surveyed across UK, France and Poland in October and November 2019. Revolut** Press Release. Survey Topline. July 2018, Soldo