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Taking business banking to the next level with Revolut

August 11, 2021

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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At Xero, we’ve launched an expenses integration with fintech company Revolut, as part of our mission to make life better for people in small business. Any business that signs up to the Revolut Grow plan will get the first 2 months free.

Why is this integration important?

For many businesses in 2020, ten years of innovation and tech adoption took place in just 90 days.

Digital is clearly here to stay. To equip small businesses with the tools to succeed, the UK government recently introduced Help to Grow. This new initiative will be a huge help in providing digital incentives to adopt technology.

Throughout the pandemic, our biggest aim has been to support hundreds of thousands of small businesses throughout the UK. One way we have been doing this has been helping our customers make the best use of technology.

The UK has a thriving fintech environment as outlined in the recent Kalifa Review. Today, small businesses can benefit from what’s on offer, whether it’s integrated bank feeds, receiving payments, lending or cash flow forecasting. And open banking has transformed how data is shared. But this is just the start.

Xero offers an ecosystem of over 1,000 third-party apps and 300 plus connections to banks and other financial partners.

Helping with expenses

Keeping track of your expenses can be time consuming and, if left for too long, an impossible task. We’ve probably all struggled with piecing together old receipts and looking through diaries for clues on where and who met to submit a claim.

This new integration between Revolut Business and Xero will streamline this process, making it easier for both business owners and employees.

Expenses can be easily managed with the business owner able to issue employees their own spend card. When employees use the card, they will receive notifications on their Revolut Business app and can also attach pictures of receipts. Purchases can be categorised using the pre-configured Xero expense categories with the appropriate VAT rates applied. Expense cards can also be linked to multiple Revolut Business accounts, allowing spending to be matched to the right currency.

Expenses can be centrally reviewed, changed and rejected, where necessary, before they are swept across into Xero, already pre-reconciled. This helps to keep track of all your business expenses without any surprise late filed expense claims.

About Revolut Business

Revolut Business was set up in 2015, born out of frustration with the foreign exchange products provided by traditional banks. Today, Revolut Business offers over 500,000 business customers with a suite of services.

Revolut business provides an app-powered account that enables customers to hold, exchange, send and receive funds in 28 currencies at the real (interbank) exchange rate. This can all be connected seamlessly to Xero.

To find out more about the Revolut Business expenses app, please see the Xero App Store.

Find out more about Revolut Business and get two months free on the Revolut Grow plan.

Why leave it there?

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