Revolut Business has revolutionized expense management with its state-of-the-art Expense product. This innovative tool empowers businesses to streamline and automate their expense-tracking processes effortlessly. With Expenses, uploading, approving, and tracking expenses is as simple as possible for everyone involved – on web and mobile apps. That means everything’s accounted for. No more MIA receipts, and every penny, cent, and franc accounted for. Important information is logged, synced, and ready to submit to the accounting software of your choice or reviewed by your accounting team.
Revolut uses computer vision and machine learning to match financial documents to transactions. Such a capability saves time, ensures accuracy, and reduces human errors significantly. With Expenses, Revolut Business is leading the charge in reshaping how businesses manage their money globally
“Driving Real value for our customers has always been the motivation behind everything we do at Revolut” says Karun Singla, data scientist at Revolut Business. “Our products are built with a clear focus on eliminating manual efforts. Let AI do your bookkeeping.”
How does the Expense Management tool work?
Under the hood is a multi-modal LLM model that takes an image and returns structured information like below.
This output can then be used for downstream tasks of
- Expense matching: Automatically Keep track/proof for all spends done from your account.
- Expense Categorisation: Categorize every spend into clearly defined categories say Rent, Advertising, Office supplies, Perks, Travel etc.
- Generating auto payments: Create scheduled payments directly
- splitting bills: Split hefty, complex bills – sorted!
You can read more about their product offerings here at https://www.revolut.com/business/expenses/