American Express and American Express Global Business Travel (AmEx GBT) have joined forces to unveil a new service, designed for small and mid-sized businesses, that aims to refine the expense management process.
Now, businesses can issue virtual cards to their employees through the AmEx GBT Neo1 platform, but the platform doesn’t stop there. Businesses can set budgets, manage and approve expenses, connect to their accounting systems, and even access a travel marketplace. With up-to-the-minute transaction data, businesses have an overview of their spending to aid in better financial decision-making.
The heart of this integration is a system that simplifies the often complex and time-consuming task of managing budgets, purchases, business travel, and expenses. This change lets businesses control their spending in a more automated and cohesive way, which is helpful for smaller enterprises that have fewer resources.
“We see businesses of all sizes facing increased complexity managing growth, spending and productivity,” said Fiona Hastings, Vice President of Neo1, AmEx GBT in a press release. “Growing businesses simply don’t have time for cumbersome expense reports, disjointed budgeting processes, and the hours it takes to rebook and support more frequently disrupted travelers.”
There is also a mobile app that allows employees who are often on the move, to capture receipts and manage bookings. By providing a way to track expenses and manage travel, the app helps businesses maintain oversight and control over their spending, even when their employees are scattered.