Global fintech platform Airwallex has launched a global platform that aims to provide businesses with a fast and hassle-free way of managing expenses.
Airwallex said expense management has evolved into a significant administrative burden for businesses operating globally and handling spending efficiently is critical to success.
“With the launch of our new Expenses platform we are delivering a cohesive solution to one of the biggest administrative challenges businesses face when scaling,” said Airwallex vice-president of global product Shannon Scott.
“Airwallex’s Expenses platform integrates seamlessly into our existing multi-currency cards product.
“Combined, this product suite offers control and visibility to businesses, helping to manage spending, reconciliation and reporting conveniently in one place.”
Together with Airwallex’s virtual and physical multi-currency cards – for corporates and employees – the new solution would streamline the expenses process by offering a single, integrated platform to manage spending.
Businesses would be able to seamlessly upload receipts for approval, reconcile expenses and gain real-time visibility over card transactions.
This included the ability to upload and track receipts, which would allow businesses to have full visibility over purchases with all the details in one place.
Ms Scott said the platform would also assign expenses to the right accounting categories to better track spending and drive operational efficiency.
It was designed to reconcile and close the books faster with expense management seamlessly syncing expense data into the business’ accounting software in real time.
Airwallex said the Expenses solution works alongside Airwallex Borderless cards, which can be used for corporate or employee expenses in more than 140 currencies globally where Visa is accepted.
Expenses will be available in all markets where Airwallex Borderless cards are currently available, including Australia, the UK, Hong Kong, the US, and subsequently, in Singapore and Europe later this year.
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.