LONDON--(BUSINESS WIRE)--Today marks the launch of Sweep, a fully automated expense tracking system designed specifically to meet the requirements of freelancers, start-ups and small and medium enterprises (SMEs). The new app has been built from the ground up, leveraging cutting edge technology to provide users with a fully automated transaction tracking system, smart payment categorisation and real-time expense reporting.
Following the implementation of GDPR and PSD2 regulations, a new layer of challenges and opportunities has meant that companies require a better way of processing their business expenses. Managing the time and cost linked to expenses administration is also one of the biggest headaches for SMEs in the UK. Billions of pounds are lost each year and a disproportionate amount of time is still being spent manually logging and analysing expense claims.
Billel Ridelle, founder and CEO at Sweep, is excited to unveil the new product: “Sweep can offer huge time and money savings to small businesses by improving the processes around expense claims. Following 12 months of research and customer testing, we’re extremely happy to announce that this invaluable app is here and already driving enormous benefits to small and medium sized companies, from freelancers all the way up to an SME level.’
‘Our research has also shown that the market is ripe for a new entrant that specifically meets the needs of a new type of workforce, where effective technology isn’t just an added benefit – it’s expected,’ he continued.
A new world of work
Millennials are critical to the new digital business and by 2025, according to Deloitte, will make up 65% of the global workforce. As organisations seek to recruit top millennial talent, they require technology that allows employees to work flexibly, productively and via their chosen mobile device, in order to quickly meet their ever-evolving work challenges. Sweep is a cloud-based tool that makes it easier than ever for businesses to reduce admin time, save money and drastically simplify the life of their employees.
Sweep’s advanced analytics and reporting dashboard means companies are able to integrate their internal tools and policies, automate approval, reporting and set permission levels on all levels of the business.
Sweep offers a fully automated expense tracking and categorisation system, simply download the app and safely link your bank account to it. Sweep will detect any new payment you make during your day and turn it into an expense in real-time, filling all the fields for you with information and currency conversion rates that are always 100% accurate, all you have to do is add a picture of the receipt, or opt out in the case of personal transactions.
Sweep also offers advanced features for managers and business owners, helping them approve expenses in real time, integrate to their own accounting system and generate detailed, automated expense reports. We help employees save precious time, all while increasing compliance, visibility and control for managers.
With Sweep, users never have to double check the information in the fields, all transactions are processed in real-time for them and expenses created in 1-click only.
Some key UK stats:
- 65% of UK SMEs currently have no travel and expense management solution in place
- 33% of employees have had to borrow money due to long refund times
- 51% of employees have had to put business expenses on their personal cards
- £1.9 billion is lost each year to fraudulent business claims
What platforms support Sweep and where can I download it?
iOS & Android app stores and marketplaces
ENDS
About Sweep
Sweep takes advantage of the latest technology and opportunities created by PSD2 and GDPR to build a new and better way to manage business expenses. The system plugs directly into the user’s bank account, detects any new payment made and notifies the user. All the necessary information is taken straight from the account and the user only has to approve the expense. Sweep was founded in 2018 by Billel Ridelle. The company is headquartered in London and works with customers including Hotel Café Royale.
