Sweep, a fully automated expense tracking system designed specifically to meet the requirements of freelancers, start-ups and small and medium enterprises (SMEs) has launched today.
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 said: “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.”
According to research by Deloitte, millennials are critical to the new digital business and by 2025 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.
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 time refund
51% of employees have had to business expenses on their personal cards
£1.9 billion is lost each year to fraudulent business claims
The app will be available to download from iOS and Android app stores and marketplaces.