A new corporate expense management company, Sweep, officially launched Wednesday (July 24), targeting startups and small businesses with automated spend tracking.
In a press release, Sweep announced its debut aimed to enable freelancers, startups and SMBs to automate their spend management operations and remain compliant in the era of GDPR and PSD2. According to the company, those data protection regulations have changed the way businesses must process their company expenses.
Adding to the friction of expense management is the ongoing use of paper and manual processes, the company noted, preventing firms from more sophisticated spend analysis and cost savings.
“Sweep can offer huge time and money savings to small businesses by improving the processes around expense claims,” said Sweep founder and CEO Billel Ridelle in a statement. “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.”
He added that Sweep research suggests that the corporate expense management market currently lacks solutions that can address “a new type of workforce where effective technology isn’t just an added benefit — it’s expected.”
Sweep is launching with an analytics and reporting dashboard, as well as a mobile app to track and categorize expenses to turn transactions into a reported expense in real-time. The company is also offering more advanced features for business owners and managers, allowing them to integrate Sweep into their back-office accounting platforms for automated expense report generation.
FinTech’s impact on corporate expense management has elevated the importance of data in spend analysis.
Last year, another European expense management company, France-based Expensya, spoke with PYMNTS about the biggest mistake a business can make in their expense management strategy: "underestimating the importance of these three success factors in a process: data, data, data," said the company's CEO, Karim Jouini.