If you are running a business that requires work-related purchases, you know how much of a hassle it can be to keep tabs with the expenditure. The paperwork involved with checking who has spent what requires effort and keenness. Therefore, employees not only need a corporate credit card to make that purchase, but they also need to pass receipt to the accounts department for recording.
Moreover, companies also incur costs of reconciling via accounting software programs. However, Pleo believes that it has a solution towards the above woes. The company offers smart company cards that automate expense reports and simplify company spending.
Say goodbye to receipt hunting, say goodbye to petty cash, say goodbye to expense reports, say goodbye to tedious paperwork.
What is Pleo?
With the offices in the UK, Pleo was founded in 2015 by a Danish fintech company to solve troubles that come with company expenses. Pleo achieves this through its innovative software found in its Android app and iOS app.
Therefore, you can reconcile all expenditure via a click of the app, allowing you to streamline your company’s expenses. Employees can have Pleo MasterCard debit cards or Pleo virtual card. Hence, you can use virtual debit cards to make online purchases while the physical ones are useful when making offline purchases.
How does Pleo work?
Pleo gives you the liberty to choose whether you want to distribute debit cards to employees, or you prefer to control the expenditure from a centralized point. Therefore, you can set spending limits on an individual basis for the employees. As a result, you will recognize a sale in real-time.
Once a purchase goes through, Pleo automatically assigns it to the right spending category based on previous behaviour and eliminates the need to do manual expense reports. Hence, reconciliation becomes a breeze at the end of the day. Pleo integration with software programs like the likes of Xero, Sage, QuickBooks and Microsoft Dynamics simplifies accounting process. Moreover, you can use your Pleo card with ApplePay and Google Pay.
How to Add Funds to Pleo Card
Your Pleo account is connected to your business bank account. So every time you add funds to Pleo, the money comes out of your business bank account. But it doesn’t go directly to Pleo. It goes first to J.P. Morgan or to Danske Bank for our customers in Denmark and Sweden.
See below some of the functions of Pleo products and services and how they work.
1 . Distributing cards
Firstly, you need to know which employee is suitable to undertake the task of making purchases on the company’s behalf. Mostly, you will find most companies giving the job to the employee in charge of making orders for the stationery. Also, a sales executive that needs to travel to clients often is suitable. Nevertheless, Pleo provides as many cards as the company wishes to give access to as many employees as necessary.
2. Spending limits
The employee’s Pleo cards should have specific spending limits installed. You will find great flexibility in the account portal whereby you can set the spending limits according to each employee’s card. This limit mostly depends on the company’s budget. However, you can increase or decrease the limit depending on the need through your Pleo account.
3 .Expense receipt
Once an employee assigns an expense to a spending category, a notification on the mobile phone pops up. Afterwards, a prompt for them to take a photo of the receipt appears. Once you take the image with your camera, the ticket is uploaded to your Pleo account. Therefore, there will be no need to keep the receipt to hand it to the accounts department later.
Pleo’s most outstanding achievement is in making the accounting and reconciliation easy for your company. In most cases, the accounting department has to wait for the physical receipts to do the reconciliation manually. This happens at the company’s expense of the software program responsible for carrying out the task. Pleo eases the work for you and makes it efficient to perform the reconciliation tasks.
5. Pleo Fetch
Pleo Fetch pairs up the receipt in your Gmail, Outlook or Microsoft 365 inbox with the matching Pleo expense. Fetch searches for receipts as they come in to your email account. It can sniff out any missing receipts from the last year and notify you when it’s done.
6. Pleo Pocket
Pleo Pocket is where you keep track of other expenses such as cash, out-of-pocket and mileage expenses. You enter the details and the amount involved, then Pleo will help your finance team to settle up what’s owed.
Where are you allowed to use the Pleo card?
You can use your Pleo MasterCard card in any outlet that accepts MasterCard. Therefore, you can make your purchase either online, offline or even while doing ATM transactions. In addition to Pleo prepaid card, the company started offering Pleo credit card in 2020. Pleo credit cards are ideal for payments such as Google AdWords, Microsoft Azure, car rental sites and hotels.
Who is eligible to use Pleo?
Any business of whichever magnitude that wishes to streamline the company’s purchase and expense process can use the opportunity that Pleo provides. You can find Pleo services in Germany, the UK, Denmark and Sweden.
What is Pleo Pricing?
There are three different types of Pleo cost structure as shown below, with their different features. The plan that you choose will mostly depend on your company’s needs.
|Essential||6 GBP per person per month, up to 5 users||Pleo cards for your team, Automated expense reports, Digital receipt capture, Easy accounting integrations, Automatic email receipt finder, Manage out-of-pocket expenses, Bills processing and payment|
|Pro||10 GBP per person per month||All features of Essential plus Individual spending limits, Review expenses over a set amount, Real-time analytics and insights|
|Premium||Contact Pleo sales team for pricing information||All features of Pro plus Dedicated account manager, Custom onboarding process, On-site training, Business travel insurance (extra cost|
There are other Pleo costs associated with card usage: FX charges, issuing an extra physical Pleo card (£10), ATM withdrawal fee (£4), customer funds refund (£25). There is also a cost related to reimbursements, with a fee charged of 0.9% of the amount reimbursed. This is capped at £1 per reimbursement.
How safe is Pleo?
Pleo team gives the assurance that customer funds and data are secure in the highest certification and standards. Concerning data, Pleo is fully compliant with the GDPR legislation of the EU. Furthermore, the company is certified by the PCI. The company offers 24/7 protection against fraud. Hence, you can rest easy knowing your cards are under safe protection against malicious schemes. In the event that you suspect any abnormal or illegal usage, you can block the specific card or all the cards temporarily until you get to the bottom of the situation. Pleo deposits are made to segregated bank accounts; and thus, you are assured of the safety of your funds.
Final Thoughts on Pleo Review
While you will find other start-up companies offering the same services as Pleo, they will not match up to the efficiency and accuracy Pleo comes with. The platform is definitely worth the trial considering the fact that you will have a whole burden of streamlining your company’s expense process off your shoulders.
- Pleo contact number: +44 330 808 1006 (UK), +44 330 808 1006 (Germany)