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. Through a single click of a button and use of Pleo debit cards, you can track and streamline your company’s expenses.
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 MasterCard debit cards through physical and virtual forms. 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, an employee assigns it to the right spending category. Hence, reconciliation becomes a breeze at the end of the day. Pleo works with exemplary software programs like the likes of Xero, Sage, QuickBooks and Microsoft Dynamics. Thus, the integration system merges the expenses with these programs to provide accurate and quick results. See below some of the functions of Pleo products and services and how they work.
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.
Top up the Pleo account
Since Pleo cards function in the same way as debit cards, it is crucial to ensure the account is funded. You can do this by wiring funds to the account. You will be able to make online and offline purchases depending on the money you have in your account.
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.
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.
Where are you allowed to use the Pleo card?
You can use your Pleo card in any outlet that accepts MasterCard. Therefore, you can make your purchase either online, offline or even while doing ATM transactions.
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?
Pleo offers three pricing plans, as shown below, with their different features. The plan that you choose will mostly depend on your company’s needs.
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.
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