To assist SMBs in streamlining their spend management, American Express and American Express Global Business Travel (Amex GBT) have introduced a new integration.

With the launch, Amex will enable companies to provide their workers with virtual cards using Amex GBT's Neo1.

Enrolled American Express card customers will have access to the newest integration offered by Amex GBT, a B2B software and services provider for travel and expenses, on its spend management platform Neo1.

Cardholders can add qualifying American Express Business or Corporate Card accounts to the platform after enrolling.

Amex GBT Neo1: Facilitating automatic cost control

Businesses can gain from automated expense management procedures by utilizing the Neo1 platform, which combines the features of a virtual card issuing system, online business travel booking tool, procurement platform, and expense system into a single smart ecosystem.

This provides more visibility and control across a variety of employee spending channels for firms, especially SMBs. These channels include budgeting, purchasing with virtual cards, scheduling business trips, and expedited cost processing.

The drawbacks of manually managing employee expenses have long been known. Businesses lose a lot of money and time with the manual procedure, which is also prone to human error.

As per the insights provided by Amex GBT, 37% of finance leaders express that processing expense reports continues to be a time and resource guzzler.

By offering employers precise spending limits and permissions together with automated expenditure management through the distribution of virtual cards, Amex and Amex GBT are contributing to the solution of this problem by ensuring that money is spent in accordance with a business's expense allowances.

American Express Vice President of Enterprise Strategic Partnerships Dave Holmes states: "Amex GBT and American Express are collaborating to enhance spend management for small businesses."

"We are aware that small business clients are searching for a solution that integrates a variety of features and capabilities, and that controlling staff spending is growing more complicated.

"With Amex GBT's Neo1 platform, businesses can now access American Express virtual cards for the first time, offering a better way to manage a variety of business expenses."

How does Neo1 function?

When registered in Neo1, Amex GBT users have access to the following:

○ All-in-one platform: Companies may set up visual dashboards for better insight into corporate spending, integrate accounting systems, conveniently submit, reconcile, and authorize payments in one location.

○ Travel: Companies can use Amex GBT's marketplace, which offers extensive and affordable air, hotel, vehicle, and ground transportation services in addition to first-rate, round-the-clock traveler assistance.

○ Virtual Cards: To manage employee spending, businesses can create and designate American Express virtual Cards to particular users with adjustable limits. These cards also allow users to make purchases online or at points of sale using their mobile wallets.

○ Transaction Data: Using a single platform, businesses can analyze and reconcile spending with nearly real-time insight.

○ Built-In connectors: Without the need for intricate system integration, businesses can take advantage of built-in connectors to top finance and supplier marketplaces.

○ Mobile App: Companies can record receipts and make travel arrangements while on the go with the help of an app.

"We see businesses of all sizes facing increased complexity managing growth, spending, and productivity," continues Fiona Hastings, Vice President of Neo1, Amex GBT.

"Expense reports that are laborious, fragmented budgeting procedures, and the hours required to rebook and assist more frequently disturbed travelers are just not feasible for expanding organizations.

"With our partnership with American Express, Amex GBT is thrilled to introduce Neo1 to more small and mid-sized businesses, assisting them in overcoming current spend management obstacles and laying the groundwork for a smarter, more efficient future where all employee spending needs can be met centrally."