Development of Neo1 was prioritised during the COVID-19 crisis to help drive the recovery
Cashflow management tool for SMEs launched by American Express Global Business Travel
A new online service has been launched by American Express Global Business Travel (GBT) to help small and medium sized businesses manage their cashflow.
Neo1 integrates purchasing from Amazon Business and GBT’s online travel booking tool to give finance managers better visibility over what employees are spending money on.
GBT said the Neo1 can be set up in less than five minutes and is free for users to subscribe to.
Jason Geall, GBT vice president and general manager for northern Europe, said: “We understand how important cash flow and liquidity are to companies in the current environment.
“It’s crucial they have the tools to manage their businesses as efficiently as possible.
“We also realise how important SMEs are in driving a country’s economy, so we actually expedited development of Neo1 to make it available to business owners as soon as we could.”
Neo1 allows finance teams to manage spend in a range of areas like office supplies, utilities and travel bookings, in one place.
The tool gives users real-time visibility of money spent, money committed, and future spend requests.
GBT is promoting Neo1 as being particularly helpful in managing large volumes of smaller line items.
Fiona Hastings, Neo1 general manager, said: “Finance teams can get started with Neo1 in only a few minutes.
“It will help them effectively manage all employee spend. People can request budgets, order supplies and manage all purchasing, payment and expense reporting in one place online.
“Payments are integrated from corporate cards, while the same system is used to log claims for reimbursements.”