American Express Global Business Travel (GBT) has launched a service to help owner-managed businesses control cashflow. Neo1 integrates purchasing from Amazon Business and GBT’s online travel booking tool. It gives finance managers better visibility over what employees are spending money on, in addition to the powerful backing of the world’s leading travel management company (TMC). It’s free to subscribe, and can be set up in less than five minutes.
Jason Geall, GBT’s 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 all spend categories, such as 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. It is particularly helpful in managing large volumes of smaller line items, which can collectively amount to a significant percentage of overall business expense.
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.”
In a February 2020 poll*, nearly three quarters of business owners said controlling spend was more important for making strategic business decisions than had been five years previously. One in five admitted they did not have visibility of their business expenses from the previous 30 days. These issues are now in even sharper focus.