If you are a small or a medium business that has to make work-related purchases often, you need to keep track of all the expenses done on a timely basis. All the paperwork can be a cumbersome task for you. This is where Pleo comes to the rescue.
Your employees need access to corporate credit cards for their purchases and hand them to the accounts department for timely reimbursement. Pleo helps you by allowing you to reconcile all receipts into the software and let it do the magic.
What is Pleo?
Pleo is a Danish fintech company specialising in creating cloud-based expense management software. The company has offices in the UK. It provides Debit MasterCards to employees, which one can regulate from a centralised app.
The modern and user-friendly platform aims to maintain and regulate employee expenses, streamline reimbursements, and gain insights into spending patterns. The business model can also detect fraud, manage authorities’ permissions, and reconcile expenses.
Is Pleo Safe?
Pleo claims to be the safest regarding customer funds and data protection. Pleo fully complies with General Data Protection Regulation (GDPR) legislation in Europe. Moreover, it is Payment Card Industry (PCI) certified. It also offers 24/7 fraud detection services and the ability to block a card temporarily to prevent it from illicit usage. Any unauthorised transaction can be reimbursed as stated by MasterCard Zero Liability Policy.
How Does Pleo Work?
Expense Management Card
Pleo offers its expense management card linked to a virtual account. One can utilise the card for business purchases. The expenses are recorded categorically into the Pleo app platform. The process frees the hassle of receipt submission to the accounts department.
The benefit of the process is that it reduces administrative work, which includes handling multiple receipts for reimbursements. Therefore, the finance team can directly work on the reimbursement issuance.
Topping up Your Pleo Account
A Pleo debit card functions like any conventional debit card; therefore, You have to have funds before any purchase via card. So, you need to top-up the debit card before any purchase to have a balance and avoid any inconvenience.
Reporting and Analytics
The Pleo software is capable of reporting analytics efficiently. Pleo provides detailed insights into expenses by categories, such as the name of an employee and the location of expenditure. It helps to make informed decisions about budgets and financial management beforehand.
Spending Limits
To maintain a healthy spending environment, Pleo allows you to set specific limits to any card you like. One can do it directly through the portal allowing flexibility for each individual. The limits can, however, be increased or decreased as needed.
Integrations
Pleo also allows you to integrate other accounting software for ease of use. Platforms such as QuickBooks, Xero, and FreeAgent automatically allow the sync of financial data between the systems.
Mobile App
Pleo also offers a mobile app that allows employees to track their expenses on the go easily. The app also allows employees to submit expenses for reimbursement and provides real-time notifications when expenses are approved or rejected.
How Much Does Pleo Cost?
Pleo is a paid service and offers three different pricing plans. You may have to select a specific plan that suits your business and expenses. Read below for details on the pricing.
Starter Plan
The lowest plan costs you is free for up to three employees. It gives you access to physical as well as virtual MasterCard. You can see the merchant’s name, transaction amount, and category of purchase made with the plan.
Essential Plan
The pro plan of Pleo costs £35 per month for three users. It is suitable for an average business. Alongside the benefits of the essential plan, you’re eligible to install limits for each user and receive notifications once the limit ends. Moreover, you can download the reports too.
Advanced Plan
The premium plan is best suited for larger companies. The plan costs you £65 per month for three users. However, one can generate a customised plan, too, as Pleo offers customised plans for premium users. To create one, you have a brief discussion with the team at Pleo.
You do get access to a dedicated account manager. The plan also includes the essential and pro plan benefits in the premium plan. On-site training is also given to learn how to use Pleo effectively.
Other Charges
Several other fees are charged to you other than the subscription fee. We have given a breakdown of some extra charges below; kindly go through it.
Physical Card
The first card you order is delivered for free, while each additional card costs you £10. However, to have your hands on a virtual card, there is no fee, and it can be generated via Pleo mobile app.
ATM Withdrawals
If you withdraw cash from an ATM with any of your cards, you must pay £4 per transaction. For POS transactions, no additional charges are deducted.
Foreign Transactions
If your card is charged in a foreign currency that is not attached to your account, you have to pay a 2% foreign exchange fee. This also includes foreign ATM cash withdrawals.
Return Pleo Funds
If you intend to transfer funds from a Pleo account to your main business account, a fixed upfront fee of £25 per transaction is charged.
Reviews For Pleo
Pleo has been rated four stars out of five. We have seen mixed reviews for Pleo online, where most are positive and in favor of the company. Some of the reviews are attached below.
Pleo Login
The Pleo login process is quite simple; businesses can sign up for a free trial on the Pleo website and then use the login details to access their accounts. Once logged in, they can set up their expense management card, invite employees, and start tracking expenses.
One can also access the account via the mobile app, which One can download from the App Store or Google Play Store. Moreover, the account can be upgraded whenever you feel the requirement has come.
Conclusion
Pleo offers a modern and user-friendly solution for businesses looking to streamline their expense management process. Its credit card, mobile app, and reporting capabilities make it easy for a business to track expenses and gain insights into spending.
The company also offers integrations with popular accounting software, making it easy for businesses to sync their financial data automatically. Signing up and logging in is a breeze; businesses can start using the platform with a free trial. Visit our website to learn more.