What is Weel and how can it help your business?

Weel is a platform for managing company spending, complete with virtual corporate cards, budgeting tools, a transaction feed that lets you view spending in real time, and easy integration with the accounting software of your choice. Read on for an overview of its features.

How does the virtual card work?

Weel’s virtual cards function much like regular plastic cards, except they are stored in your mobile wallet. Business owners will be able to issue a unique virtual card to each employee, allowing them to cover business expenses directly rather than paying out of pocket and submitting an expense claim later.

Each card can be set up with a specific spending limit, which can be raised or lowered at any time based on company needs. You’ll also be able to arrange for cards to be topped up on a regular basis, and create new cards specifically for making one-off payments.

To make a purchase in-store, all you’ll need to do is open your Apple or Android wallet and hold the phone over the credit card reader. And to make online purchases, you’ll just have to tap ‘pay online’ in the Weel app to reveal your card details, which you’ll then be able to copy over to the checkout page.

How does the expense management software work?

Weel’s software automatically tracks your business expenses, reducing the time spent on admin and giving you in-the-moment insights on spending. You’ll also have control over all virtual cards, with the ability to set transaction limits and lock cards to approved merchants.

Features include:

• View transactions as they occur
  

• Customise expense reports
  

• Set card limits
  

• Capture receipts using the app’s camera
  

• Filter transactions by budget, employee, time period, or spending amount
  

• Export transactions as CSV or PDF statement
  

• Create weekly, monthly or one-off budgets and track progress over time
  

• Integrate with your accounting software.
  

You’ll be able to integrate the software with your preferred accounting system with just a few clicks. Once set up, Xero, MYOB AccountRight and Quickbooks users will have their transactions automatically imported into their accounting software. If you use another accounting system, Weel will allow you to generate and import a custom CSV file. 

How much does it cost?

The service starts at $119 per month, but different plans are available for companies that make a greater number of business payments or want access to more robust expense management features. All plans are exclusive of GST.

According to Weel, the Premium plan, which is the most popular option, tends to suit businesses with 10-500 employees making payments. Smaller companies just looking for a better way to manage expenses can make do with the Basic plan, while larger businesses with 500+ employees would benefit most from the Enterprise plan.