What is Pleo?
Pleo is a fundamentally new way to manage company expenses. Offering instant and on-demand Prepaid Mastercard® virtual cards for online purchases and plastic cards for in-store purchases, Pleo enables employees to buy the things they need for work, all while keeping the companies in full control of all spending. With the help of breakthrough technology, Pleo reduces the administrative complexity, eliminates expense reports and simplifies bookkeeping. You can see a quick overview video of Pleo here.
How is Pleo different from traditional expense report software?
Traditional expense report software relies on employee out-of-pocket spending and complicated reimbursement process after the purchase. Pleo, on the other hand, is built around prepaid Mastercard for employees that all withdraw money from one main Pleo company wallet. This means that Pleo eliminates 3 traditional expense reporting processes: the expense approval process, the reimbursement process and the transaction tracking process.
Moreover, because all transactions flow through Pleo in real-time, Pleo is able to nudge employees at the moment of purchase (via a mobile notification) to take a picture of the receipt. This, in turn, greatly improves internal receipt compliance and helps reduce annoying chasing of receipts.
How does Pleo work for accountants?
As an accountant, you have an admin view in Pleo where you can see all expenses of the given company, their transaction data, category and the attached receipt.
You can export expenses from Pleo to your accounting system with a single click. If they are associated with the right account number in your accounting system, all the transaction data and receipt are automatically saved in your accounting system.
What is the ideal Pleo setup for accountants?
Categories setup: The most important setup task as an accountant is to create your ideal category structure in Pleo. Pleo is built around a concept of categories and subcategories that you then map to the account numbers in your accounting system. You can see an in-depth video about categories here.
Categorization responsibility: it's important to communicate with your team who is responsible for final categorization of expenses. Pleo has a built-in categorization learning algorithm that learns from your historic categorization (based on merchant). If that's not available, Pleo reverts to its global categorization algorithm that will always set at least top-level category. Nevertheless, subcategories and account numbers are specific for each company and there will always be a small percentage of expenses that need to be manually recategorized. That's why is best practice that there is one responsible person that always goes through expenses and recategorizes them appropriately before exporting them to an accounting system. That's important for minimizing work in your accounting system - if all Pleo expenses are mapped to the correct account number within Pleo, they automatically get allocated the right account number and tax code in your accounting system.
Export schedule: make sure to communicate with the team how often you plan to export the expenses from Pleo to your accounting system, so they can upload missing receipts in time. You can easily filter out expenses with missing receipts in the main expense view. Moreover, we'll be introducing smart reminder notification to help you with the task of reminding employees to attach receipts in the near future.
How does Pleo connect with my accounting system?
Pleo currently has 2 native integrations with accounting systems:
If you are using one of the two accounting systems you can easily export all expenses in a given period from Pleo to the accounting system and they will automatically get attached receipt, transaction data and even account number and tax code (if you’ve mapped expenses to a category with an associated accounting system account number).
In case you're not using any of the accounting systems above, we've also prepared csv exports for some other known accounting systems:
- Dinero in Denmark
- Billys in Denmark
- Navision in Denmark
- SageOne in UK
- Quickbooks in UK
Please note: if you export the same expenses twice, they will be duplicated in your accounting system.