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Everything You Need to Know about Expenses at Rauva
Published at 23 September 2023
Rauva, Portugal’s first business super-app, has recently introduced its highly anticipated Expenses module. This new addition is set to significantly improve the way individuals and businesses track and manage their expenses. By signing up to our Charged plan and using the Expenses module, customers gain access to a range of powerful features designed to streamline expense management and provide a comprehensive overview of their financial transactions.
With Rauva's Expenses module, users can effortlessly categorise all their transactions. Rauva will do this automatically, but users will be able to update the categorisation should that be necessary. Whether it's a tax payment, a meal at a restaurant or a personal expense, the module allows customers to assign appropriate categories to each transaction. By maintaining a systematic categorisation of expenses, users gain better visibility into their spending patterns and can make informed financial decisions.
One common challenge in expense management is the absence of supporting evidence for transactions. Rauva's Expenses module addresses this issue by enabling users to attach files and photos as evidence for each transaction in and transaction out. This functionality ensures that all transactions have proper documentation, facilitating easier expense tracking and eliminating the risk of missing evidence and inaccurate reporting to the authorities.
Linking invoices to corresponding transactions can be a time-consuming task. However, Rauva's Expenses module simplifies this process by automatically linking invoices you have sent to clients with payments they make into your Rauva account. By leveraging smart technology, the module automatically matches invoices with transactions, saving users valuable time and effort. This automation not only streamlines expense management but also helps users maintain a comprehensive record of their financial transactions.
Rauva's Expenses module provides users with proactive notifications regarding transactions with missing evidence. By labelling such transactions as "Missing evidence," users are prompted not to forget to attach evidence relevant receipts, invoices or files as evidence Furthermore, they will receive email and notifications as reminders to add evidence before the end of the month. This feature ensures that all transactions are properly documented, reducing the chances of overlooking crucial expenses.
We have been working closely with our accounting partner to define the exact specifications of what they need to receive on a monthly basis to process business reporting for businesses. This report combines invoices (in a SAFT file), photo and file evidence for transactions and bank statements, providing users with a holistic overview of their business activity that month. Users can choose to have the report sent to their accountant or access it themselves, ensuring smooth collaboration and accurate financial reporting.
By using Rauva's Expenses module, customers stand to benefit in several ways. Firstly, the ability to categorise transactions helps users gain insights into their spending habits and enables them to track expenses more efficiently. Additionally, the module's photo and file evidence feature allows users to record the items purchased with each transaction, creating a detailed expense history. This evidence can be incorporated into the Monthly Business Report, aiding in accurate financial reporting and providing proof to authorities about categorised transactions.