AmEx (AXP) Unveils App, Eases Expense Processing For Businesses
American Express Company AXP recently introduced a digital expense management app in a bid to benefit its Business Gold and Platinum Cardmembers across the U.K. Named AmexExpense app, the new tool has been devised with the help of leading expense management solutions provider Findity and can be downloaded for free.
The app paves the way for easy processing of expenses conducted by financial departments of businesses. They do not need to preserve paper receipts anymore as businesses can now get hold of receipts online. The digital receipts can thereafter be compared with the actual transaction. Consequently, the process results in time savings for businesses while pursuing reconciliation, which otherwise is a time-consuming process due to tedious manual reconciliation.
To provide hassle-free matching with ledger codes and expense categories, the app offers the facility of integrating clients’ data with well-established accounting service providers namely Xero, Quickbooks, and Sage. Besides, the effective safety and security systems of American Express protect the transaction data, thereby safeguarding the users of the app.
Other added benefits of the app include creation of expense reports within record low time, which offers in-depth analysis to businesses of employee spending. As a result, it becomes easier for compliance departments to impose apt card controls and spending limits in order to minimize bad employee spending and forged expense claims. Apart from benefiting businesses, the app aims to accelerate the procedure of filing expenses on behalf of employees, which needs to be conducted every month.
The launch of the app highlights American Express’ sincere efforts to upgrade card offerings and bring about seamless business operations, in an effort to help Cardmembers. This June, the company transformed its Business Gold Card in a bid to offer enhanced Membership Rewards coupled with additional flexible benefits, savings and discounts. Cumulatively, these efforts are likely to contribute to revenues of the Global Commercial Services segment, through which the company offers a diverse array of cards, and payment, expense management and commercial financing solutions to its customers.
Initiatives similar to the latest one seems to be time opportune as well considering the gradual recovery of global economy, which paves the way for increased consumer spending and resumption of business activities. Consequently, number of expense claims made are likely to rise, which highlights the dire need of a precise and speedy expense filing process. The AmexExpense app intends to capitalize on the prevailing scenario by saving time resulting via a simplified expense processing method. The saved time empowers businesses to intensify focus on initiatives aimed at bolstering their growth endeavors.
Time and again, American Express has exhibited its commitment in rolling out innovative card offerings and upgradations of the existing ones in order to cater to the evolving needs of its Cardmembers. It has undertaken a host of measures focused on technology upgradations, introduction of secured digital solutions and assist businesses in regulating payments. These initiatives have boosted the company’s digital suite and extended its global foothold.
Zacks Rank & Price Performance
Shares of American Express, which carries a Zacks Rank #3 (Hold), have surged 64.9% in a year compared with the industry’s growth of 11.6%.
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Stocks to Consider
Some better-ranked stocks in the same space include Oportun Financial Corporation OPRT, Jefferies Financial Group Inc. JEF and Equitable Holdings, Inc. EQH. While Oportun Financial sports a Zacks Rank #1 (Strong Buy), Jefferies Financial and Equitable Holdings carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oportun Financial, Jefferies Financial and Equitable Holdings have a trailing four-quarter earnings surprise of 520.89%, 222.85% and 15.86%, on average, respectively.
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