Revolut Business is launching a new 'Expenses' feature which it hopes will help businesses save time and stay organised.

The tool is designed to allow business owners to easily manage their finances.

Users can set up spending notifications in real-time, introduce spending limits and block or freeze company cards.

The tool also allows businesses to set up automatic notifications, to remind employees to submit receipts for their expenses.

As many transactions now take place online, owners can forward digital receipts to the company Revolut Business account via email or upload them as a file.

The new categorisation feature allows repeat expenses to be easily organised, with the app automatically categorising them into segments such as transport or subscriptions.

Business owners or the assigned finance manager can then review expenses in-app.

James Gibson, Head of Product at Revolut Business, said they have built the 'Expenses' feature to simplify everyday tasks for business owners, employees and accountants.

"Regardless of whether you are a freelancer, small business or future unicorn, our set of tools will provide you with control over your company spending - so you can focus on running your business," he said.