Navan Expense March Updates

Elevate Your Finance Game with Navan’s Latest Expense Features

Samantha Shankman

28 Mar 2024
3 minute read
Unlock Finance Efficiency: Navan Expense March Updates

Finance professionals must stay ahead of the curve in pursuit of efficient and accurate business operations. Navan Expense's latest features, released in March, enable expense admins to do just that, with unprecedented control and flexibility. 

These features provide finance professionals with solutions that streamline expense management, enhance operational efficiency, and ensure financial compliance. 

Fuel Expense Management with Custom Field Approvers

What's New: Expense admins can now harness the power of custom fields and responses during the booking checkout process or when submitting transactions. This feature allows for the precise allocation of expenses to specific projects or clients, enhancing accuracy and oversight.

Why It Matters: Introducing custom field approvers revolutionizes the expense approval process by enabling the assignment of approvers with specific project or client knowledge. This ensures that expenses are reviewed and managed by the most qualified individuals, which fosters a more accurate and efficient tracking system.

Fuel Expense Management with Custom Field Approvers

Seamless Travel Preparation with Create a Trip

What's New: Preparing for business travel is now easier than ever. Travelers can activate their Navan cards by creating a trip using the Navan web and mobile app. Once approved, their status changes to "on a trip," and their Navan card is activated for travel. 

Why It Matters: Depending on company policy, some travelers' cards are not switched "on" unless they are traveling. By allowing travelers to manage their trip status proactively, Navan ensures that every transaction is policy-compliant, which directly benefits finance leaders and employees.

Seamless Travel Preparation with Create a Trip

Choose Your Payment Cycle Frequency

What's New: Expense admins now have the flexibility to select how often they receive Navan Expense statements, with options ranging from weekly to semi-monthly and monthly.

Why It Matters: This customization capability aligns Navan Expense statements with your company's financial operations to enhance planning and budget management. Changes to the statement period take effect in the next billing cycle.

If the statement period cycle is updated, the change will occur during the next billing cycle. For example, if a customer is currently on monthly statements generated on the 1st of February and changes to weekly statements on February 5, they will complete the current February statement period and begin weekly cycles on March 1.

Contact your account manager to update your statement period cycle.

Assign Push Payments

What's New: Expense admins can now directly allocate manual payments to specific outstanding statements by a legal entity. This new feature enhances the efficiency of fund allocation by ensuring that your company has quicker access to available funds.

Why It Matters: By allowing expense admins to assign push payments, Navan removes the delay previously caused by the manual assignment process. This ensures that funds are credited to your company's account faster. The result: smoother financial operations.

Assign Push Payments

Split Transaction Types on Xero

What's New: Navan has expanded its ERP integration capabilities with Xero so expense admins can set and sync Navan transaction types (like Navan card, manual reimbursements, Navan Connect, and payroll) using different record types.

Why It Matters: This feature allows businesses to tailor their accounting records on Xero to suit their unique operational needs better. Navan ensures that your financial data is accurate and comprehensively aligned with your accounting practices by offering more flexibility in recording and managing transaction types.

Split Transaction Types on Xero

Book a Navan Expense demo today to explore how these new features can transform your finance workflow.

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