Moss Review 2024: What You Need to Know

Has your small to medium-sized business grown to such a level that you’re ready for a different kind of financial administration?

Perhaps one offering greater flexibility, corporate credit cards, expense management tools, integrations with accounting software, and more?

If so, finding the right technology that provides all the above from the convenience of one place is essential.

In this review I'll look at one such financial management solution: Moss.

More specifically, I'll explain what it is, its core features, prices, and pros and cons. By the end of this blog post you’ll be better positioned to decide if Moss is right for you and your business.

There's lots to discuss, so let's dive straight into this Moss review!

What is Moss?

Founded in Berlin in 2019, Moss is a fast-growing fintech company with core markets in Germany, the Netherlands, and the UK. Moss serves businesses in all kinds of industries, including eCommerce, tech, healthcare tech, and consulting.

It secured €130 million in funding from various well-known investors, including Tiger Global, A-Star, Valar Ventures, Cherry Ventures and GFC.

Moss is accessible via a mobile app or internet browser. The former can be downloaded from the Apple App Store and Google Play.

Since its inception, Moss has issued approximately 200,000 corporate credit cards to 2,500+ businesses. Aside from corporate credit cards, Moss also offers tools to help with employee expenses, invoice management, and budget control. It also boasts a variety of integrations.

Interestingly, you don’t need to open a new bank account to use Moss; you simply connect your existing corporate bank account.

According to Moss's website, with its software:

4 out of 5 expense report errors are auto-corrected
Users see a 47% increase in their finance team's productivity
Employees are reimbursed for their expenses 27% faster
Businesses save around £700 per employee a year thanks to improved efficiency

Moss's Key Features

Now that we've covered the basics, let’s take a closer look at Moss's key features:

Corporate Credit and Debit Cards

Moss allows businesses to issue unlimited virtual and physical credit and debit cards to their teams. These cards are issued by Transact Payments Malta Limited in cooperation with a German bank.

Moss's physical debit and credit cards are accepted by merchants worldwide (although they can’t be used at ATMs), and virtual cards can be added to your Apple Pay and Google Pay wallets.

To clarify, Moss offers four types of debit and credit cards:

Virtual: Virtual cards can be used online and in person via mobile wallets. You can even create purpose-specific virtual cards, e.g., marketing, travel, IT, etc.
Physical: To be used while you're on the go, e.g., for dinners out, coffees for the team, etc.
Single purchase card (virtual): These cards can only be used once, and then they're terminated.
Subscription cards (virtual): For subscriptions and/or recurring payments.

Your finance team can easily manage all the above cards from one simple-to-view dashboard.

It’s also worth highlighting that Moss debit cards don’t require any credit underwriting. You can also top up your account as needed, assign cards for various purposes and to specific people, and adjust card limits as necessary.

It’s worth noting that Moss debit is currently only available in: Germany, the Netherlands, France, Italy, Spain, Austria, and Belgium.

Moss credit cards offer high limits (up to £2.5 million a month) and flexible payment terms. Like Moss debit cards, you can create cards for various purposes, assign them to specific people, and adjust card limits as you go.

Both Moss’s debit and credit cards offer businesses the following features:

Month-end accounting: In just a few clicks, data is extracted from card receipts to help you prepare for your month-end accounting.
Reduce the risk of overspending: This is achieved by setting a purpose and limit on each card, tracking transactions in real time, assigning cards to specific users, customizing card usage and approval policies, and more.
Receipt and spend matching: Moss fetches receipts from 50 supported merchants by email or direct integration and automatically matches them to the correct card transaction.
Card spend tracking: – You can monitor who’s using each card, why, and on what.

Invoice Management

Moss’s invoice management features automatically extract invoice data, including the supplier’s name, due date, amount, invoice number, VAT rate, etc. This data is then sent to reviewers for pre-accounting, i.e., organizing receipts, invoices, budgets, and so on, ready to be used in your accounting processes.

You can assign members of your finance team the necessary permissions to review and approve invoices while maintaining complete visibility over who’s reviewed and approved each invoice and when.

When it’s month-end accounting time, you can prepare and export invoice data in just a few clicks. Moss’s smart automation rules and OCR (optical character recognition) extraction ensure no one has to manually input dates, amounts, suppliers, VAT, etc. Instead, these details are auto-filled.

Expenses Reimbursement

When employees digitally submit expenses, your finance team can review and reimburse them in a matter of clicks. Employees with expense approval permissions are automatically notified when an expense claim is ready for them to review.

If an approver needs more information, they can ask the claimant for more information before agreeing on expenses.

Employees just upload images of their receipts to Moss, which triggers an automated, configurable workflow.

Approved expenses are exported to your chosen accounting software with a click. As such, employees can potentially receive reimbursement within a few hours of their request.

Budget Control

You can create different budgets and assign a:

Name
Type
Date
Amount

You can also specify which teams, cost centers, and budget holders are associated with the budget, and provide the latter with a budget tracker accessible via their dashboard.

In addition, invoices and expenses are automatically tracked against your department’s budget, making it easier for managers to review and approve their team’s spending. Needless to say, this goes a long way to help avoid overspending.

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Budgets are automatically updated with real-time information. For example, you might receive a notification telling you what percentage of your overall budget has been spent on a specific budget, e.g., “Your budget ’Office Party’ has reached 100% of its total amount”.

This allows you to quickly react and adjust budgets as and when needed.

Advanced Approvals

This final feature is more of a round-up of some of what we’ve already referenced. Put simply, Moss allows you to set your own approval policies for expenses and spending.

For example, you can decide who approves which type of expense and for how much. This means you can set spending ceilings for different teams and specific team members.

For instance, you could set a spending policy for your sales team, which could include the following:

A custom name and rules
Stipulating spending thresholds
Naming the people responsible for spend approvals

You’ll also receive real-time updates and notifications concerning spending and approvals.

It’s also worth highlighting that you can auto-approve specific spending. For example, you can set spending thresholds per team and apply them to particular situations.

For instance, if the expense is under a certain amount of money, the user can make the purchase without needing approval. In contrast, a higher spend would need to be reviewed.

Moss Integrations

Moss connects with the following accounting software:

AFAS
DATEV
Exact Online
MS Dynamics 365 Business Central
Quickbooks Online
SAP Business One
Sage 50
Twinfield
Xero
Oracle Fusion Cloud ERP
DocuWare

In addition, Moss integrates with the following HR systems:

Bamboo HR
Heaven HR
HiBob
People HR
Personia
SAP Success Factors
Sage HR
Workday

Plus Single Sign On integrations (SSO):

Google
Microsoft Azure
Okta

Using any of the above SSO integrations allows users to securely authenticate themselves with a single sign-on.

Moss Pros and Cons

Pros

You can issue unlimited virtual and physical debit and credit MasterCards
You can customize spending limits on all your cards
There are plenty of integrations available, including a good range of popular accounting software
Your finance team can approve expenses digitally and quickly

Cons

You can’t use Moss payment cards at ATMs
There’s no up-front information about credit and/or debit card fees. Instead, you have to contact Moss directly about prices.
Although Moss has an overall 4 out of 5-star rating on Trustpilot

Moss Customer Support and Reviews

Aside from a few negative reviews, as mentioned above, customers on Trustpilot are generally positive, as are reviewers on GetApp and Capterra, each giving it 4.8 stars out of 5.

Where customer support is concerned, according to Moss’s pricing page, it offers its Customized Plan and Complete Spend Management plan holders 24/7 support.

The latter plan also comes with a Dedicated Account Manager. However, elsewhere on its website, Moss states its users receive customer support Monday to Friday, 9 am to 6 pm — so the jury’s out on that one.

Other resources include a Help Centre where you’ll find articles organized into categories, including getting started, invoices, budget control, approval processes, and more.

There are also answers to FAQs, a blog, an online magazine, and The Modern CFO, a resource hub with access to white papers and webinars. You can also follow Moss on Facebook, Instagram, YouTube, Twitter, and LinkedIn.

Moss Prices

Moss has three plans but, as mentioned above, no prices are shown on its website. Instead, you can book a free product intro call to discuss the following packages:

Smart Cards

This plan enables you to issue unlimited smart MasterCard credit or debit cards to any employee with just a click (smart credit cards can be used for contactless payments, and are also supported by back end software to manage funds).

Plus, you can:

Set purchase limits on your cards.
Automate spend approval flows
Use Moss’s receipt capture and matching functionality
Integrate seamlessly with accounting systems (as listed above)
Pay with physical cards or Apple & Google Pay
Access Moss via its iOS or Android mobile app

Customized Plan

With the aptly named Customized Plan, you select and pay for the specific features you need. This is an excellent option if you’re after greater flexibility and cost efficiency.

For example, you can choose any combination of smart cards, employee reimbursement, or invoice management modules. You can also select the right level of ERP integration for your business and add the appropriate controlling, SSO, and AI accounting automation features as needed.

You’ll also benefit from:

1-1 custom implementation support
24/7 support

Complete Spend Management

Moss allows you to consolidate your spending and get a complete overview of your expenses from one platform. More specifically, you can manage supplier invoices, employee reimbursements, smart cards, and more.

Plus:

Receive real-time budget insights
Access to AI-powered accounting automation for more precise financial reporting
Access to Moss’s full range of ERP and accounting integrations
SSO for enhanced security
A dedicated customer success account manager

Other Fees

In addition, you’ll incur costs if you make card payments in international currencies. Fortunately, Moss has a handy exchange rate calculator where you can select a currency to view the following:

European Central Bank (ECB) exchange rates
MasterCard exchange rates
Moss’s surcharge on Mastercard exchange rates (currently 2%)
The total premium charged on the ECB exchange rate.

Moss Review: My Final Verdict

Yay! You’ve made it to the end of my Moss review. Hopefully, I’ve provided a clearer picture of what Moss offers so that you can decide whether it’s the right platform for your small to midsize business.

That said, here are my final thoughts:

Moss offers an easy-to-use system that consolidates all your business’s financial management into one centralized place. I like that you can set up unlimited virtual and physical cards. However, it is disappointing that no prices are shown on Moss’s website.

That said, it could be a viable option for businesses wanting to shrug off spreadsheets and manual data entry in favor of something more streamlined.

Are you considering getting in touch with Moss to give one of its three pricing packages a try? Let us know about your experience in the comments below!