product-update-3Product update, Soldo News

Everything you need to know about our new plans

31 October 2022   |   9 minutes read
New plans

We’ve got some exciting news! After a lot of careful thinking and hard work behind the scenes, we’re thrilled to have launched a shiny new range of Soldo plans.

In this article, we’ll cover everything you need to know about our new plans, including:

  • Why we’ve launched new plans
  • What’s included in our new plans
  • How you can move to a new plan

Before we dive in though, we wanted to make two things very clear.

Firstly, these aren’t just new plans for new customers. All existing customers can move straight over to a new plan – whether that’s a simple old-to-new switch or an upgrade to the next plan level.

And secondly, you can find even more detailed information about our new plans by heading over to the dedicated FAQs page on our website.

The thinking behind our new plans

We’ve launched new plans for a simple, yet crucially important, reason: to better serve your needs.

As a business, we’re committed to continuous improvement and constantly evolving to meet our customers’ changing needs. Our new plans are designed to give you even more value and the best possible experience from Soldo.

The plans include a range of exciting new features (more on these below) that put you firmly in the driver’s seat. Advanced control means managing all your company and employee expenses in one place – increased flexibility means doing that in a way that suits you and your business.

No more messy switching between systems and spreadsheets. From splitting payments into multiple transactions and managing out-of-pocket expenses, to identifying and controlling out-of-policy spending. Everything you need to oversee every business expense, ready and waiting for you in Soldo.

Importantly, all of the new and improved features we roll out now and in the future are exclusively available on our new plans…watch this space for outbound transfers coming early 2023.

Let’s talk about the new features

The new features we’ve launched (and the adjustments we’ve made to existing ones) better reflect the needs of our customers today. And that’s just the beginning of a whole roadmap of features that we’re rolling out exclusively for our new plans in the coming months – and long into the future.

With these features, our new plans unlock a truly end-to-end, integrated company spend and employee expense management experience.

To get a better idea of what that means in practice, let’s take a look at some of the features exclusively available on our new plans as well as a few key adjustments.

Spotlight on our new Pro plan

When you move to our new Pro plan, you’ll get:

  • Access to brand new expense management features you can use to review, track and classify expenses into customisable categories that make sense for your business
  • Three cards for subscriptions/online ads included in the price of your plan, plus a dedicated dashboard to give you complete visibility
  • More control over ad-hoc spending with five temporary virtual cards per month included in your plan, valid for seven days and up to 10 purchases
  • The flexibility to add between three and 20 users to your account with a card for every user included and up to 30 cards available

We’ve made a few adjustments to make sure the features are better aligned to each plan. For example, transaction reporting and auto-tagging will now be available from our Premium plan level.

Spotlight on our new Premium plan

Our new Premium plan includes five cards for subscription/online ads and 10 temporary virtual cards for pre-approved spend per month. You can add between three and 30 users, each with their own card included and up to 40 cards available.

The best part about moving or upgrading to a new Premium plan is exclusive access to our full expense management suite, meaning you can:

  • Add out-of-pocket expenses to Soldo, so you can track and manage all company spending in one place
  • Split single transactions into several with the right amount of money attributed to the right employee to get more accurate reporting
  • Add spending policy profiles directly to Soldo and run reports that highlight any transactions that fall outside of them to easily identify and manage out-of-policy expenses
  • Categorise transactions, so employees can classify payments into categories you’ve defined to suit your needs

On all our new plans

You’ll pay a monthly fee on our new plans. This is based on the number of users on your Soldo account, instead of the number of cards. Monthly fees start from a minimum of three users and every user has a card included.

Check out our pricing page for all the details.

How soon can you move to a new plan?

You can move to a new plan right now in four simple steps:

  1. Log in to your Soldo account
  2. Go to Company info
  3. Open the Soldo plans tab
  4. Select the new plan you’d like to move to

When you move to a new plan, we’ll make the change immediately, starting from the current billing period. If you decide to move to a different plan at any time after 24 October 2022, only our new plans will be available.

We recommend moving as soon as possible to start getting the most value from Soldo. You’ll instantly unlock your exclusive access to new and upcoming features only available on our new plans.

Log in now to get started or head to our pricing page to choose the best new plan for your business.

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Introducing our new expense management features, that help you manage all your business spending in one place

6 October 2022   |   8 minutes read
woman on laptop

We’re introducing new features to help you oversee more of your spending and save even more time. Our new Expense Management functions allow you to manage and track out-of-pocket expenses, set up policy limits, categorise expenses, split single transactions, and download reimbursement reports.

Why manual processes don’t work

In a recent article, we highlighted that in many businesses, expense management processes are still rudimentary and rely on employees paying out of pocket, filling in template spreadsheets, and submitting their receipts at month-end. These processes are slow and manual, and create a number of problems:

Human errors – Employees must enter information manually, so it’s easy to make mistakes. They might put transactions in the wrong categories or enter the wrong values.

Slow submission – When employees are asked to enter data themselves and store receipts for reconciliation, finance teams often need to chase up information to get a complete picture.

Inconsistency – Manual processes make it difficult for department and line managers to follow company policy consistently.

Lack of transparency – As spend management submissions are manual, piecemeal, and infrequent, it’s difficult for CFOs to get full visibility of spending across their business.

Our new expense management features

We’ve introduced new features to save you time and effort and give you even more flexibility to manage your expenses in a way that suits you.

1. Manage out-of-pocket expenses

Employees often need to pay for business-related expenses with money or their own card. For example, a taxi might only accept cash, or they may have forgotten their company card. This can leave teams struggling to coordinate different kinds of payments that need to be managed in different systems.

Take control of every expense, all in one place

With Soldo, you can capture out-of-pocket expenses as well as those made with a Soldo card. That means you can track and manage all your expenses in one platform.

2. Enforce your company spending policies

Company spending policies outline what employees can spend on and how much. Having a transparent spending policy saves employees time (as they don’t need to go looking for information) and ensures a fair and consistent approach between individuals and across different teams or departments. Relying on manual processes can make it difficult for managers to find and follow the agreed rules.

Set up spending policy profiles to align your spending with agreed rules

With Soldo, you can set up spending policy profiles. This allows you to mirror your spend limits, and other restrictions, in your Soldo account. Instantly highlight transactions not in line with company rules and run reports with out-of-policy transaction amounts.

3. Manage your spending flexibly

Real business spending isn’t always straightforward, and employees regularly need to cover costs for other people. For example, if colleagues have shared a meal or if one person has organised travel or tickets for a group. Manual processes make it difficult to manage these more complex transactions where the total amount can’t be attributed to a single employee.

Split transactions for more accurate reporting

Our new feature allows users to split single transactions into multiple transactions so that different amounts can be attributed to different people. This ensures that individuals don’t exceed their spending limits if they’ve paid for other people and finance teams get more accurate spending information.

4. Get a complete and correct overview of spending

When employees make purchases with cash or personal cards as well as company cards, manual processes make it difficult to categorise which transactions are company expenses and which are personal expenses.

Spend categorisation gives an accurate view of spending

With our new features, Admins can create custom rules that allow users to categorise their expenses by MCC or classify each transaction as a company or personal expense.

screenshot of approval/validation feature in app

5. Take the pain out of reimbursements

Out-of-pocket expenses mean reimbursements. With manual processes, these can be slow. This leaves employees without personal funds, which can put a strain on their finances and build resentment.

Create reimbursement reports and repay employees in good time

With Soldo, it’s easy to create reports that outline the funds that need to be reimbursed to employees, which makes it easier to get payments out quickly. Admins can also run reports to highlight out-of-policy spending amounts, so they know what payments need to be charged.

screenshot of expense review feature in app

Soldo Expense Management: manage all your company expenses in one platform

Our new expense management features make it easy to review and track all your business expenses. Manage out-of-pocket expenses, set up spending policy profiles, and easily split and categorise transactions for more accurate reporting – all in one place.

See our pricing section to understand what’s included in your plan.

Ready to get started?

Log in to your web console and simply click on “Expense review” on the left-hand menu to start your set-up.

Get started

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Managing ad-hoc spending requests across your company

28 July 2022   |   7 minutes read

Introducing Temporary Virtual Cards, an even more flexible way to cover expenses

Our new Pre-approved Spend feature is replacing Purchases, so you can create temporary virtual cards that cover more than one transaction. Get better flexibility, visibility, and control over even more expenses. Here’s how and why temporary virtual cards will benefit your team and your business.

As we face continued economic uncertainty, it’s vital that businesses can act quickly and flexibly to keep projects moving and teams working effectively. Wasting time waiting for approvals for vital equipment, software, or subscriptions just isn’t an option.

That’s why we’ve upgraded our single-use virtual cards to give businesses more control over exactly how they spend. Our pre-paid temporary virtual cards allow individuals, projects, or teams to make purchases for 7 days after they’re activated, up to a pre-approved spend limit. And the purchase limit can be set between 1 and 10 transactions. This unlocks flexible short-term spending for expenses like business trips, courses, or training. And we’ve made the approvals process quicker and easier to use and customise.

Managing employee expenses can be challenging

Approvals and reimbursements create hours of admin

Every employee, project, and department needs to spend, but it’s not practical to give everyone a company card. That can leave teams wasting time sorting expense claims after paying out of pocket, when they’ve got more important work to focus on. And waiting for approvals, even for very small amounts, can leave individuals unable to work without vital equipment or software. Projects stall and work grinds to a halt.

Sharing cards adds risk

To get round lengthy approvals processes, individuals are often forced to borrow cards to make ad-hoc, last-minute purchases. This creates unnecessary security risks and can quickly get out of hand. Card details can easily fall into the wrong hands, both inside and outside your business. With online payments on the rise, card-not-present fraud, where scammers try to make transactions with card details rather than a physical card, is also becoming more of a threat.

Card-sharing blocks full visibility of spend

When employees share cards, it’s impossible for finance teams to know exactly who has spent what and why. This makes it difficult for them to allocate budgets, forecast future spend, and reduce duplicate or inefficient purchasing. Creating granular reports that break spend down by individual, merchant, or purchase type help businesses take control of their spend.

A new solution for ad-hoc spending: temporary virtual cards

Temporary virtual cards are part of the new Soldo Pre-approved Spend feature that allows you to manage all occasional spending requests in real-time.

Using your existing request and approval process in Soldo, you can now create a pre-paid virtual card with a set budget in seconds. Each card expires 7 days after the activation date and issuers can set a transaction limit – between 1 and 10 transactions. When you create a card, Soldo generates a new card number which is destroyed when the card expires. This card data is securely stored in one place and can only be accessed by the issuer and the user so there’s no risk of it falling into the wrong hands.

Why use a temporary virtual card?

Get more flexibility

Our new Pre-approved Spend feature is replacing our Purchases tool. With Purchases you could create a one-off card number for a single transaction. But with Pre-approved Spend, you decide the spend and number of transactions (between 1 to 10) an individual or team can make, while they can spend more flexibly. Temporary virtual cards are ideal for employees who need to make a few purchases over 7 days. For example, covering ad-hoc expenses during business trips, training courses, or events.

Increase efficiency

Temporary virtual cards cut the time and effort employees need to spend making, chasing, and approving spend requests. The dedicated approvals workflow allows teams to request and manage both single and multiple payments. It’s all done in one system without the need for paper expense forms, back-and-forth emails, or sharing corporate cards. And requests are routed to the right person at the right time, so employees don’t waste time waiting for spend approval.

Empower your employees

Instead of limiting spending to a select few employees, temporary virtual cards allow anyone to spend without increasing the risk of fraud, over-spending, or misuse of company cards. While employees, teams, and projects are empowered to make the purchases they need to keep your business moving, finance teams keep control of what’s being spent. And everything is done in real-time via the employee expenses app and dashboard.

Protect your business

Strong Customer Authentication (SCA) prevents anyone but the requester from using the temporary virtual card details, and the card is destroyed once the transaction is complete.

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Make payments fast and simple with Google Pay ™️

26 July 2022   |   4 minutes read

Paying with Google Pay is fast, convenient, and safe all at once – and you can now make the most of it with Soldo.

Need to pay for last-minute important event materials or hop on in a taxi for an urgent meeting? You can leave your wallet and your Soldo card at home, and you’ve still got it covered, with Google Pay.

You can now use Google Pay to make in-store payments anywhere that accepts contactless, and online or in-app payments wherever you see the signs below with your Soldo user card.

Make payments fast and simple with Google Pay ™️

Paying with Google Pay is also incredibly secure; Google Pay never shares your card details with merchants. Instead, Google Pay creates an encrypted virtual account number that is shared with merchants when you make an in-store payment – giving you peace of mind and an additional layer of security!

You can add your physical or virtual Soldo user card to Google Pay by manually entering your card details or via the Soldo app. Here’s how you do it.

How can I add my Soldo card to Google Pay?

To add your Soldo user card to Google Pay via the Soldo mobile app follow the below steps:

Step 1: Log in to your Soldo app and go to ‘Cards

Step 2: Select the card you want to add to Google Pay

Step 3: Tap ‘Add to G Pay’ and follow the instructions to get set up!

How can I add my Soldo card to Google Pay

Alternatively, to add your Soldo user card to Google Pay manually. Once that’s done, you’ll be ready to use Google Pay with Soldo. Google Pay is available to use on multiple devices including your Android phone, smart watch, and tablet.

Start using Google Pay

Log in to your web console and head to the ‘Cards’ section to check if your card is compatible with Google Pay.

If your current card isn’t compatible, you can easily replace it with a new card. Get in touch with our customer support team or follow the steps via the web console to get a new card enabled for Google Pay.

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Review and approve Soldo expenses with our new feature

23 June 2022   |   3 minutes read

You can now validate your employees expenses made using a Soldo card using our new expense review functionality.

 

We all know the headache of waiting until the end of the month to review expenses and approve or deny payments made by your teams.

It’s a hassle to manually collect expense reports and chase colleagues for receipts (some of which have probably gone missing). And there’s no joy in populating Excel files or printing expense notes and rifling through receipts.

There’s also the problem of time. Checking and approving expenses one by one burns hours.

But with our new expense validation feature, you can consign these challenges to history. Here’s how:

Review and approve expenses easily

When a payment has been made on a Soldo card, you can review it and approve it if it complies with your spending policy. If it doesn’t, you can request more details from your employee about the expense to help you decide whether to approve or deny it.

Forget about manual expense reports

Forget the eternal struggle of chasing expense reports manually. Just review and approve spending as it happens on your Soldo cards, then request missing details in a few clicks – so expense reports are done right away.

Deploy a smart, decentralised review process

With this new functionality, you can allow line managers to review and approve their team’s purchases so they can stay on top of spending, with distributed control for more autonomous teams.

Get started today

Log in to Soldo and click on ‘Expenses’ on the left sidebar menu to set up the new expense validation feature.

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Make month-end effortless with our new Sage Accounting integration 

14 April 2022   |   5 minutes read

You can now validate your employees expenses made using a Soldo card using our new expense review functionality.

 

We all know the headache of waiting until the end of the month to review expenses and approve or deny payments made by your teams.

It’s a hassle to manually collect expense reports and chase colleagues for receipts (some of which have probably gone missing). And there’s no joy in populating Excel files or printing expense notes and rifling through receipts.

There’s also the problem of time. Checking and approving expenses one by one burns hours.

But with our new expense validation feature, you can consign these challenges to history. Here’s how:

Review and approve expenses easily

When a payment has been made on a Soldo card, you can review it and approve it if it complies with your spending policy. If it doesn’t, you can request more details from your employee about the expense to help you decide whether to approve or deny it.

Forget about manual expense reports

Forget the eternal struggle of chasing expense reports manually. Just review and approve spending as it happens on your Soldo cards, then request missing details in a few clicks – so expense reports are done right away.

Deploy a smart, decentralised review process

With this new functionality, you can allow line managers to review and approve their team’s purchases so they can stay on top of spending, with distributed control for more autonomous teams.

Get started today

Log in to Soldo and click on ‘Expenses’ on the left sidebar menu to set up the new expense validation feature.

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Keep better track of subscriptions and online ads

9 December 2021   |   6 minutes read

We know that without this oversight, subscription and online ad costs can quickly get out of hand and even lead to duplication.

Forecasting becomes harder when you don’t know how much your supplier costs could be – especially as some of those will be fixed, variable- or usage-based, and the frequency changes.

Then you need to know who is using which subscription, and whether they’re still actively using the subscription – and if not, you might be paying for something that isn’t being used.

There are also the logistics of how you enable employees to pay for their subscriptions and online ads. Card details are often shared within a business to mitigate this, or a department/company card is used.

And if you work in finance, you may find yourself constantly chasing employees for receipts or invoices concerning these payments.

Our new functionality will help you solve these dilemmas. Let’s dive in.

1. Create dedicated virtual cards for your subscriptions and online ads

Once the request and approval for a new subscription or online ad has been confirmed offline, admins can log in to the Soldo web console and ‘create’ a new subscription or online ad to track. A virtual card is instantly generated and can be assigned to the requestor to use straight away.

2. Track your subscriptions and online ads closely

With our new subscription and online ad dashboards, you get a complete overview of which subscriptions are active, ongoing, and deleted. You can see spend per supplier, date of the last payment, and amount.

We have also gone one step further and have given you a breakdown of all activity per subscription or online ads platform. You’ll have a clear view into how much has been spent, the date of each transaction, and which payments are missing crucial information such as receipts.

3. Stop sharing card details for good

Gone are the risky days of sharing card details. Once a subscription or online ad is created in Soldo, the corresponding virtual card is instantly generated. The employee assigned to the subscription or online ad will receive an email alert, so they can then log in to the web console and activate the card for use.

Whilst they are using the console, they can also add additional information to the subscription description. They can easily set up their subscription or online ad campaign using these new card details – it will be up and running in no time!

4. Don’t forget about reminders and auto top-ups!

There is already the ability to do this within the Soldo web console, but it works perfectly with our new functionality. Reminders and auto top-ups help make sure you don’t have to chase employees, and that you have enough funds in your wallet to pay for your subscription and online ads.

5. And report your subscriptions and online ad costs

You will also be able to download a report of all your subscriptions and online ad transactions from the reporting section, specifically under ‘payment method’.

Let me guess – you use Slack, Figma, Adobe, Google or Microsoft, and you have ads available via Google Ads, Facebook, and LinkedIn… and keeping track of them all is a challenge.

With this new functionality, managing your budgets for these just got easier. You will have complete visibility over your digital spend, secure access to card details, and more control over spending… all in one place!

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