Simple and safe spending shouldn’t be a challenge for care providers, but with shift working, high staff turnover and multiple locations, the backdrop to care spending is far from straight forward. The result, distributing and tracking funds can be an arduous task.
Add to this multiple ways of spending, petty cash, credit cards, possibly carer cards, it can be incredibly challenging to have full visibility and control over where your money is being spent.
You want carers to be focused on caring, not worrying about a missing receipt or how they are going to get the funds in the first place. You also, as a manager or finance team member, don’t want the admin and hassle that comes with it. Straightforward spending and reconciliation help you to focus on moving the business forward, finding ways to drive efficiencies and improve the bottom line.
This is where Soldo comes in. It provides a safer, more flexible alternative.
You decide how you distribute your prepaid cards, whether it’s to individuals, homes or teams, you can set it up to reflect your business structure and ways of spending. Budgets and rules can be customised in the platform, allowing you to decide where the cards can be used, giving you control over where and how money is being spent.
Once that’s in place you can simply move money where it is needed whilst having a real-time view of spending across the entire business. Combine with the deep insights the platform offers, you are able to stay on top of spending.
With proactive controls, teams spend money responsibly without involving finance. You can decide who can spend what, and where, ensuring your people have money when they need. Funds can be distributed between carers, homes or teams within a few clicks.
Expense reporting can be done on the go, removing the need for receipts to be kept in a petty cash tin. The time saved on this task or the chasing that ensues can be spent focusing on strategic activities, such as opening new locations, streamlining suppliers etc. With automation and integrations with Sage, Quickbooks and Xero, manual data entry is reduced, removing inaccurate records, missed VAT claims and potential compliance issues. You also have an up-to-date view on spending data.
There are 3 main use cases for how you can segregate or distribute funds across your care service:
Instead of using service users’ personal bank cards, assign Soldo cards instead. Set weekly or monthly budgets in advance and give families a clear view of all transactions.
Got carers on the road? No problem, give them a card with the money they need – all locked down by rules, so it can only be spent with pre-approved suppliers.
Move your money to any location, instantly. Cash can be managed from anywhere and distributed to anyone with the click of a button, whilst you have piece of mind that the money can only be spent with approved suppliers.
Have a different use case? Give us a call and we’ll work with you on how to solve it.
If you’re looking for a way to gain visibility and control over spending, whilst adding a layer of security, get in touch with us today. We’d love to help with your spend management.