Expense management: How to control costs and automate admin

From travel to training, employee expenses are unpredictable costs incurred by your team as they do their jobs. Expense management helps you to control and report that spending.

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The workarounds needed for expense management

We’re sure you’ve witnessed this first-hand, but traditional banking isn’t a great fit for the way businesses work. So – to pay for expenses – companies add corporate credit cards, travel desks, and employee reimbursements to a bloated list of financial hacks.

Each solves a different problem. Senior staff share credit cards to pay for medium-sized costs, like training. Employees buy items like fuel and food out of their own pockets for later reimbursement. Travel desks pay for travel expenses like hotels and flights.

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Expense reporting admin is an unnecessary evil

The workarounds result in painful payments, tricky tracking, and financial fraud. You have to choose – control spending with tedious approvals processes that slow you down or empower employees to spend and risk overspending. Either way, admin is agonising.

Delayed reports leave you blind to costs for weeks, or even months. Then data input and reconciliation create a lag in visibility, while your finance team processes expenses and imports them into your accounting system. The resulting stats make for dim viewing

£1.9 billion lost

This is the eye-watering sum is lost to fraudulent employee expense claims in the UK every year.

45 mins per claim

Incredibly, it takes teams 45 minutes on average just to file and process a single expense report.

36% are over it

More than a third of employees think their expense management processes are outdated.

Soldo: The brighter solution for company expense management

It’s no surprise that thousands of businesses – just like yours – are now turning to expense management software to simplify expenses. But most expense management systems focus on reporting, meaning manual data input and the same lack of visibility and control.

Soldo is different. Our platform connects smart company cards to an expense management automation system. It’s a smarter business expense management solution, giving you real-time visibility and control over employee expenses, and saving everyone time.

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Control spend on prepaid cards

Empower employees to spend; set budgets and track spending in real time, from anywhere.

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Automate all expense admin

Send transactions, receipts, and other data to accounting software through smart integrations.

Capture receipts and VAT fast

Prompt employees to photograph receipts, add VAT and categories on the Soldo mobile app.

How Soldo works for you

Frequently asked questions about travel and company expenses

Read articles about travel and expense management

Learn how to simplify expense management in your business. These articles cover everything from streamlining admin to reducing overspending.