Amid significant political and economic shifts, navigating the new business landscape has become ever more important for finance leaders who are being recognised as agents of growth.
Soldo’s Spend Index offers a clear, data-driven snapshot of current spending trends for over 18,000 companies using Soldo to help inform strategic decision-making in unpredictable times.
Artificial intelligence continues to be a significant driver of innovation and efficiency in business operations. According to our data, AI investment has surged 449% compared to last year. This substantial increase underscores the growing importance of technology in maintaining competitive advantage, improving productivity and adding value.
The report also identifies which industries and sectors are leading and lagging in their digital transformation efforts. Download the report to see how your business and sector compare.
By nomadic employee, we don’t mean the colleague taking video calls on a beach in Bali, we mean employees who spend an increasing amount of time working away from their home or office for work purposes, like a long-distance truck driver or salesperson.
Our data shows a 20% increase in travel and entertainment-related spending, reflecting changing trends in employee work locations and habits. For businesses with nomadic employees, this insight is particularly valuable for financial planning and employee enablement.
ESG is more than a buzzword – the report highlights a dramatic increase in environmentally focused spending with a 324% increase in EV charging station spending for large businesses.
This surge indicates a strong move towards more sustainable practices, a trend that is becoming increasingly important to customers, employees and investors alike.
The Soldo Spend Index is a business tool offering detailed insights into the spending behaviours shaping industries. It provides finance leaders with direct year-on-year comparisons, which is essential for effective forecasting and strategic planning.
How are spending trends shaping industries in 2024? Soldo’s latest Spend Index – Spring 2024 report provides insight into business spend and saving in 2024 and what this means for financial leaders who find themselves at the heart of these decisions.
For us, 2024 is about ensuring that finance teams are liberated from the laborious admin of spend management – freeing them and their business to focus on strategic activities that drive competitiveness. Our latest updates continue to listen to you and your needs – so we’ve gone back to basics to ensure more productivity and reduce inconveniences when managing your spend.
We’ve introduced more options to make payments via Soldo than ever before. Teams can now handle different types of payments under one roof, without having to seek different methods elsewhere. ‘Pay Someone’ brings the flexibility to make outbound bank transfers to employees or suppliers directly from the Soldo platform. So for moments when using your Soldo card isn’t an option, Pay Someone acts as the alternative to ensure you can pay supplier invoices or make one-off external payments from the Soldo platform.
For organisations with a large volume of cards to manage – setting spend rules for these cards is now a smooth and seamless task. Whether it’s setting spending limits or specifying how and when Soldo cards can be used (e.g. limiting use by geo-location or merchant category), these rules can now be set in bulk via ‘Card Rules Presets’. Not only does this reduce any manual effort but it means that different presets can be configured and applied to specific groups or teams – the result – full control of spend based on your business needs.
We want to ensure that anyone using Soldo is empowered to make a purchase as and when they need to, wherever they are. We’ve brought our ‘Pre-approved spend’ capabilities over to mobile to enable exactly that – giving admins and users the flexibility to request, approve and access Temporary virtual cards on the go.
We’ve all been there, being logged-out of an app when working across different tools and trying to get things done. Our updated inactivity timer, means that you can be inactive for 15 minutes without having to log-in again, giving you more time to focus on the tasks at hand.
Our Business API Portal is a one-stop resource for teams seeking to automate financial processes. User-friendly, and comprehensive – our documentation covers how our APIs facilitate everything from transaction exports to virtual card management, driving productivity across the board.
Our Soldo team is on the ground listening out for your challenges and needs. Our platform improvements and feature releases aim to push you to greater levels of productivity.
If you want to learn more about these features and Soldo’s Amazon Business integration, or partnership with Triver, check out our latest product update webinar.
Managing your cash flow actively is the smart way to run and grow a sustainable and resilient company. In 2024, cash and financial debt management is more important than ever for SME business owners. With B2B payment terms extending to an average of 48 days and average delays of an additional 17 days*, effective cash flow management is the key to unlocking your business’ full potential and ensuring long-term success.
There is almost always a lag between receiving payment for the goods and services you have sold and paying for the inventory, services, and wages needed to produce them. This delay impacts your cash flow. To enhance short-term liquidity and efficiency of your business, it is essential to effectively manage your cash flow.
Effective cash flow management has 5 main levers:
Traditional short-term financing options, including overdrafts, short-term loans and invoice factoring, often exacerbate the dilemma due to high costs, cumbersome and lengthy processes, and general inaccessibility to SMEs. Here’s an outline of the pros and cons of these traditional solutions:
Recognising these gaps, our trusted partner, TRIVER, introduces a revolutionary approach to SME cash flow financing. A strong cash flow not only ensures that operations continue smoothly but also provides the flexibility needed to navigate through uncertainties. With a TRIVER facility you can smooth your working capital simply by turning your unpaid client invoices into cash, when needed without taking on any additional debt. TRIVER differentiates in several dimensions:
The partnership between Soldo and TRIVER represents the future of SME finances, empowering SMEs with the tools you need to run your business with peace of mind. Discover how TRIVER’s tailored solution can transform your financial management and secure the future of your business today*.
*Opening a TRIVER facility is subject to approval based on evaluation of the required information collected at application stage.
Did the Spring Budget deliver on the government’s promise to accelerate economic growth? A staggering 92% of attendees at Soldo’s Spring Budget debrief felt the new policies fell short of expectations for stimulating growth.
Staying informed about government budgets and fiscal policy announcements is essential for UK businesses. Soldo’s Budget Series bridges the gap by convening business and economic leaders to share insights and deliver a comprehensive analysis of the latest fiscal policies and trends.
In our recent Spring Budget debrief we brought together an expert panel to discuss Chancellor Jeremy Hunt’s 2024 Spring Budget.
Here’s what our experts had to say about the Spring Budget:
David Owen pointed out that while the UK economy is performing better than expected, productivity remains a challenge. The UK’s strong service sector positions us well to leverage the opportunities of AI, but the government’s narrative must be reframed around improving productivity if the UK is to compete seriously on the global stage.
By embracing tax breaks for new equipment and capitalising on the burgeoning AI landscape, UK businesses are well-positioned to thrive in the years to come.
The VAT registration threshold has been increased to £90,000, offering a potential lifeline to over 28,000 UK businesses. This means less paperwork and red tape, and businesses won’t need to register for VAT or charge it on their sales if they remain below the new limit. This can translate into freed-up time, money, and resources that can be reinvested into growth, hiring, or simply keeping doors open.
Carlo Gualandri emphasised the need to break free from outdated processes and embrace best practices. Equipping teams with the right tools and fostering a culture of full investment in the company’s success is also crucial.
Emma Heal echoed this sentiment, highlighting Lucky Saint’s growth mindset where everyone is informed and actively contributes to the business plan.
Liz Earle reminded us to consider the bigger picture and to think beyond profits, to the social impact of our tech choices, such as copyright infringement and job losses as well as new opportunities.
In an era of tight margins, a strong CEO-CFO relationship is vital. The CEO sets the strategic course, while the CFO illuminates the path with data-driven financial insights. Working together to navigate the company towards financial sustainability and strategic growth.
To help you inform your growth agenda in 2024, we have distilled the panel’s insights into six key actions:
Download the full summary: Spring Budget Debrief: 6 Growth Strategies for 2024
At Soldo, we believe that companies have a duty to keep their finances secure, but for businesses to grow, they need to be free to spend. To free up finance, without a free-for-all. That’s why we are proud to partner with TRIVER, a cash flow financing provider to help us further our mission to liberate finance for small and medium enterprises in the UK.
With TRIVER, businesses can turn client invoices into instant capital in a click. By providing 24/7 access to funding, TRIVER eliminates financial barriers for SME’s and, like Soldo, empowers them to accomplish more.
It’s a familiar struggle: businesses need to pay their bills and employees promptly, but customers often take their time settling invoices. This cash flow imbalance is a significant challenge, especially for UK SMEs. With an average of 55 days to receive payments, these businesses are collectively owed a staggering £150 billion.
TRIVER offers automated, instant funding while keeping it confidential from your clients. Here’s how it benefits you:
TRIVER has created a simple 5-step process to access capital:
TRIVER’s pricing is simple and transparent: you only pay for what you use.
Here’s how it works:
For example:
To advance an invoice of £40,000 for 40 days
The cost of advancing the invoice will be = £40,000 * 0.06% * 40 days = total cost of £960
Instant capital to your business bank account: £39,760
Repayment amount: £40,720 after 40 days
You can apply for a TRIVER account if:
Get the cash flow you need. Open a TRIVER account, today!
TRIVER is a UK based fintech that was created in 2022 and is led by CEO and founder Jerome Le Luel, former Chief Risk Officer at Funding Circle and Global Head of Risk Analytics at Barclays. The fintech assigns facility limits up to £250,000 and advances invoices with up to £100,000 with a maximum duration of 120 days. Learn more about TRIVER.
Pay Someone is a significant step forward in enhancing Soldo’s payment capabilities, giving you more payment options than ever before. With Pay Someone you can make outbound bank transfers to pay others, like employees or suppliers, right from the Soldo platform. It’s a simple yet effective payment capability that helps you manage all types of payment from a single platform. This feature sets the stage for further supplier management and payment enhancements coming later in 2024 – so watch this space!
Pay Someone is a new feature available in Soldo that enables quick and easy bank transfers, directly from the web or mobile app. Pay Someone supports Single Euro Payments Area (SEPA) and Faster Payments Service (FPS) bank transfers. It’s perfect for out-of-pocket reimbursements, invoice payments, and more. No more switching between banking systems – saving you valuable time.
“Soldo’s ‘Pay Someone’ feature has streamlined Nuage’s payment processes, making supplier payments and fund transfers quick and seamless.
It’s become a vital tool that has helped us enhance our client services in the travel industry.” – Carl Paes, Sales Director, Nuage
Pay Someone gives you more payment options to help with day-to-day business spending:
Bank transfers made via Pay Someone can come from your Main Wallet or from ringfenced funds assigned to Company Wallets. This ensures transactions are correctly allocated to the right teams or projects.
Pay Someone is only available to customers who are using our new plans “Standard, Plus or Enterprise”.
It can be used by Super Admins looking for a straightforward way to make outbound payments. For more details on how the feature works, please see our Help Centre FAQs.
To learn more about our new plans, please see our plan and pricing overview or click here to get a 30 day free trial.
If you’re a current customer and want to find out more information, please speak to customer support or your account manager or customer success manager.
While many critical workflows for accountants in business can be automated, you still need to be aware of the critical dates in 2024 related to filing deadlines and tax changes.
Planning is critical. Missing deadlines and paying incorrect values can result in the business receiving fines and needing to undertake time-consuming admin. This can impact the resourcing of your teams and have a knock-on effect on producing accurate forward-looking forecasts.
Due to the incoming recession, making agile decisions based on accurate data is more critical than ever. Don’t accrue deadlines and fines; schedule tasks for teams in advance by following our critical dates for the 2024/2025 tax year ahead.
These updates reflect changes in statutory pay rates, tax regulations, NI rates, and other financial obligations that businesses and individuals in the UK need to be aware of for the 2024/2025 tax year. For the most accurate and detailed information, it’s recommended to consult official government resources or financial advice tailored to specific circumstances.
The Spring Budget for 2024 is confirmed for March 6, 2024, as announced by the Chancellor. This date is significant for financial planning and forecasting, marking a key moment for the announcement of government fiscal policies and economic measures for the upcoming year. For more detailed information on the Spring Budget 2024, bookmark the official gov.uk webpage, where announcements and updates are published.
In this short summary, finance and business experts share 6 Growth Strategies from the 2024 Spring Budget to help your business grow.
Download nowAs for the Autumn Statement, while the specific date for 2024 hasn’t been directly provided in the sources accessed, it usually takes place in late November or early December. It’s another crucial event where the government outlines additional economic forecasts and reviews the financial measures introduced in the Spring Budget. You should keep an eye on official announcements from HM Treasury. You can download the summary of insights and action points from our Autumn Budget event last year.
These fiscal announcements are essential for businesses, financial planners, and the public to understand the government’s economic priorities and how they may impact taxation, spending, and investment within the UK.
Alongside dates that affect all companies, you’ll also have your own filing and payment deadlines for VAT, annual accounts, and corporation tax, so mark these in your teams’ calendars now.
Humans, despite all our fancy tech and modern comforts, are primates. We’re complex and blessed with big brains – but we remain animals nonetheless. And according to Robin Dunbar, a leading evolutionary psychologist from the University of Oxford, it’s essential to consider our primal nature when running or building teams.
His research challenges the familiar idea of ‘It’s not personal, it’s just business’. The reality is that’s work is both: It’s personal and it’s business. “The workplace is a social world,” he explains on Soldo’s podcast The CFO Playbook. “And it engages with the wider world by selling products and services.”
In this blog, we summarise five insights from our podcast interview with Professor Robin Dunbar. If you’re interested in hearing more, you can listen to the show here.
“The last fifty years have been dominated by the view of the accountants. Anything we can count up, profit and loss or dividends for shareholders, that’s what matters.
“What we’re suggesting, however, is that it may not be the most important thing. The numbers are a beneficial by-product if you get the dynamics of the organisation itself right.
“The organisation is a village.”
“The underlying social constraints that apply to all monkeys and apes, also apply to us. Just on a bigger scale since we have bigger brains. This manifests in two big ways.
“One is the constraints on the size of the social network we can maintain. Essentially, the number of friends you can have. This is limited across primates by the size of their brains – and in humans, equally so.
“The limit in humans is about 150 people, give or take. So if you get your numbers right in an organisation, it will work better.
“The second part is about how we bond and build trust. The endorphin system of the brain seems to be the main neuro-hormone that underpins long-term bonding. The way we build trust and friendship outside of work applies just as much in work.
“This tends to be activities like eating together, storytelling, singing and dancing. We have a social toolkit, in other words. These are precisely the sorts of measures that are ignored in the boardroom because it’s hard to quantify. But it’s very, very real.
“If you take the time to invest in these sorts of social measures – for instance, making arrangements for communal eating – the productivity will go up for free.”
“Your social world looks like ripples on a pond when you throw a stone in. Imagine you’re the stone, and the ripples running out from you increase in width – meaning more people are included – but the wave height gets lower and lower.
“This implies that the quality of the relationships declines as you go further out. Research tells us that these ‘waves’ come in fairly defined numbers. As I’ve said, the boundary for people that you can have meaningful relationships with is 150.
“What this means for organisations, is that you have to think carefully about numbers on a task-by-task basis. When putting together a group, ask yourself what’s the function and how well the people have to gel for the process to flow efficiently.
“A team that’s designing a specific bit of kit, needs to work together very efficiently without having to constantly stop and explain details. You want a small group and a group that’s on the same page.
“If you want a group to throw ideas around – blue sky thinking – what you need is a diversity of background and experiences. If everyone is on the same page, they’ll come up with the same ideas.”
“Our abilities to manage relationships are limited. We have a strong preference for people who are similar to us. It’s what’s known as the homophily effect and it’s the single best predictor for whether you’ll be friends with someone or not.
“The homophily effect is an opportunity for organisations to set up a culture, as it were. I’m not talking about putting a mission statement in your foyer – it’s deeper than that. People should have a sense of the organisation’s history and the purpose it serves in the world and the community.
“These become the myth of the organisation. And they become like the totem pole on the village green that everyone can look to and say ‘yeah, we believe in this and this is why we belong together.”
“Modern life is a lot more insular, and this is driven by the capacity to entertain and socialise at home more easily. You can buy exotic foods and cheap alcohol at the supermarket. Streaming services offer a library of films and TV.
“We don’t need to go out in our community when we’re bored. That’s broken the sense of community. So the question is how do reconstitute the sense of community in modern life? The obvious answer is work. We spend so much of our time there.
“Companies have been spending huge quantities of money on sticking plaster solutions for their peoples’ mental health challenges. But the real solution is obvious and costs a tenth of what you’re investing in consultancies and medical professionals.
“What you need to do, essentially, is find someone good at organising parties. Organising the kinds of social events that people enjoy doing. Those solutions exist, and they’re often very cheap.
“Two activities spring to mind: one is singing. An hour of communal singing turns strangers into friends. And eating together. Having a good quality cafeteria or dining area, where food is subsidised or cheap, will attract people.
“You’ve got to actively work on facilitating social engagement.”
You can listen to the full interview with Professor Robin Dunbar here. Enjoy the show? Be sure to subscribe so you never miss an episode!
Almost two-thirds (62%) of employees say reimbursement should be replaced with a system of company cards. Get your copy of The Cost of Business Crisis to find out more.
The continued unpredictable economic outlook means that benchmarking should be a priority in 2023 and beyond.
Investors now look how you are faring across various measures. This includes your historical performance, comparable companies, and the broader economy.
Additionally, there is now more competition than ever in the UK market. Almost a million a million new companies formed in 2022. That’s an increase of 4.3% from 2021. This activity is being driven by digital tools, making it easier than ever to start and grow a business.
Benchmarking will help improve your performance, gain you a strategic advantage in the market and ultimately make you more sustainable to survive and thrive over the longer term.
While it can be time-consuming to set up benchmarking processes and analyse data, doing so has the potential to save nearly 7% of revenue.
This article will examine:
Benchmarking is a multifaceted data-driven way to measure the success of your business. The underlying approach requires you to compare your recent output against something else.
It should cover a range of factors, including financial performance and non-financial measures, such as customer satisfaction and quality measures.
Reviewing your performance in the context of benchmarking will give you a better understanding of your strengths and areas for improvement.
Success can be subjective. But using a data-driven benchmarking approach ensures your company collectively works towards a common set of quantifiable goals. This ensures everyone is working towards the same targets.
Employees can be motivated to hit benchmark targets by a company-wide bonus being paid out if they are exceeded. For example, this may include benchmarking annual revenue growth by 20% if you are in a fast-growing sector.
Benchmarking can also identify gaps in your performance that require improvement if you are falling below the standard. If you are a SAAS-based business, you’ll likely want to benchmark customer satisfaction levels. Deteriorating or poor performance can have a knock-on effect on acquiring new customers and missing out on future revenues from existing ones.
Comparing your results and KPIs against your competitors will allow you to assess your performance against the wider industry.
You can define your competitors in several ways, including by sector and company size. If you are a local business that predominantly generates sales in person, you may also want to consider geographical reach.
Once you can compare data points against your competitors, you can assess which elements of your business to adjust to remain competitive and capture as large a share of the market as possible.
Competitor benchmarking can be challenging as it can be hard to find reliable data. While all companies must file publicly available accounts at Companies House, only large companies have to file full versions.
Data from competitors’ social media activity can be helpful for non-financial metrics but will likely require specialist tools.
Internal benchmarking requires you to assess your previous results against your current performance.
This lets you see if the business is improving or whether specific areas, such as sales or profitability, require improvement.
The widespread availability of real-time financial data, powered by cloud accounting software and spend management tools like Soldo, means that internal financial data is more accessible than ever. So you can benchmark and optimise performance as frequently as you like.
Strategic benchmarking is when you compare yourself against businesses outside your sector to companies delivering a world-class performance.
Adapting your processes to be like these superstars will elevate you to a standard beyond what is expected in your sector.
Using strategic benchmarking, the cereal manufacturer Kelloggs have generated cost savings representing 6%-7% of their annual run rate.
As Peter Drucker, the father of management thinking, said, “What gets measured gets managed.” This illustrates the importance of using benchmarking to reach and exceed company goals.
However, given data is now so prevalent, it’s equally important to ensure you are benchmarking and measuring the most relevant data points.
In the companion piece to this post, we’ll explore some practical ways to get started in your benchmarking journey.
Almost two-thirds (62%) of employees say reimbursement should be replaced with a system of company cards. Get your copy of The Cost of Business Crisis to find out more.
If your business is growing, there’s a good chance your financial admin is too.
With new people and new products comes greater spend management responsibilities. And when separate departments, teams, and employees are dipping into the pot, keeping up with your finances is no small task.
At this stage, businesses usually have two choices: hire more staff to handle the increasing workload, or choose scalable software that frees your teams from the administrative burden.
Growing your business doesn’t have to feel like a double-edged sword. This short guide will help you select financial software that lets you sustain your growth without adding to your workload.
We’ll explain how to:
The first step towards finding financial software that works for your business is assessing your needs.
Accounting and spend management software is particularly good at handling data. Think automated bank feeds and reconciliation, receipt matching, and generating visually appealing reports, charts and forecasts. Before choosing software, you should consider the activities in your business that lend themselves to automation.
You could ask yourself the following questions:
Perhaps you’re spending too much time on expense claims, reconciling accounts, or sourcing receipts from team members. Maybe your approvals process is slow and lacks standardisation. Adopting software that takes care of these time-intensive tasks will free you up to think about other efficiencies and opportunities in your business.
Next, you’ll want to consider how your needs will change over the coming months and years.
To make software a worthwhile investment, you need a solution that’ is adaptable and scalable. That way, you won’t suffer the rigmarole of a complex software migration every time your business has a growth spurt.
Consider what your business will need in the next six months’,year, or five years:
Upcoming regulatory changes such as Making Tax Digital for Income Tax and Companies House software filing will require businesses to have appropriate software in place. Software that meets these requirements already exists – so by adopting it now, you won’t need to change your operations ahead of the deadlines.
The last thing to think about is who’ll be using the software. Perhaps it’s just you and a colleague for now. But if entire departments need to be proficient in your chosen solution, you’ll want to make sure it has great usability, customisable levels of access, and permissions that allow the right people to access the right stuff.
While you may have an idea of where your business is headed, it’s difficult to know exactly what’s coming up in the future. This makes it all the more important to have software with room for growth. Tailored solutions that allow you to integrate other tools and apps are your best bet for delivering all the functionality your scaling business needs.
The ideal software solution should reduce your employees’ administrative workload – not add to it.
Financial software can ease the burden on teams through automations, live dashboards, and in-platform workflows that make managing spending less time consuming. Without convoluted processes and inefficient systems getting in the way, your teams have more time for strategic and fulfilling work.
Features like live bank feeds and receipt capture tools mean your teams don’t need to type up the numbers themselves; software automatically extracts the transaction data and recommends matches in your accounting records. Soldo spend management software syncs up with Xero, so company spending is automatically carried into your accounting system. Instead of duplicating data entry, you can manage everything in one place.
Features like these save you the hassle of having to correct inaccuracies. Manual data entry puts companies at risk of human error. Accidentally mistyping a figure or failing to complete bank reconciliations correctly can lead to inaccurate reports and tax returns, which end up costing you more in the long run. Businesses that use Soldo spent 62% less time processing expense claims and 80% less time reviewing reports.
You should also look out for software that has customisable permissions and access levels. By delegating responsibilities by department – such as budget setting, monitoring, allocating funds, and approving spending – you can keep projects moving without blowing your budgets.
Approvals can be a lengthy process, but with software, this couldn’t be further from the truth. You can set up designated approvers who are automatically notified when a purchase is awaiting the green light. There’s no convoluted email chain to sift through, and approvers can access all the information they need about a purchase within your spend management software.
Legacy software often tied businesses to specific devices – financial data could only be accessed in a certain place, on a certain device. Modern cloud-based software maintains data security, while allowing businesses and their teams to manage the financials from anywhere.
You don’t need to worry about local storage, and you’re not tied to a single device. Your team can work from anywhere with an internet connection – so if you’re expanding into new locations or embracing remote working practices, you won’t be disrupted.
Importantly, expenses can be dealt with on the spot with a mobile app. Employees simply snap a picture of their expense receipt with their smartphone, and upload it via the app along with any relevant notes.
To grow sustainably, business owners need a clear view of what has and hasn’t worked so far.
The right software package for your scaling business will come complete with reporting, forecasting, and analytics functionality that helps you understand your past and plan for the future.
Using cash flow forecasts, you can identify the right time to pay your bills or make investments without disrupting operating cash flow. Or you can use expense reports to figure out which departments and teams spend the most, whether that spending is justified, and where to divert additional budget.
Forecasting and reporting can help you improve how you operate over time. For example, expense reports could highlight areas of wasted spend – like unused subscriptions or programme fees. You can also compare month- on- month reports to see how much you’re spending with specific suppliers – and may be able to negotiate better deals or secure a better deal with a competitor.
With all the information at your fingertips, you can make decisions backed up by data. For every forecast, report and analysis, you can reveal new details about your business finances and use these insights to fuel your continued growth.
Pull up a cash flow report to see whether you should pay a bill upfront, or delay it until your next invoice is paid. Decide whether now is the right time to invest in equipment, or whether cutting expenses should be your next focus.
Flexible financial software is the perfect partner for scaling businesses. Teams are freed from the constraints of outdated systems and convoluted processes – they can forward their projects and file their expenses in a few clicks. What’s more, you get a clear overview of the financials, and don’t need to tackle a complex software migration as your business grows.
Try Soldo today.