We live in an interconnected world, where goods and services are available at the touch of a button. We’re becoming impatient and increasingly zone out if what we want isn’t available immediately. Yet there’s one key thing that hasn’t caught up with the speed of everything else, and that’s money. Anyone who’s ever had to wait for business money transfers to be completed knows how frustrating it is. And that’s to say nothing of the process involved in setting up the transfer itself.
The other problem with business money transfers is the cost. Charges vary depending on which business bank accounts your company is using, but there’s frequently a charge for making transfers.
When slow speed and unnecessary cost come together, the recipe just isn’t ideal for the pressures of modern business life.
A lot of businesses resort to the use of petty cash when instant money is needed, but this includes its own set of risks:
1: Theft of the physical cash
2: The time wasted authorising the cash withdrawal, and going to the bank
3: The impossibility of accurately tracing the cash
4: The issue of trust – not everyone can be trusted with company money
5: The hassle of reconciling everything at the end of the month (Where’s that receipt???)
Yet what do you do when an employee urgently needs funds to be able to carry out their jobs to the maximal benefit of the company?
If you leave an employee waiting around for a business money transfer to come through, you’re necessarily delaying their work and having a negative impact on the company.
Even if the employee is able to fund the expense up front out of their own pocket, you’re still stuck with the tedium and time-wasting of expense reports at the end of the month. Someone is going to be using up precious company time and resources inputting data, checking receipts (if these are not lost) and eventually arranging a transfer to reimburse the employee. The worst part is that some employees can become resentful and demotivated if they are expected to fund business expenses up front.
It’s a minefield which is best avoided.
And beyond all these issues, business money transfers are inherently fraught with at least some degree of higgledy-piggledy chaos.
When you transfer money from the company account to the account of an employee, you’re causing the expense trail to take an unnecessary detour.
Business money transfers act as blips in your company’s journey.
Why not keep that journey as straight as possible? Neat, tidy and easy to read.
Why add detours in the first place?
Aside from the chaos, forcing company money to navigate its way through a variety of different systems just doesn’t make operational sense.
The more hurdles and obstacles your money has to cross, the more tangled threads your accounts department will have to comb through at the end of the expense cycle.
The best approach is to keep all of your business expense money in one neat little system, and do away with the need for external business money transfers altogether.
Whether the company spends the money or an employee spends it in the course of their work, the money has the very same owner – your business.
Thankfully there’s a new way to handle business money transfers.
Soldo Business is a multi-user spending account for companies. It features multiple Mastercard cards linked to a smart account, with easy controls and effortless reports.
Soldo Business puts an end to all of the frustrations, hassle and waste inherent in making traditional business money transfers.
With Soldo Business, the money is just moving between two users within the same company account.
All of the relevant transaction data is tracked securely and accurately by Soldo Business’ smart reporting system.
You won’t need to visit external suppliers (e.g. other banks) to get the transaction data you need.
Soldo Business tracks everyone’s spending in real time, all the time. Your employees can enrich transaction data thanks to the snappy app – adding notes, tags and categories; and even uploading receipts at the point of sale.
Full and accurate expense reports take about 15 seconds to generate, and Soldo Business’ reports integrate seamlessly with the full range of existing accounts system.
The only question remaining is, what are you waiting for?
Find out more about prepaid business cards here.