business-expenses-2-en-gbBusiness, Business Expenses, Enterprise

Trends in transportation: Cash and fuel cards no longer work

8 December 2022  |  

10 minutes read
Transportation driver
Transportation driver

Ask a fleet or operation manager and they will tell you: cash and fuel cards no longer work. The current economic situation and fuel crisis call for new solutions.

Three trends for transport companies

Drivers (as well as their finance and operations departments) experience a lot of frustration around expenses and claims. And those frustrations are increasing, as a result of three key trends for transport companies.

One is that drivers are increasingly having to fill up at other places because of the current fuel crisis. This also occurs at filling stations where the driver does not have a fuel card. Due to high inflation and economic recession, nobody wants to advance costs out of their own pocket. Meanwhile, the huge staff shortage is forcing transport companies to make things easier for drivers with innovative solutions.

  1. Drivers sometimes need to refuel in other places: The current fuel crisis is making it difficult for drivers to invariably fill up at their regular locations. In other cases, the crisis makes it difficult for drivers to fill up  at the petrol station chain for which they have a payment card.Fuel prices are volatile right now. It may be cheaper to fill up in another country, for instance. Or shortages at a certain station might necessitate looking elsewhere.

    If no payment card is available for the alternative filling station, drivers and transport companies must seek alternatives. A payment card from a particular filling station then no longer offers a solution.

  2. No one wants to advance out of pocket anymore: The current economic situation and soaring prices create an additional challenge for drivers.In the past they were willing to advance unforeseen costs out of their own pockets. This is now much less common. Many drivers do not want to advance the cost, and others simply cannot do it.

    They call the transport company they work for to make extra money available. Or they use an emergency envelope with cash, which in turn the company has no control over. It leads to solutions that both drivers and the transport companies do not like, so for which they would like to find an alternative.

  3. Staff shortages require new solutions: Finally, there is a lot of pressure on transport companies in terms of staffing. The current staff shortage in several markets in Europe is leading to great difficulty in finding new drivers. Companies must try harder to attract staff, and then cannot use frustrations over expenses and allowances. It increases the urgency to act now.

Frustration for drivers, fleet managers and operations managers

It’s common for fleet managers and operations managers to get calls at all hours from drivers requiring more money. Whether it’s for filling up at a different station (not covered by their fuel card), an essential repair, or an overnight stay, unforeseen expenses are common on the road.

Even at the time when a driver only has to incur the regular costs, it leads to a lot of administration. Drivers must keep perfectly accurate records of expenses and submit it manually. Or they can use a fuel card, but then it is the operations manager who  has to check whether transactions add up.

Transport companies have traditionally been reluctant to issue credit cards to drivers. Many of the drivers only work for a relatively short time with the same employer, or even do seasonal work.

A credit card would allow a driver to cover all expenses — but understandably it’s not possible to issue these cards widely. Fuel cards are common, but these don’t allow for repairs, overnight stays, and fuel at non-affiliated filling stations.

Solution for large transport companies

Soldo offers a solution that works for transport companies and drivers. Our payment solution lets drivers settle at the transport company’s expense. That applies to fuel, as well as overnight stays, lunches, repairs, and other expenses. That is, if these expenses are authorised by the company.

With Soldo, it is possible to set exactly what a driver can spend. Then the transactions are immediately visible, from one clear dashboard.

Case studies at Titans and Sendsio

Soldo works with numerous transport companies. A good example is Titans Group. The company wanted to avoid fuel cards since it would tie drivers to specific suppliers.

On the other hand, Titans struggled with high expenses. The firm also routinely employed temporary workers in peak season. With Soldo, the company provides drivers with a pre-paid Mastercard, combined with an app. Soldo gives Titans Group full control and all the necessary insight into transactions. Drivers, on the other hand, do not have to pay anything out of pocket (even for unexpected expenses).

Sendsio is another Soldo client. Working with Soldo has dramatically cut admin for Sendsio’s fleet managers. Expense filings now take 30 minutes. Employees used to spend an average of half a day doing this task. There are no more advances and recoveries for fuel, overnight stays, and lunches.

Moreover, the company has interfaced Soldo with its SAP software. As a result, even the organisation’s CEO and COO have real-time insight into costs and keep an overview more easily

Real time insight

Soldo offers a complete, user-friendly, and convenient payment solution. Transport companies use a payment card for drivers, which they can set up themselves. This prevents drivers from having to pay costs out of pocket or becoming dependent on specific suppliers for fuel. Credit cards are unnecessary, while drivers can pay anywhere where credit cards are accepted.

Thanks to real-time visibility and integration into SAP software and other ERP systems, data is always easily available. Accounting software integrations ensure transactions are immediately seamlessly (and accurately) accounted for.

Check out Soldo.com or book a free, no-obligation demo to experience it for yourself straight away.

🎙️Podcast: Leveraging Real-Time Data with CFO of Transfix

 

 

Christian Lee, CFO at TransfixCFO Christian Lee left WeWork in early 2021 for Transfix, a hypergrowth startup and leading freight marketplace connecting shippers to carriers. On this episode of The CFO Playbook, Christian talks about disrupting the supply chain industry in midst of economic crisis, describes why automation is in his top three priorities for this year, and underlines why Transfix places real-time data at the center of every decision they make.

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business-expenses-2-en-gbBusiness, Business Expenses, Enterprise, Business, Business Expenses, Enterprise

Transport companies: control all expenses easily with one smart card 

1 December 2022  |  

9 minutes read
Freight driver - transportation
Freight driver - transportation

How do you control fuel costs made by drivers when they are on the road, across borders, or even in different time zones?

It is a challenge many transport companies face. Asking drivers to pay out of their own pocket leads to frustration, and corporate credit cards require a lot of paperwork. There’s an easier, more efficient way to manage these expenses.

Sometimes, transport companies can resemble administration offices. Operations and finance departments work overtime to process and check all (fuel) payments. Meanwhile, drivers must pay large sums of money out of pocket to do their jobs, save receipts, fill out forms, and wait to be reimbursed.

To add to these challenges, diesel prices have become a huge issue for transport companies. And according to current fuel monitors, there’s not much hope of improvement.

Paying in cash or with prepaid fuel cards

Fuel payments and other business expenses are often disregarded in favour of operation and logistic improvements.

As a result, too many companies with fleets of over 100 vehicles still allow drivers to pay for fuel themselves or with prepaid fuel cards. However, these debit cards are often restricted and come with a lot of limitations, causing dissatisfaction among drivers. These restrictions also make it difficult to cover overnight stays, road repairs, or parking fees.

This solution doesn’t benefit fleet managers and financial controllers either, and may even put the company at risk. Cash payments can encourage fraud, corporate credit cards are often misused, receipts get lost, and there’s no way to track spending in real time.

Admin hassles

For transport companies, accounting can be complex – even if it’s just about fuel costs. It causes a great deal of frustration among drivers, accountants, fleet managers, and eventually CFOs.

Drivers have trouble managing expenses without having to work overtime on a daily basis. Especially when they’re on the road and have to fill up their vehicles – often across borders and sometimes in other time zones. This admin work involves processing payments, managing cash expenses, and processing claims in the company’s accounting system.

Accountants, fleet managers, operations managers, and even drivers waste too much time on these tasks, all at the expense of productivity. These unproductive hours cost money, and can’t be spent on their ultimate goal: getting from point A to point B.

Drivers must also prove what they have spent in cash, which adds to the hassle. Cash payments are hard to verify, but they keep them going and relieve the administrative burden. Checks may prevent business fraud, but they undermine the trust of those making the payments.

Top 5 benefits of using Soldo

Transport companies such as Titans, Girteka, Gruber Logistics, and Wallenborn all chose Soldo because it offered them at least one of these five advantages:

  1. Easy payments for fuel and more
    With a smart payment card which drivers can use for fuel as well as other expenses, there’s no need to go out of pocket while on the road. They don’t have to use a business credit card and provide guarantees or collateral in exchange. They charge just as easily for overnight accommodation, repairs and parking costs – even in different geographical locations.

  2. Real-time view of costs
    Soldo gives accountants, fleet managers and operations managers real-time insight into drivers’ costs while they’re on the road. They get a notification whenever a transaction happens, and can instantly top up drivers with only a few clicks.

  3. Flexible spending and limits
    Smart payment cards make it possible to set what drivers are allowed to spend in a way that works for you. You can choose what type of expenses employees can make, and where (such as specific merchants of geo-locations). This gives you total control over fuel costs and other business expenses while drivers are in transit, even in different countries.
  4. All expenses in one place
    You can track and manage all fuel and business expenses at once with the Soldo platform. It shows you all incurred costs in detail, whether costs are rising and where savings opportunities exist. And thanks to our auto-tagging feature, payments will be automatically sorted by category.
  5. Increased security
    Replacing cash with smart payment cards for expenses greatly reduces the risk of false claims and fraud. Moreover, should employees fail to comply with rules and regulations, you can easily lock their cards to disable spending and switch off cash withdrawals.

Smart payment cards with flexible options

Looking for a way to combine all the benefits of a business credit card with a system that saves you a ton of admin headaches? Give drivers and other employees a physical card as well as a virtual alternative. Virtual cards are great for ad-hoc and online payments, for instance.

Soldo is the all-in-one management platform your transport company needs. Stay on top of every penny while saving time, and boost employee satisfaction. Want to learn more?

Check out Soldo.com or book a free, no-obligation demo to experience it for yourself straight away.

 

Download the Expense Management guide

Processing expenses, whether they are reimbursements, petty cash, or corporate credit cards, can be time-consuming and costly. With Soldo’s expense management, get real-time control over all expenses saving you time and money. Check out our free guide to learn more.

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How to approach an employee who’s been splashing out: a small business guide

26 October 2022  |   6 minutes read
employee overspending

Employee overspending is a sensitive topic, especially when it’s a judgement call. Approaching an employee whose spending has been spinning out of control may feel awkward, but it’s essential as your small business navigates through the current cost of living crisis. In this article, we’ll cover a few key things to consider as well as practical tips for tackling any big spenders on your team:

Does your small business have an employee expense policy?

It’s easier to approach overspending if you have a clear expense policy and the employee in question has actually contravened it. In a situation like this, the overspending is black and white: there was a rule and they broke it. That’s a much simpler conversation than if an employee overstepped on what you thought was a mutual (but unwritten) agreement of what is and isn’t okay.

But having an expense policy is only part of the equation – you have to make sure that everyone is aware of it, knows where to find it and understands exactly how it applies to them. If you don’t have an expense policy, now’s a good time to draw one up.

If you have an expense policy, you should approach your employee as you would if they breached any other company policy, taking into account the degree of overspending and the value that this particular employee holds for your company. If your expense policy doesn’t clearly state what the process is for dealing with overspending and the potential consequences, you need to add those in right away.

Where’s the line between employee overspending and theft?

There’s overspending, and there’s overspending.

Employees have been caught spending hundreds of thousands of pounds of company money on their gambling habits. In such cases, it’s not so much you who needs to approach your employee as the police.

Even in less extreme cases, when the contravention is clear and the spending completely unnecessary, employee overspending may spill into a matter of theft.

If the situation is this serious, it’s critical that you seek solid legal advice. You may well find that the overspending is a disciplinary – if not criminal – matter. In which case you’ll need to stick to your company’s disciplinary policies, with legal advice at every step.

How can you approach employee overspending sensitively?

In most cases, however, employee overspending has more to do with them going a bit too far with Travel and Entertainment (T&E) expenses. It’s these sorts of situations that require a particular sensitivity.

If your employees are working hard and travelling around on behalf of your company, they may feel that a certain level of comfort (and fun) is justified. Perhaps they’re meeting potential clients and spending just a bit too much on them.

If you value your employee and you don’t want to demotivate them, then the best thing you can do is redirect them to your company’s expense policy. If you don’t an expense policy yet, draw one up and roll it out to your entire team making sure everyone understands what the rules are going forward.

Explain to your employee that you trust them to represent the company in the best possible way, that you appreciate everything they do, but that your small business budget simply doesn’t stretch to their current level of T&E spending.

Make it clear that you don’t want them to feel hard done by, or undervalued. Work together towards a solution that keeps their overspending under control, while making sure they still feel empowered to pay for the things they need to get the job done.

What’s the best way to prevent employee overspending?

The best thing you can do – alongside your expense policy – is to implement a company spend and expense management solution that prevents overspending in the first place.

With Soldo, you can give every employee their own prepaid expense card. You set the spending limits and categories, control where spending can take place and which budget those funds come out of. By setting those rules within Soldo, you can actually be relatively hands off – giving your employees the freedom to spend company money within reasonable limits and according to your expense policy without feeling like they’re being micro-managed.

Find out more about getting ahead of employee overspending with our flexible spend management platform.

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Sales dipping, inflation up: How expense management can help retailers

24 October 2022  |  

8 minutes read
Freight driver - transportation
Freight driver - transportation

How do you control fuel costs made by drivers when they are on the road, across borders, or even in different time zones?

It is a challenge many transport companies face. Asking drivers to pay out of their own pocket leads to frustration, and corporate credit cards require a lot of paperwork. There’s an easier, more efficient way to manage these expenses.

Sometimes, transport companies can resemble administration offices. Operations and finance departments work overtime to process and check all (fuel) payments. Meanwhile, drivers must pay large sums of money out of pocket to do their jobs, save receipts, fill out forms, and wait to be reimbursed.

To add to these challenges, diesel prices have become a huge issue for transport companies. And according to current fuel monitors, there’s not much hope of improvement.

Paying in cash or with prepaid fuel cards

Fuel payments and other business expenses are often disregarded in favour of operation and logistic improvements.

As a result, too many companies with fleets of over 100 vehicles still allow drivers to pay for fuel themselves or with prepaid fuel cards. However, these debit cards are often restricted and come with a lot of limitations, causing dissatisfaction among drivers. These restrictions also make it difficult to cover overnight stays, road repairs, or parking fees.

This solution doesn’t benefit fleet managers and financial controllers either, and may even put the company at risk. Cash payments can encourage fraud, corporate credit cards are often misused, receipts get lost, and there’s no way to track spending in real time.

Admin hassles

For transport companies, accounting can be complex – even if it’s just about fuel costs. It causes a great deal of frustration among drivers, accountants, fleet managers, and eventually CFOs.

Drivers have trouble managing expenses without having to work overtime on a daily basis. Especially when they’re on the road and have to fill up their vehicles – often across borders and sometimes in other time zones. This admin work involves processing payments, managing cash expenses, and processing claims in the company’s accounting system.

Accountants, fleet managers, operations managers, and even drivers waste too much time on these tasks, all at the expense of productivity. These unproductive hours cost money, and can’t be spent on their ultimate goal: getting from point A to point B.

Drivers must also prove what they have spent in cash, which adds to the hassle. Cash payments are hard to verify, but they keep them going and relieve the administrative burden. Checks may prevent business fraud, but they undermine the trust of those making the payments.

Top 5 benefits of using Soldo

Transport companies such as Titans, Girteka, Gruber Logistics, and Wallenborn all chose Soldo because it offered them at least one of these five advantages:

  1. Easy payments for fuel and more
    With a smart payment card which drivers can use for fuel as well as other expenses, there’s no need to go out of pocket while on the road. They don’t have to use a business credit card and provide guarantees or collateral in exchange. They charge just as easily for overnight accommodation, repairs and parking costs – even in different geographical locations.

  2. Real-time view of costs
    Soldo gives accountants, fleet managers and operations managers real-time insight into drivers’ costs while they’re on the road. They get a notification whenever a transaction happens, and can instantly top up drivers with only a few clicks.

  3. Flexible spending and limits
    Smart payment cards make it possible to set what drivers are allowed to spend in a way that works for you. You can choose what type of expenses employees can make, and where (such as specific merchants of geo-locations). This gives you total control over fuel costs and other business expenses while drivers are in transit, even in different countries.
  4. All expenses in one place
    You can track and manage all fuel and business expenses at once with the Soldo platform. It shows you all incurred costs in detail, whether costs are rising and where savings opportunities exist. And thanks to our auto-tagging feature, payments will be automatically sorted by category.
  5. Increased security
    Replacing cash with smart payment cards for expenses greatly reduces the risk of false claims and fraud. Moreover, should employees fail to comply with rules and regulations, you can easily lock their cards to disable spending and switch off cash withdrawals.

Smart payment cards with flexible options

Looking for a way to combine all the benefits of a business credit card with a system that saves you a ton of admin headaches? Give drivers and other employees a physical card as well as a virtual alternative. Virtual cards are great for ad-hoc and online payments, for instance.

Soldo is the all-in-one management platform your transport company needs. Stay on top of every penny while saving time, and boost employee satisfaction. Want to learn more?

Check out Soldo.com or book a free, no-obligation demo to experience it for yourself straight away.

 

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How retailers are spending

19 October 2022  |   2 minutes read

With inflation on the up and consumers becoming more spend averse, the year ahead will be challenging for retailers. But with clever cost saving, retail businesses can do more with less. Putting you in pole position when the economic gloom lifts.

To understand the industry’s spend characteristics (and where costs are coming from), Soldo surveyed 250 retail professionals. We asked about spend frequency, how it’s managed and cost categories. Here’s what they told us:

Retail Infographic

Visit our Retail page to learn how Soldo can benefit retailers.


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The UK government has redefined the term ‘SME’

18 October 2022  |   4 minutes read

How do you control fuel costs made by drivers when they are on the road, across borders, or even in different time zones?

It is a challenge many transport companies face. Asking drivers to pay out of their own pocket leads to frustration, and corporate credit cards require a lot of paperwork. There’s an easier, more efficient way to manage these expenses.

Sometimes, transport companies can resemble administration offices. Operations and finance departments work overtime to process and check all (fuel) payments. Meanwhile, drivers must pay large sums of money out of pocket to do their jobs, save receipts, fill out forms, and wait to be reimbursed.

To add to these challenges, diesel prices have become a huge issue for transport companies. And according to current fuel monitors, there’s not much hope of improvement.

Paying in cash or with prepaid fuel cards

Fuel payments and other business expenses are often disregarded in favour of operation and logistic improvements.

As a result, too many companies with fleets of over 100 vehicles still allow drivers to pay for fuel themselves or with prepaid fuel cards. However, these debit cards are often restricted and come with a lot of limitations, causing dissatisfaction among drivers. These restrictions also make it difficult to cover overnight stays, road repairs, or parking fees.

This solution doesn’t benefit fleet managers and financial controllers either, and may even put the company at risk. Cash payments can encourage fraud, corporate credit cards are often misused, receipts get lost, and there’s no way to track spending in real time.

Admin hassles

For transport companies, accounting can be complex – even if it’s just about fuel costs. It causes a great deal of frustration among drivers, accountants, fleet managers, and eventually CFOs.

Drivers have trouble managing expenses without having to work overtime on a daily basis. Especially when they’re on the road and have to fill up their vehicles – often across borders and sometimes in other time zones. This admin work involves processing payments, managing cash expenses, and processing claims in the company’s accounting system.

Accountants, fleet managers, operations managers, and even drivers waste too much time on these tasks, all at the expense of productivity. These unproductive hours cost money, and can’t be spent on their ultimate goal: getting from point A to point B.

Drivers must also prove what they have spent in cash, which adds to the hassle. Cash payments are hard to verify, but they keep them going and relieve the administrative burden. Checks may prevent business fraud, but they undermine the trust of those making the payments.

Top 5 benefits of using Soldo

Transport companies such as Titans, Girteka, Gruber Logistics, and Wallenborn all chose Soldo because it offered them at least one of these five advantages:

  1. Easy payments for fuel and more
    With a smart payment card which drivers can use for fuel as well as other expenses, there’s no need to go out of pocket while on the road. They don’t have to use a business credit card and provide guarantees or collateral in exchange. They charge just as easily for overnight accommodation, repairs and parking costs – even in different geographical locations.

  2. Real-time view of costs
    Soldo gives accountants, fleet managers and operations managers real-time insight into drivers’ costs while they’re on the road. They get a notification whenever a transaction happens, and can instantly top up drivers with only a few clicks.

  3. Flexible spending and limits
    Smart payment cards make it possible to set what drivers are allowed to spend in a way that works for you. You can choose what type of expenses employees can make, and where (such as specific merchants of geo-locations). This gives you total control over fuel costs and other business expenses while drivers are in transit, even in different countries.
  4. All expenses in one place
    You can track and manage all fuel and business expenses at once with the Soldo platform. It shows you all incurred costs in detail, whether costs are rising and where savings opportunities exist. And thanks to our auto-tagging feature, payments will be automatically sorted by category.
  5. Increased security
    Replacing cash with smart payment cards for expenses greatly reduces the risk of false claims and fraud. Moreover, should employees fail to comply with rules and regulations, you can easily lock their cards to disable spending and switch off cash withdrawals.

Smart payment cards with flexible options

Looking for a way to combine all the benefits of a business credit card with a system that saves you a ton of admin headaches? Give drivers and other employees a physical card as well as a virtual alternative. Virtual cards are great for ad-hoc and online payments, for instance.

Soldo is the all-in-one management platform your transport company needs. Stay on top of every penny while saving time, and boost employee satisfaction. Want to learn more?

Check out Soldo.com or book a free, no-obligation demo to experience it for yourself straight away.

 

Related posts

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What makes a great CFO? 5 take-aways from The CFO Podcast

12 October 2022  |   12 minutes read

How do you control fuel costs made by drivers when they are on the road, across borders, or even in different time zones?

It is a challenge many transport companies face. Asking drivers to pay out of their own pocket leads to frustration, and corporate credit cards require a lot of paperwork. There’s an easier, more efficient way to manage these expenses.

Sometimes, transport companies can resemble administration offices. Operations and finance departments work overtime to process and check all (fuel) payments. Meanwhile, drivers must pay large sums of money out of pocket to do their jobs, save receipts, fill out forms, and wait to be reimbursed.

To add to these challenges, diesel prices have become a huge issue for transport companies. And according to current fuel monitors, there’s not much hope of improvement.

Paying in cash or with prepaid fuel cards

Fuel payments and other business expenses are often disregarded in favour of operation and logistic improvements.

As a result, too many companies with fleets of over 100 vehicles still allow drivers to pay for fuel themselves or with prepaid fuel cards. However, these debit cards are often restricted and come with a lot of limitations, causing dissatisfaction among drivers. These restrictions also make it difficult to cover overnight stays, road repairs, or parking fees.

This solution doesn’t benefit fleet managers and financial controllers either, and may even put the company at risk. Cash payments can encourage fraud, corporate credit cards are often misused, receipts get lost, and there’s no way to track spending in real time.

Admin hassles

For transport companies, accounting can be complex – even if it’s just about fuel costs. It causes a great deal of frustration among drivers, accountants, fleet managers, and eventually CFOs.

Drivers have trouble managing expenses without having to work overtime on a daily basis. Especially when they’re on the road and have to fill up their vehicles – often across borders and sometimes in other time zones. This admin work involves processing payments, managing cash expenses, and processing claims in the company’s accounting system.

Accountants, fleet managers, operations managers, and even drivers waste too much time on these tasks, all at the expense of productivity. These unproductive hours cost money, and can’t be spent on their ultimate goal: getting from point A to point B.

Drivers must also prove what they have spent in cash, which adds to the hassle. Cash payments are hard to verify, but they keep them going and relieve the administrative burden. Checks may prevent business fraud, but they undermine the trust of those making the payments.

Top 5 benefits of using Soldo

Transport companies such as Titans, Girteka, Gruber Logistics, and Wallenborn all chose Soldo because it offered them at least one of these five advantages:

  1. Easy payments for fuel and more
    With a smart payment card which drivers can use for fuel as well as other expenses, there’s no need to go out of pocket while on the road. They don’t have to use a business credit card and provide guarantees or collateral in exchange. They charge just as easily for overnight accommodation, repairs and parking costs – even in different geographical locations.

  2. Real-time view of costs
    Soldo gives accountants, fleet managers and operations managers real-time insight into drivers’ costs while they’re on the road. They get a notification whenever a transaction happens, and can instantly top up drivers with only a few clicks.

  3. Flexible spending and limits
    Smart payment cards make it possible to set what drivers are allowed to spend in a way that works for you. You can choose what type of expenses employees can make, and where (such as specific merchants of geo-locations). This gives you total control over fuel costs and other business expenses while drivers are in transit, even in different countries.
  4. All expenses in one place
    You can track and manage all fuel and business expenses at once with the Soldo platform. It shows you all incurred costs in detail, whether costs are rising and where savings opportunities exist. And thanks to our auto-tagging feature, payments will be automatically sorted by category.
  5. Increased security
    Replacing cash with smart payment cards for expenses greatly reduces the risk of false claims and fraud. Moreover, should employees fail to comply with rules and regulations, you can easily lock their cards to disable spending and switch off cash withdrawals.

Smart payment cards with flexible options

Looking for a way to combine all the benefits of a business credit card with a system that saves you a ton of admin headaches? Give drivers and other employees a physical card as well as a virtual alternative. Virtual cards are great for ad-hoc and online payments, for instance.

Soldo is the all-in-one management platform your transport company needs. Stay on top of every penny while saving time, and boost employee satisfaction. Want to learn more?

Check out Soldo.com or book a free, no-obligation demo to experience it for yourself straight away.

 

Related posts

business-expenses-2-en-gbBusiness, Business Expenses, Enterprise, Business, Business Expenses, Enterprise, Business, Business Expenses, Business, Business Expenses, Business, Business Expenses, Business, Business Expenses, The CFO Playbook, Business, Business Expenses, The CFO Playbook, Business, Business Expenses

Three ways to control company spending and start saving money right now

7 October 2022  |   10 minutes read

How do you control fuel costs made by drivers when they are on the road, across borders, or even in different time zones?

It is a challenge many transport companies face. Asking drivers to pay out of their own pocket leads to frustration, and corporate credit cards require a lot of paperwork. There’s an easier, more efficient way to manage these expenses.

Sometimes, transport companies can resemble administration offices. Operations and finance departments work overtime to process and check all (fuel) payments. Meanwhile, drivers must pay large sums of money out of pocket to do their jobs, save receipts, fill out forms, and wait to be reimbursed.

To add to these challenges, diesel prices have become a huge issue for transport companies. And according to current fuel monitors, there’s not much hope of improvement.

Paying in cash or with prepaid fuel cards

Fuel payments and other business expenses are often disregarded in favour of operation and logistic improvements.

As a result, too many companies with fleets of over 100 vehicles still allow drivers to pay for fuel themselves or with prepaid fuel cards. However, these debit cards are often restricted and come with a lot of limitations, causing dissatisfaction among drivers. These restrictions also make it difficult to cover overnight stays, road repairs, or parking fees.

This solution doesn’t benefit fleet managers and financial controllers either, and may even put the company at risk. Cash payments can encourage fraud, corporate credit cards are often misused, receipts get lost, and there’s no way to track spending in real time.

Admin hassles

For transport companies, accounting can be complex – even if it’s just about fuel costs. It causes a great deal of frustration among drivers, accountants, fleet managers, and eventually CFOs.

Drivers have trouble managing expenses without having to work overtime on a daily basis. Especially when they’re on the road and have to fill up their vehicles – often across borders and sometimes in other time zones. This admin work involves processing payments, managing cash expenses, and processing claims in the company’s accounting system.

Accountants, fleet managers, operations managers, and even drivers waste too much time on these tasks, all at the expense of productivity. These unproductive hours cost money, and can’t be spent on their ultimate goal: getting from point A to point B.

Drivers must also prove what they have spent in cash, which adds to the hassle. Cash payments are hard to verify, but they keep them going and relieve the administrative burden. Checks may prevent business fraud, but they undermine the trust of those making the payments.

Top 5 benefits of using Soldo

Transport companies such as Titans, Girteka, Gruber Logistics, and Wallenborn all chose Soldo because it offered them at least one of these five advantages:

  1. Easy payments for fuel and more
    With a smart payment card which drivers can use for fuel as well as other expenses, there’s no need to go out of pocket while on the road. They don’t have to use a business credit card and provide guarantees or collateral in exchange. They charge just as easily for overnight accommodation, repairs and parking costs – even in different geographical locations.

  2. Real-time view of costs
    Soldo gives accountants, fleet managers and operations managers real-time insight into drivers’ costs while they’re on the road. They get a notification whenever a transaction happens, and can instantly top up drivers with only a few clicks.

  3. Flexible spending and limits
    Smart payment cards make it possible to set what drivers are allowed to spend in a way that works for you. You can choose what type of expenses employees can make, and where (such as specific merchants of geo-locations). This gives you total control over fuel costs and other business expenses while drivers are in transit, even in different countries.
  4. All expenses in one place
    You can track and manage all fuel and business expenses at once with the Soldo platform. It shows you all incurred costs in detail, whether costs are rising and where savings opportunities exist. And thanks to our auto-tagging feature, payments will be automatically sorted by category.
  5. Increased security
    Replacing cash with smart payment cards for expenses greatly reduces the risk of false claims and fraud. Moreover, should employees fail to comply with rules and regulations, you can easily lock their cards to disable spending and switch off cash withdrawals.

Smart payment cards with flexible options

Looking for a way to combine all the benefits of a business credit card with a system that saves you a ton of admin headaches? Give drivers and other employees a physical card as well as a virtual alternative. Virtual cards are great for ad-hoc and online payments, for instance.

Soldo is the all-in-one management platform your transport company needs. Stay on top of every penny while saving time, and boost employee satisfaction. Want to learn more?

Check out Soldo.com or book a free, no-obligation demo to experience it for yourself straight away.

 

Related posts

business-expenses-2-en-gbBusiness, Business Expenses, Enterprise, Business, Business Expenses, Enterprise, Business, Business Expenses, Business, Business Expenses, Business, Business Expenses, Business, Business Expenses, The CFO Playbook, Business, Business Expenses, The CFO Playbook, Business, Business Expenses, Business, Business Expenses

Why your agency needs virtual cards to track online ads 

6 October 2022  |   8 minutes read

How do you control fuel costs made by drivers when they are on the road, across borders, or even in different time zones?

It is a challenge many transport companies face. Asking drivers to pay out of their own pocket leads to frustration, and corporate credit cards require a lot of paperwork. There’s an easier, more efficient way to manage these expenses.

Sometimes, transport companies can resemble administration offices. Operations and finance departments work overtime to process and check all (fuel) payments. Meanwhile, drivers must pay large sums of money out of pocket to do their jobs, save receipts, fill out forms, and wait to be reimbursed.

To add to these challenges, diesel prices have become a huge issue for transport companies. And according to current fuel monitors, there’s not much hope of improvement.

Paying in cash or with prepaid fuel cards

Fuel payments and other business expenses are often disregarded in favour of operation and logistic improvements.

As a result, too many companies with fleets of over 100 vehicles still allow drivers to pay for fuel themselves or with prepaid fuel cards. However, these debit cards are often restricted and come with a lot of limitations, causing dissatisfaction among drivers. These restrictions also make it difficult to cover overnight stays, road repairs, or parking fees.

This solution doesn’t benefit fleet managers and financial controllers either, and may even put the company at risk. Cash payments can encourage fraud, corporate credit cards are often misused, receipts get lost, and there’s no way to track spending in real time.

Admin hassles

For transport companies, accounting can be complex – even if it’s just about fuel costs. It causes a great deal of frustration among drivers, accountants, fleet managers, and eventually CFOs.

Drivers have trouble managing expenses without having to work overtime on a daily basis. Especially when they’re on the road and have to fill up their vehicles – often across borders and sometimes in other time zones. This admin work involves processing payments, managing cash expenses, and processing claims in the company’s accounting system.

Accountants, fleet managers, operations managers, and even drivers waste too much time on these tasks, all at the expense of productivity. These unproductive hours cost money, and can’t be spent on their ultimate goal: getting from point A to point B.

Drivers must also prove what they have spent in cash, which adds to the hassle. Cash payments are hard to verify, but they keep them going and relieve the administrative burden. Checks may prevent business fraud, but they undermine the trust of those making the payments.

Top 5 benefits of using Soldo

Transport companies such as Titans, Girteka, Gruber Logistics, and Wallenborn all chose Soldo because it offered them at least one of these five advantages:

  1. Easy payments for fuel and more
    With a smart payment card which drivers can use for fuel as well as other expenses, there’s no need to go out of pocket while on the road. They don’t have to use a business credit card and provide guarantees or collateral in exchange. They charge just as easily for overnight accommodation, repairs and parking costs – even in different geographical locations.

  2. Real-time view of costs
    Soldo gives accountants, fleet managers and operations managers real-time insight into drivers’ costs while they’re on the road. They get a notification whenever a transaction happens, and can instantly top up drivers with only a few clicks.

  3. Flexible spending and limits
    Smart payment cards make it possible to set what drivers are allowed to spend in a way that works for you. You can choose what type of expenses employees can make, and where (such as specific merchants of geo-locations). This gives you total control over fuel costs and other business expenses while drivers are in transit, even in different countries.
  4. All expenses in one place
    You can track and manage all fuel and business expenses at once with the Soldo platform. It shows you all incurred costs in detail, whether costs are rising and where savings opportunities exist. And thanks to our auto-tagging feature, payments will be automatically sorted by category.
  5. Increased security
    Replacing cash with smart payment cards for expenses greatly reduces the risk of false claims and fraud. Moreover, should employees fail to comply with rules and regulations, you can easily lock their cards to disable spending and switch off cash withdrawals.

Smart payment cards with flexible options

Looking for a way to combine all the benefits of a business credit card with a system that saves you a ton of admin headaches? Give drivers and other employees a physical card as well as a virtual alternative. Virtual cards are great for ad-hoc and online payments, for instance.

Soldo is the all-in-one management platform your transport company needs. Stay on top of every penny while saving time, and boost employee satisfaction. Want to learn more?

Check out Soldo.com or book a free, no-obligation demo to experience it for yourself straight away.

 

Related posts

business-expenses-2-en-gbBusiness, Business Expenses, Enterprise, Business, Business Expenses, Enterprise, Business, Business Expenses, Business, Business Expenses, Business, Business Expenses, Business, Business Expenses, The CFO Playbook, Business, Business Expenses, The CFO Playbook, Business, Business Expenses, Business, Business Expenses, Business, Business Expenses

Cost of living: 3 strategic wins from our GenCFO webinar

5 October 2022  |   6 minutes read

How do you control fuel costs made by drivers when they are on the road, across borders, or even in different time zones?

It is a challenge many transport companies face. Asking drivers to pay out of their own pocket leads to frustration, and corporate credit cards require a lot of paperwork. There’s an easier, more efficient way to manage these expenses.

Sometimes, transport companies can resemble administration offices. Operations and finance departments work overtime to process and check all (fuel) payments. Meanwhile, drivers must pay large sums of money out of pocket to do their jobs, save receipts, fill out forms, and wait to be reimbursed.

To add to these challenges, diesel prices have become a huge issue for transport companies. And according to current fuel monitors, there’s not much hope of improvement.

Paying in cash or with prepaid fuel cards

Fuel payments and other business expenses are often disregarded in favour of operation and logistic improvements.

As a result, too many companies with fleets of over 100 vehicles still allow drivers to pay for fuel themselves or with prepaid fuel cards. However, these debit cards are often restricted and come with a lot of limitations, causing dissatisfaction among drivers. These restrictions also make it difficult to cover overnight stays, road repairs, or parking fees.

This solution doesn’t benefit fleet managers and financial controllers either, and may even put the company at risk. Cash payments can encourage fraud, corporate credit cards are often misused, receipts get lost, and there’s no way to track spending in real time.

Admin hassles

For transport companies, accounting can be complex – even if it’s just about fuel costs. It causes a great deal of frustration among drivers, accountants, fleet managers, and eventually CFOs.

Drivers have trouble managing expenses without having to work overtime on a daily basis. Especially when they’re on the road and have to fill up their vehicles – often across borders and sometimes in other time zones. This admin work involves processing payments, managing cash expenses, and processing claims in the company’s accounting system.

Accountants, fleet managers, operations managers, and even drivers waste too much time on these tasks, all at the expense of productivity. These unproductive hours cost money, and can’t be spent on their ultimate goal: getting from point A to point B.

Drivers must also prove what they have spent in cash, which adds to the hassle. Cash payments are hard to verify, but they keep them going and relieve the administrative burden. Checks may prevent business fraud, but they undermine the trust of those making the payments.

Top 5 benefits of using Soldo

Transport companies such as Titans, Girteka, Gruber Logistics, and Wallenborn all chose Soldo because it offered them at least one of these five advantages:

  1. Easy payments for fuel and more
    With a smart payment card which drivers can use for fuel as well as other expenses, there’s no need to go out of pocket while on the road. They don’t have to use a business credit card and provide guarantees or collateral in exchange. They charge just as easily for overnight accommodation, repairs and parking costs – even in different geographical locations.

  2. Real-time view of costs
    Soldo gives accountants, fleet managers and operations managers real-time insight into drivers’ costs while they’re on the road. They get a notification whenever a transaction happens, and can instantly top up drivers with only a few clicks.

  3. Flexible spending and limits
    Smart payment cards make it possible to set what drivers are allowed to spend in a way that works for you. You can choose what type of expenses employees can make, and where (such as specific merchants of geo-locations). This gives you total control over fuel costs and other business expenses while drivers are in transit, even in different countries.
  4. All expenses in one place
    You can track and manage all fuel and business expenses at once with the Soldo platform. It shows you all incurred costs in detail, whether costs are rising and where savings opportunities exist. And thanks to our auto-tagging feature, payments will be automatically sorted by category.
  5. Increased security
    Replacing cash with smart payment cards for expenses greatly reduces the risk of false claims and fraud. Moreover, should employees fail to comply with rules and regulations, you can easily lock their cards to disable spending and switch off cash withdrawals.

Smart payment cards with flexible options

Looking for a way to combine all the benefits of a business credit card with a system that saves you a ton of admin headaches? Give drivers and other employees a physical card as well as a virtual alternative. Virtual cards are great for ad-hoc and online payments, for instance.

Soldo is the all-in-one management platform your transport company needs. Stay on top of every penny while saving time, and boost employee satisfaction. Want to learn more?

Check out Soldo.com or book a free, no-obligation demo to experience it for yourself straight away.

 

Related posts