As a finance leader, you want visibility and control over:
At Soldo, we make it simple for finance leaders to set budgets for both types of spend. You can easily orchestrate different budgets and get a 360 degree view of where money is going. This post walks through how.
Soldo enables you to split your company budget for different purposes through what we call ‘Company Wallets’ and ‘Company Cards’.
You could have, for example, a ‘marketing company card’ pulling in money from the company’s main wallet. Let’s say you allocate £500k to the marketing company card. Money from the marketing company wallet can then be distributed into specific marketing team cards like ‘demand generation’ or ‘sales’ with different budgets.
You could have an ‘online advertising company card’ pulling in money from another company wallet. Money from this can then be distributed into specific cards like LinkedIn and Facebook. Any employee with permission can spend from these cards.
I’ll be demonstrating how this works in an upcoming webinar which you can sign-up for below.
The use of non-nominative cards means that any person in the business can legally use a company card. This is unlike the use of individual named cards being shared amongst different people which can result in legal implications.
Once you’ve activated your company cards, you have the option to assign and re-assign the cards to your users.
Ensure that each user is set-up with their phone number and email address so that when you assign the cards to a user they will have access to the information and spend accordingly.
Company cards don’t need to represent a physical person, and can thus be used to satisfy payment needs for areas of your business rather than individuals. Company cards can be used for departmental, project or spend for any other type of cost centre your company incurs.
You can create multiple cards which pull from one company wallet and therefore share the same budget.
Through Soldo, you can allocate money to individual people via what we call user accounts. This money can be used by each employee by issuing them physical and virtual cards to allow remote spending. The budget on each card is set by an admin.
You can set-up free user accounts for every employee in your business. Once that’s all configured you can decide who should be issued with their personal Soldo Card.
Each individual in your business can have their own card, with their own budgets, rules and permissions. You can issue multiple wallets (with multiple currencies, for Premium accounts) and create cards accordingly. Every person in your business can therefore have access to their own company card which you can control through the Web Console.
Employees can manage their own expenses via the Web Console and mobile app. A user can view all their purchases in their mobile app, snap their receipts on the go, add notes and track accordingly.
By giving an employee access to the Web Console, they’re able to view their statements as they would with their personal bank account. They won’t be able to view any other information other than their own in the web console – this just adds another tracking ability to an employees’ personal expenses.
We would recommend having a mix. Think about the org structure of your company and allocate accordingly.
Track spend with individual user cards for personal expenses and work this in tandem with your company cards to ensure an employee isn’t having to dip into their personal budget to pay for a department or company expense.
Soldo is set-up to mirror your company function. By creating individual wallets for users and creating company cards and wallets, you can track your company spend in real-time. You can decide what access you give to each of your employees and vary this according to their role and function in the business.
Not everyone will have access to the company wallet and by setting up transfers and rules across both your users and company wallets and cards you can have peace of mind that your company spend is being used in the most efficient way possible.
Find out more about how Soldo can help you control individual and business-wide spending in a webinar i’m hosting on 7th May. Come along!
Changes are being brought in to harmonise HMRC’s penalties, as currently, there is no consistency across the tax system. For example, filing your annual self-assessment return one day late results in an instant £100 fine. At the same time, there are many instances where the late filing of a VAT return for the first time doesn’t result in any charges.