From travel to training, employee expenses are unpredictable costs incurred by your team as they do their jobs. Expense management helps you to control and report that spending.
Like many businesses, you probably use a combination of credit cards, reimbursements, petty cash and current accounts to manage company spending. Each is a workaround to fit specific spending types, covering for the lack of versatility in business banking.
But today, many businesses – just like yours – are taking control of spending with a spend management platform, making it easy to delegate, track, and record spending.
With traditional processes, it’s hard to forecast and track spending on things like travel and entertainment, online advertising, and software subscriptions. Finance teams have limited control, leading to overspending. And it all stems from poor visibility.
Business credit cards, reimbursements, and petty cash push data into silos. Getting visibility takes time and effort. So, admin piles up as finance tries – in vain – to see what’s going on. All the while, spending goes unchecked and your bottom line suffers.
70% lose time
The majority of businesses lose up to two weeks per month to spend-tracking admin.
57% seek answers
More than half of companies do unnecessary financial detective work after company money is spent.
30 days to process
On average, it takes 30 days for a business to process an expense – until then, there’s no visibility of costs.
It’s no surprise that thousands of businesses – just like yours – are now turning to expense management software to simplify expenses. But most expense management systems focus on reporting, meaning manual data input and the same lack of visibility and control.
Soldo is different. Our platform connects smart company cards to an expense management automation system. It’s a smarter business expense management solution, giving you real-time visibility and control over employee expenses, and saving everyone time.
Control spend on prepaid cards
Empower employees to spend; set budgets and track spending in real time, from anywhere.
Automate all expense admin
Send transactions, receipts, and other data to accounting software through smart integrations.
Capture receipts and VAT fast
Prompt employees to photograph receipts, add VAT and categories on the Soldo mobile app.
How can I get better control of business spending?
With most approaches to managing business spending – like expense reimbursement, company debit cards, and corporate credit cards – there’s little to no control over costs. But there’s a simple way to put control in your hands.
The Soldo platform centres around smart prepaid company cards that connect to a central administrative tool. You set budgets and rules, governing who spends what and when. Those rules are baked right into the cards – whether plastic or virtual – applying your policy automatically.
It all means there are no more nasty surprises, and you can finally take proactive control over your business’ spending.
How can I get better visibility of company spending?
What you can’t see, you can’t control. So, step one in gaining better control over costs is creating transparency around each and every transaction. Soldo does this by connecting prepaid Mastercard® cards directly to an online management portal.
Every transaction is visible in real time, showing exactly who spent what and where. And employees are prompted to capture receipts and additional details – like VAT rates, expense categories and more – right there at the point of purchase. The second it’s added, it’s visible to administrators, giving you the visibility you need to make better decisions.
What spend management software should my business use?
When it comes to managing spending, there are a range of tools that help with procurement and approvals processes. They’re handy for managing spending on big ticket items. But the variable costs businesses incur each day – like stationery, software subscriptions, travel, and online adverts, for instance – are much harder to manage.
These costs make up around 20% of a typical business’ total costs, so it’s well worth getting a grip on these costs. And that’s exactly what Soldo is designed to manage. It’s a spend management platform that gives employees prepaid company cards to manage all sorts of business spending. And you get effortless control on desktop or mobile with intuitive administrative tools.
How can I improve my business spending processes?
Spending can be a messy process with a paper trail that keeps finance teams and employees busy for weeks after each individual transaction. It’s inefficient, with the need to distribute funds, file expense reports, and reconcile accounts. But there’s a simple way to automate and streamline the majority of your business spending processes with one inexpensive tool.
Soldo combines prepaid Mastercard® cards with smart mobile apps. Management of funds is easy, with administrators being able to quickly allocate money and set spending rules. Employees get access to exactly the funds they need, and nothing more, with their own plastic or virtual cards. Reporting is automated, with employees simply snapping a photo of the receipt at the point of purchase and tapping in notes, categories and VAT. And Soldo integrates with your accounting software, so month-end reconciliation is a piece of cake.
What type of company spending can I manage with Soldo?
If you can pay by card, you can manage it with Soldo. Manage company spending on all sorts, including software subscriptions, business travel, online advertising, office maintenance, IT equipment, training and rewards, printing and marketing… the list goes on.
You set the limits, so whether you’re spending pennies or thousands, you can control spending with Soldo.
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