Keeping track of every single outgoing that your company racks up can be a headache. But with the right spend management software, you can make light work of this task, giving you more time to grow your business.
A good software will give you freedom, flexibility, and security, making the task of managing spend simple. But why isn’t it always this easy?
Before any sort of software came to mainstream use, a popular way to manage business spend was with petty cash. With this system, businesses allocate a petty cash box for employee expenses, which individuals dip into when necessary. They would then spend the cash and file the receipt, before the finance team reconciles all the spend at the end of the period.
For many reasons, this was inefficient. Cash is easy to steal, difficult to track, and a nightmare to reconcile. A physical medium needs a physical ‘software’, and so petty cash log books were used to track expenditure, a process that’s slow and prone to errors.
Ultimately, petty cash is not a system that’s fit for modern business.
A more up to date option for spend management comes in the form of business credit cards. This is a type of credit card offered by banks for the sole purpose of corporate spending.
It’s much more popular than petty cash, and it is more convenient, but that doesn’t mean it’s perfect. In fact, business credit cards suffer from some of the same issues as petty cash. For example, to use these corporate cards effectively, you have to maintain a stockpile of receipts. This is a tedious system that’s vulnerable to human error, which can cause problems when it comes to bookkeeping.
On top of this, businesses often share one card amongst a whole team, leading to issues surrounding access and accountability. If someone else has the card, you can’t use it, and it can be easy to lose track of who’s spent what.
And while you can use a banking app with your business credit card, most providers’ software offerings aren’t suited to detailed analysis or tight control of company outgoings. To really stay on top of expenditure, your best bet is to go for a spend management software that gives you complete control and visibility.
Soldo is designed to offer the complete control and visibility that you need. Our solution is smart prepaid cards that give you more versatility than traditional payment cards. You simply load them up with a particular budget and your team can go out and spend without having to make purchase requests or file expense claims.
These can be virtual or physical cards; continuous or single use. You can assign as many as you’d like, depending on the needs of your business. Every staff member could have one, or just department heads. Make it unique to your requirements.
This way, you can always know who’s paid for what and you can be sure there’ll be no overspending. And if any of these cards should ever go missing, you can turn them off remotely in just a touch of a button.
And Soldo isn’t just prepaid cards. Our spend management software lets you take these cards to the next level, and will change the way you handle finances for the better. Here’s how it works.
Soldo’s software is designed to make every step of the business spend management process simple. We’re aware of the issues that plague other payment methods, and we’ve got solutions for each one.
Systems like petty cash and business credit cards are very rigid. Obviously, there are no spend controls you can put on physical money other than a padlock on your petty cash box. And business credit cards can’t be customised in a way that lets them keep up with the way that businesses work today.
Soldo’s system is different: it’s designed for maximum flexibility. Once you’ve ordered your cards, you can establish individual controls for each one. So if you want one card to only be used for online software subscriptions, then you can set spend categories to make this happen. By removing particular categories of spend from a card’s functionality, you can have specific cards for specific purposes.
Alternatively, if you want the card user to have complete freedom, then simply don’t establish any categories and put the trust in them to spend sensibly within the established budget.
All of these controls can be set from Soldo’s software for desktop or mobile.
Another common issue with traditional payment methods is that you don’t know what’s been spent until it’s too late. Either your finance team will have to rely on manual methods to add up the outgoings, or you can wait for credit card statements to come through. Both can be time consuming and slow.
With Soldo’s software, you know about every transaction as it happens. When your team goes out to spend, they use their prepaid card and upload a photo of their receipt. This data is then immediately available in the Soldo console for admins to view, and is used to automatically generate expense reports. You can even set notifications to tell you when a transaction happens.
This way, you can view company-wide spending across every card, and gain detailed insights into the spending habits of your team. Soldo means you can make data-led decisions when it comes to spend management.
And once you’ve gathered your data, you can transfer it to your preferred accounting software with our seamless integrations.
With Soldo, there’s no need to worry about security either. Because of the customisable nature of our cards, you can set spending limits for a certain period, and there’s no way for company purchases to exceed that budget. This means no more unexpected costs.
On top of this, Soldo’s cards are much more resistant to theft and fraud than other methods. You can turn cards off from anywhere, so if one ever goes missing or gets stolen, you can simply flick a switch from the Soldo software and there’s no chance of any money going missing.
We also offer single-use virtual cards which disappear once the payment has gone through, meaning details can’t be stolen. And because none of these cards are connected to your business bank account, the company coffers are completely secure.
With numerous Soldo plans to suit businesses of every size, there’s an option for everyone. So why not make the switch to smarter spending with Soldo’s software. Signing up takes no time at all and there’s no need for a credit check.
For total flexibility, real-time visibility, and increased security, join Soldo today.
A spend management platform is a service that you use to track and control your business’ spending. These platforms are a great way to keep on top of expenditure, and usually come with tools that help you do so. From customisable controls to automated reporting, the best platforms will slash the time it takes you to reconcile your spending.
This is exactly what Soldo is designed to do. Our spend management platform is paired with prepaid cards, and this combination gives you complete control over your company’s finances. Set budgets, establish spend categories, and see transactions the moment they happen. Soldo’s platform will boost your business.
With the right spend management software you can save time and money by dramatically cutting down on admin hours and keeping better track of your outgoings. These systems are designed to make business spending simple, and with a combination of tools like automated reporting, real-time spend tracking, and accounting software integrations, you can make light work of the process.
A solution like Soldo offers all of this and more. Our software connects to prepaid cards, giving you even more control and allowing you to decide your business’ outgoings for a certain period before a penny has been spent. To see for yourself, choose a Soldo plan to suit your business.
There are a number of factors to consider when it comes to this decision, but some key ones you may want to consider are: functionality, scalability, price, and ease of use. In other words, you need your software to work effectively, be adaptable to the size of your business, relatively affordable, and simple to use. If a particular software doesn’t fulfil these criteria, it probably won’t solve the problems you need it to in your business.
At Soldo, we believe our software covers all of these requirements. Our intuitive system allows for complete control over company spending, offering simple and effective tools that are suitable for businesses of any size.
This is the process of taking time consuming tasks that would normally rely on manual data input, and making them automatic, with little room for human error. While this can be difficult to do and get right, here at Soldo we think we’ve cracked it. Our spend management software allows for employees to snap a photo of their receipt and upload it directly to the Soldo console, with the spend data being automatically compiled.
On top of this, Soldo has seamless integrations with accounts software like Xero and QuickBooks, which means that your spend data from Soldo is automatically updated in your chosen software.
Make spend management easy with Soldo’s intuitive software that lets you track transactions as they happen
With Soldo’s prepaid cards and smart software you can track transactions in real-time, from anywhere.
Spend controls and categories mean you know how much is going out before it’s been spent
Automated spend reporting
Say goodbye to manual data input. Soldo’s software collates spend-data from receipts and produces reports for you.
“Soldo has enabled us to close our old corporate credit card scheme, remove petty cash from our business and reduce the number of expense claims we process. This has reduced the administrative burden, replacing separate manual processes with a single system.”
“When we switched to Soldo, it became obvious that it was quicker and more efficient. There’s a greater feeling of security; we have more confidence in Soldo than the traditional corporate credit cards.”