With non-staffing costs accounting for about 25% of school budgets, rising prices and operational costs are set to have a big impact. So, it’s essential to know exactly what’s being spent.
With Soldo’s reports you can visualise all your costs by category and time-period so you can reduce duplication, unnecessary purchases, and siloed spending. Soldo helps you make the most of your money, allowing you forecast effectively and take advantage of bulk purchasing.
As governing bodies, regulators, and university students ask more about how funds are being spent, it’s important for institutions to have visibility over their spending. And this isn’t possible with manual processes.
Soldo gives schools and universities a more accurate view of spend, so they see every purchase in one place. It’s easy to set the platform up to mirror your organisation, so you can create separate budgets for each employee, faculty, function, or department. Empower your people to spend, while you get control, visibility, and insight.
Many institutions have multiple funding sources and spending methods. Couple that with the number of departments and individuals spending and staying within budget can be a big challenge. We recently surveyed education institutions and over half said they relied on credit cards or reimbursements, which can result in unexpected purchases that haven’t been budgeted for.
Give employees, teams, and departments the ability to make essential purchases in a controlled way with Soldo. Set spending limits for all cardholders with location, category, and time-based restrictions and help prevent budget shortfalls.
With manual processes, finance teams spend days reconciling predicted and actual spend each month. Chasing receipts, tracking down missing information, and transferring data between systems wastes everyone’s time and leads to frustration.
With the Soldo app, users take photos of receipts and add spend data when they purchase. Expenses are assigned to the right budget instantly, cutting finance admin. Soldo syncs with your existing accounting software, to reconcile spending in minutes, not days.
“We like that it’s a payment-card system rather than a credit card, there’s a greater feeling of security; we have more confidence in Soldo than the traditional corporate credit cards.”
“We have fewer instances where supporting paperwork is missing, and senior managers’ time is not spent constantly approving daily spend that is needed for the school to operate smoothly.”
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With Soldo, you control all business spending and – thanks to the integration with your accounting system – you can reconcile expenses quickly and easily. You can equip some or all employees, entire teams, or even external collaborators with Mastercard® Soldo cards , deciding who has access to company money and the rules by which to spend it.
No. Soldo provides additional spend management features that work alongside your business bank account, instead of replacing it. You can use your Soldo cards to separate staff spending from your main company funds, as well as accessing powerful new features that aren’t available with a traditional business bank account.
Soldo Financial Services Ltd is an electronic money institution, authorised and regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011: this means we have to follow strict compliance processes. We don’t lend or take risks with customer money, we access it solely to execute the customer’s transactions. Client funds are always protected, as they are completely independent of Soldo’s business accounts and assets. The funds are safeguarded under UK Electronic Money Regulations 2017 and cannot be claimed by Soldo creditors.
Yes, Soldo integrates with all major accounting systems. Soldo has the world’s most complete API connection to Xero, sending transactions daily via an automatic bank feed. Our seamless integrations with Xero, QuickBooks Online and NetSuite also make it easy to share enriched transaction data including receipts, categories, notes and much more – in just one click.
If you’re using another accounting platform – like Sage, FreeAgent or many others – Soldo makes it easy to export transaction data in a variety of formats, in two clicks. Transaction data can be exported in XLSX, CSV, QIF and OFX formats, making your data compatible with all major accounting software solutions.
Soldo isn’t just for small business, it’s for all business. Soldo scales from one card to any number, matching the structure of your organisation with wallets for departments or individuals, which fund cards for teams, employees or contractors.
Though our software is intuitive and easy to use, powerful reporting is made possible by smart filters and granular transaction data. So, whether your business has two employees or 20,000, Soldo can help you gain visibility and control over spending, while simplifying expenses and helping you gain the advantages of financial planning in your business.
We’re sure you’ll be happy with our service, joining thousands of satisfied businesses. But if you ever want to leave, you can close your Soldo account at any time and all the funds available on your account will be transferred back to the account from which they were initially deposited.