What are the best ways to manage business expenses?

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  • Manage business-wide spending across multiple preloaded cards
  • Simplify those monthly reconciliations

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The curse of SMB’s

It is common, however, that in many SMEs a finance department normally comprises less than one employee, a part-time finance controller or even the business owner trying to keep on top of the finances themselves.

With so much riding on this function, it’s crucial that business owners create streamlined efficient processes and management systems for company expenditure.

A common pitfall in many small to medium businesses is the handling of employee expenses. This is a frustrating task for both the employee and the employer which can become a significant overhead in any business. That said, inefficient management of company spending can create terminal problems in some SMEs.

Employees begrudge spending their own personal money on expenses and then having to waste precious work time on claiming the reimbursements. Conversely, finance departments are often left with large unexpected payments to make each month when an employee processes their expense claims. This can put a real strain on the cash flow of a smaller business and employee morale can be adversely affected if the claims are not paid promptly.

managing business expenses company-wide
managing business expenses company-wide
managing business expenses analytics

How to take control of business expenses

Here at Soldo, we have created a solution to address the issues faced by both employees and business owners. Our prepaid business card allows expenses to be managed in a far more efficient manner.

Once companies get a prepaid business card, such as those offered by Soldo, the card will allow business owners to issue employees with individual prepaid cards, or virtual cards, to handle all expenses. The finance department can set limits on spending, and restrictions as to what the card can be used for and where it can be used.

managing business expenses analytics

Benefits of prepaid business cards for the SME

  • Control: the card is controlled by an administrator (usually the finance department).
  • Dashboard: Limits and restrictions are set in the dashboard, which the administrator can change at any time.
  • Data: the finance department has access to real-time data on expenses, allowing for more accurate cash flow management.
managing business expenses spend categories
managing business expenses spend categories
managing business expenses mobile app

Benefits of prepaid business cards for employees

  • Reduction in expenses pre-funding: Employees no longer have to pay for expenses from their own pocket.
  • Additional funds: If the employee needs additional funds, these can be added to by the finance department instantly.
  • Cash: the card allows employees to draw cash from a cash machine, subject to the agreed rules for the cardholder.
  • Mobile app: The Soldo app allows employees to take a picture of a receipt and upload it to their dashboard. The platform then pulls out the key data from the receipt, removing the need for the employee or finance team to input data.
  • Online spending: a virtual card can be created by the administrator to allow employees to make online purchases using the card.
managing business expenses mobile app

Adjustable restrictions & seamless integration

Soldo’s prepaid business card allows better handling of expenses for everyone. The dashboard integrates with all major accounting software including Xero, Concur, Expensify and more.

Limits and restrictions on each card can be individually set for each card, making the card bespoke to the individual user. Spending restrictions can even be set on types of spending and geographical locations, for example, travel expenses in the UK only.

managing business expenses accounting
managing business expenses accounting
managing business expenses online

Switch to Soldo and get a full insight of your business expenses

Soldo’s prepaid business card puts all team members on a level playing field when it comes to expenses. All too often, company cards are reserved for those in higher management positions, which can demotivate junior staff who are required to manage their own expenses out of pocket. Our card means that no employee is left out of pocket at the end of the month.

This is just one of the spending management solutions from Soldo. We are already empowering proactive, decisive, forward-thinking businesses to take control of employee spending and to keep a closer eye than ever on company expenses. Join Soldo today and find out how a Soldo account can help you cut down the hours of manual expense processing and devote that time to growing the business.

managing business expenses online

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The best ratings across the web

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“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.”

Mark Taylor, Plymouth College of Art
Director of Finance at Plymouth College of Art

“Petty cash and reconciling credit cards took a total of 6 days a month. Now it takes me half a day. It’s saving us time! It’s got great flexibility and it makes my life a lot easier”

Sandra Curran, Making Space
Purchase Ledger Coordinator at Making Space

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1. Complete registration

We need to confirm your identity and address. Upload a few documents and you’ll be done.

2. Add funds

Load money to your account to order your Soldo card. Receive it in 2 working days.

3. Start spending

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