Business Prepaid Cards for Employees: Ditch the petty cash

Business credit cards

A popular alternative to reimbursements is the use of business credit cards, which allow employees to pay for expenses without dipping into their own funds. This avoids the problem of out of pocket employees, but the fact that the cards linked to your business bank account can lead to overspending.

Businesses often end up sharing one card amongst a whole team, meaning it can be tricky to track down who spent what, and charges might not become evident until statements come through at the end of the month.

With these vulnerabilities, you have to be very selective in who you allow access to the credit card details. But however wise your choices are, there’s still no way to guarantee you won’t have any surprise payments. And much like a policy of reimbursements, the reconciliation of credit card payments relies on the retention of receipts.

Business owners can either control spending with tedious reimbursement processes or keep teams productive with credit cards and risk overspending. No matter what you choose, admin is lengthy and painful. Thankfully, there’s an easier way.

payment receipt in GBP captured using Soldo's mobile expense management app and prepaid card

The Soldo solution for employee expense management

Soldo’s software is designed to make expense management easy. We know the issues with other management systems, which is why our system simplifies every step of the way, from the point of purchase to the reconciliation.

First, managers assign budgets to the prepaid cards they’ve issued, so you always know how much is being spent and by whom. This fund is customisable, so you can choose the expense types the card can be used for, and whether the budget is automatically topped up at the start of a certain period.
As employees make purchases, they simply take a photo of their receipt and upload it to Soldo via the mobile expense app. This way, all of the spend data gets compiled in the same place.
Via the desktop expense management console or the expense app, Soldo’s expense tracker lets you view spending across every card. This allows for incredibly detailed expense analytics, from most-used vendors to biggest spenders. You also have the ability to transfer additional funds remotely, or switch cards off in a click should one go missing.
During reconciliation, Soldo creates expense reports automatically. There’s no need to search through piles of paper receipts, as they’re all stored digitally. All spend data can also be easily transferred to your preferred accounting software. We have seamless integrations with Xero and QuickBooks, but it’s no problem if you use another program, as our reports can be downloaded in an easily exported.

There’s a Soldo plan to suit every business, and each one includes these core functions. Take control of your business finances and switch to smarter spending by signing up to Soldo today.

All Soldo plans include

Soldo Mastercard® cards

Get as many cards as you need for employees and departments. Our contactless cards are accepted by millions of merchants worldwide.

Web console and mobile app

See spending in real time on the web console. View balances, capture receipts and manage cards on the employee app.

Accounting integration

Export transaction data to every major accounting software, in two clicks. Connect expenses to Xero and QuickBooks.

Free & unlimited transactions

Soldo Mastercard® cards have no fees for domestic transactions and our foreign exchange fee is fixed at just 1%.

No charge for deposits

It’s free to add funds, and money is available to spend instantly. Allocate funds to cards when your team needs it.

Dedicated support

Need a hand? Our friendly customer success team is at your service, providing support whenever you need it.

“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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