Manage your expense accounting in one place
Prepaid business cards can be used anywhere – and they give you much more control and oversight than traditional company cards. Signing up with a prepaid provider such as Soldo, will make managing all your spending simple.
Here are a few common ways our customers utilise their prepaid accounts.
Software subscription management
Most workers today rely on a few software subscriptions to get their job done. Chances are, the different teams in your business each require a unique stack of tools – which can make managing all the subscriptions tricky.
With prepaid cards, you can delegate the task of choosing and paying for subscriptions to each department, increasing autonomy and encouraging responsible spending.
There are a few ways to achieve this. For example, you could allocate extra budget to department leaders’ cards, with rules that restrict transactions to software subscriptions. Or you could create a single shared account for online payments, keeping everything in one place.
If you’re running a sophisticated online advertising strategy, then tracking your expenditure across various platforms can be almost impossible, which often leads to accounting issues later on.
One solution is to allocate specific accounts for media buying using prepaid cards which automatically track and record every transaction. With Soldo’s virtual cards, you don’t even need to worry about a piece of plastic – everything is handled online.
Plus, Soldo’s comprehensive reporting tools make it simple to analyse your media spend, identifying trends and areas for operational improvement.
Petty cash is a poor way to manage company expenses, dragging on efficiency and transparency. Prepaid cards enable you to run a completely cashless office, so you’ll never have to puzzle over miscounted coins – or hunt down missing receipts – again.
You could set up an account that’s purely for occasional purchases, or give each employee additional funds for milk runs and more. Either way, every purchase will be tracked automatically, so there’s no extra work required.
Business trips can be great for building relationships and growing sales – but all too often, they create an accounting headache. Trawling through a mass of receipts, calculating mileage and sorting personal from allowable transactions is time intensive and morale draining.
The rules and budgets that come with prepaid solutions make managing travel spend much more straightforward. You can limit the usage of each card to what’s permitted within your policy, so there’s no chance of misuse. And with Soldo’s real-time monitoring, reconciling travel transactions takes seconds.
Traditional company cards lack the functionality and clarity required to properly track entertainment expenses. You can’t sort between VAT-exempt transactions, or limit spending when you’re not around.
With prepaid cards, you can use rules to separate VAT-exempt spending, saving your accountant time. Plus, with limits and budgets, you control spending before it happens. So there are no more surprise entertainment claims.
The flexibility that prepaid cards bring enables you to choose your preferred strategy for managing employee benefits. For instance, you could give every single employee in your company a virtual account for purchasing gym memberships or development opportunities. Or, allocate additional budget to senior staff to spend as they see fit.
However you choose to handle benefits spending, you’ll get complete transparency over every transaction. There’s no need to manually approve and record every single purchase, so it saves you and your team time – while increasing autonomy and responsibility.