Business expense management can seem like a daunting task, but Soldo’s software systems can simplify the process for you and your teams. Read on for an in-depth exploration. Classic business credit cards can’t keep up with the needs of modern business. There was a time when these cards were cutting edge; now, more and more businesses are switching to prepaid systems like Soldo’s.

The Soldo solution

Soldo’s solution pairs prepaid business cards with an intuitive expense management software. In fact, Soldo’s software is designed to make every step of the expense management process easy, from the point of purchase to the reconciliation. It’s especially useful for business owners, because administrators can view activity on all cards in real-time and keep an eye on expenditure from anywhere. This level of visibility makes spend tracking a breeze. Our software keeps track of any purchase logged by employees via receipt capture in our expense app and automatically creates expense reports. This eliminates the need to keep hold of paper expense receipts, and makes your finance team’s workload considerably lighter.

Efficient Reconciliation

Speaking of finance teams, they’ll love Soldo’s integrations with accounts software such as QuickBooks and Xero. At the touch of a button all of your spend data can be transferred to your preferred accounting platform. Spending, expense management, bookkeeping; Soldo makes it all easier. Get started today.

As it stands, business credit cards are one of the most popular payment methods for businesses. Although these cards can be useful, they’re certainly better than petty cash but, they aren’t perfect.

Ordering multiple business credit cards can be difficult or impractical, many businesses end up sharing one card amongst an entire team. This poses multiple issues. For one, spending can easily spiral, and you may not find out how much has been spent until statements come through at the end of the month.

Related reading: Learn why Soldo’s solution is better than a business credit card

Even if you do know how much has been spent, finding out who spent it and what it’s been spent on can be a pain. You might find yourself sifting through stacks of receipts to find out where that missing £50.00 went. There is a smarter way to do business.

On top of these problems, company credit cards are also insecure. Because of their communal nature, the cards can easily be lost, stolen, or misused. And since they’re directly connected to a bank account, the risk of your company’s funds being compromised are much higher than they are with other systems like prepaid cards.

Overall, business credit cards have low spend-visibility, pose a security risk, and create admin nightmares. Thankfully, there’s a better way.

Soldo’s prepaid card system is part of what makes them so useful. Unlike traditional payment cards, which often have sky-high limits, each Soldo card is its own fund, and the limits that you set can’t be exceeded.

Our cards have no connection to the company bank account. Instead, you load them with a certain budget, which can be done manually or on a rolling basis, and decide how these funds can be spent.

This way you don’t have to worry about your team sharing one card or spending spiralling out of control. You always know where your cash is and how it’s being spent.

Our mobile expense app is extremely versatile. Not only is it useful for capturing expense receipts, it can also be used to hold virtual cards, customise spend rules, and transfer funds from anywhere. Employees expenses are easier to manage using the app while they’re on the go in order to spend, while managers can view the finance data of every card issued.

Soldo is useful for more than just expense tracking. Once you’ve collated your spend data, our seamless integrations with software like QuickBooks and Xero make bookkeeping effortless. You can transfer data across to your preferred program in a click, making life easier for accounting teams.

And if you use any other software, we’ve got you covered. Soldo’s expense reports are easily exportable and can be input into any accounting system.