There are other options out there that could complement Xero, but often they don’t provide the same volume of features that Soldo does. For example, they may just be a service that collates and organises receipts. Soldo does this and much more.
First of all, let’s look into how Soldo works to provide all the information Xero needs.
Soldo is a prepaid card system, which means you can load certain funds onto any number of cards, assign them to individuals or teams, and feel safe in the knowledge that the budget you’ve chosen can’t be exceeded.
When employees are out paying for expenses with these cards, they simply use them as they would any other payment card, then take a photo of the receipt and upload it via the Soldo mobile expense app. Soldo then automatically generates reports in a web console using this data.
With soldo’s expense management dashboard, you can see every single one of these transactions as it happens, giving you detailed insight into company-wide spending and the full picture of your business’ expenses. And when it’s time to process these outgoings, that’s where our connection with Xero kicks in.
All the data that Soldo has collated can be transferred to Xero in a click, meaning you don’t need to overhaul your accounting process. In fact, your accounting process will be made easier, as Soldo eliminates the need for laborious manual data entry, and streamlines the journey from buying to bookkeeping.