While some spending can easily be assigned to one individual, in many cases groups, teams, or departments need to make shared purchases, even across different locations and currencies. For example, equipment, software subscriptions, marketing spend, or construction projects. These shared purchases can be difficult to manage, categorise, and reconcile without an individual name to attach to them.
However, Soldo’s unique features ensure that managing complex spending set-ups where multiple employees need to make a variety of payments is quick and easy.
Many businesses still use manual processes to manage shared business spending. But asking employees to pay out of pocket, using credit cards, or dipping into petty cash all create a number of problems.
When employees are asked to use their own money and sort reimbursements with expense forms, individuals get bogged down with unnecessary admin. Assigning payments to an individual’s card often leads to essential services and campaigns being interrupted if employees change jobs or cards expire. And when teams share credit card details to keep day-to-day work moving, it becomes difficult to see who has spent what, where. While using petty cash boxes makes it impossible to get a complete view of spending.
Add different kinds of spending, multiple offices, employees working off-site, and a variety of budgets into the mix and shared expenses become even more complex.
Shared spending presents a unique challenge: individuals working together in shifting configurations and making purchases that need to be categorised. Individuals from various teams or offices may make shared purchases in one group one week, and different groups the next. They might make shared purchases as part of a department, a project, and different teams, all at the same time. And often, they need money instantly when they’re working at home or on a different site. This means, businesses need flexible spending systems that reflect the way modern companies actually function.
Managing spending that can’t be assigned to one individual requires flexibility.
With many spend management platforms, all your spending draws from one shared pot of funds. This can:
Soldo’s different. With Soldo, you:
Soldo’s unique automations, like autotags, cut hours of admin. For example, purchases from your French office can be flagged with the country, and payments by the sales team can be attributed as ‘entertaining’.
With the ‘groups’ feature, transactions are automatically linked to the group that made them. So, reporting, reconciliation, and forecasting are easy.
And your user permissions are can be completely customisable, so managers or admins can be delegated responsibility over specific groups or cards to speed up approvals.
Our platform is built with a wider eco-system in mind so it works with many leading accounting platforms to sync data in seconds and cut month-end chaos.
With Soldo, you decide exactly what’s spent.
Soldo’s company cards, Soldo app, web console, and accounting integrations unlock team and project spending while finance teams benefit from control, full visibility, and real-time insights.
Empower shared spending
Issue company cards that can be used for projects, departments, or teams. Make it easier for groups to spend without the risks of credit card sharing. Set rules and limits and keep control of spend.
Issue company cards that can be used for projects, departments, or teams. Make it easier for groups to spend without the risks of credit card sharing. Set rules and limits and keep control of spend.Learn more
Create temporary virtual cards instantly to cover all kinds of ad-hoc purchases. Or set up recurring payments like subscriptions or online ads with virtual cards and keep your services and campaigns running.Learn more
Create cards for teams, projects, and departments, that are set up with wallets that draw from shared or ringfenced funds. Set advanced spend limits for each one.Learn More
Keep your business moving and avoid delays when someone requests a temporary virtual card. Delegate approvals to team managers or admins so that notifications get to the right people at the right time.Learn More
Categorise spending automatically and cut hours of manual admin. Apply granular spend data to transactions instantly, from location to type, for easy reconciliation and reporting.Learn more
Replace expense forms, lost receipts, and time-consuming reconciliations. Users simply use the app to snap photos of their receipts, and add VAT and spend information to their purchases.
Users can access account information, check their balances or PINs, wherever they are with the Soldo app.
Bring your expense reports into Soldo and easily validate and approve purchases made on Soldo cards by your employees and teams.
Get everything you need to manage spending and breeze through expense reporting.
Pick the perfect plan for your business and apply in minutes, with no credit check.