Modern retailers need to manage multiple budgets across multiple locations. This can make it difficult to get an accurate view of spending or effectively manage cash flow, especially when different teams and individuals are paying with petty cash or credit cards. Soldo allows retailers to control employee expenses and store and company spending all in one place, avoiding the chaos caused by manual processes.
Overseeing multiple stores or branches makes managing spend more complicated. Keeping track of spending becomes more difficult when people are in different buildings, and moving petty cash around is time-consuming and , inefficient.
With Soldo, you replace credit cards and petty cash with smart Soldo cards. Finance teams decide exactly who can spend what, where, by setting custom rules and spend limits for each card. And cards can be issued to individuals or teams, which means that each store can have their own card. So, store employees get more flexibility while finance teams get more visibility and control. Soldo’s user app makes it easy for users to submit receipts. They simply take a photo and then add VAT and a spend category.
Many retailers still rely on cash to buy daily necessities. Giving a staff member money from the till to pick up supplies that were missed from an order – as often happens in hospitality – is quick and easy. But this adds risk and makes admin errors more likely, and means spending is impossible to track and time-consuming to sort out. And many businesses are becoming cashless, which means trying to spend notes and coins will become increasingly more difficult.
Soldo provides a safer, more flexible alternative. Using Soldo cards means teams always have funds when they need them. And it’s impossible for money to go missing. Pre-paid cards give teams the flexibility to buy what they need, when they need it, while finance teams keep control of spend via easy spend controls.
High staff turnover is common in the retail sector, and shift work is inevitable. This can lead to problems with visibility and accountability when it comes to spending. Reconciling spend when lots of staff have left the business can make month-end admin a nightmare.
With Soldo, you can give cards to individuals or teams, so it’s possible to add the name of a specific department or store as well as a person. For example: ‘Marketing, Soho’. This means you don’t need to issue a new card every time someone starts on your team. New starters can spend flexibly while finance teams keep control by setting budgets and category and time-based spend limits. And, because every purchase is fully categorised at the time of purchase, reconciliations take minutes, not days.
Rising prices are impacting the retail sector particularly severely. Rent rises, increasing energy and fuel prices, and rising costs for goods and staff are all compounding the issue.
With Soldo, you can quickly and easily run in-depth reports to give you complete visibility over spending. See how spending has changed for different categories over time, identify duplicate or unnecessary purchases, and see where multiple purchases are pushing up unit or delivery prices. It’s the first step to reducing outgoings and making the most of the spending you do make.
“With Soldo we can give people cards and not worry about it.”
“We need to have non-nominative cards, in multiple currencies, attached to powerful reporting that integrates with Sage. Soldo ticks all those boxes.”
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With Soldo, you control all business spending and – thanks to the integration with your accounting system – you can reconcile expenses quickly and easily. You can equip some or all employees, entire teams, or even external collaborators with Mastercard® Soldo cards , deciding who has access to company money and the rules by which to spend it.
No. Soldo provides additional spend management features that work alongside your business bank account, instead of replacing it. You can use your Soldo cards to separate staff spending from your main company funds, as well as accessing powerful new features that aren’t available with a traditional business bank account.
Soldo Financial Services Ltd is an electronic money institution, authorised and regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011: this means we have to follow strict compliance processes. We don’t lend or take risks with customer money, we access it solely to execute the customer’s transactions. Client funds are always protected, as they are completely independent of Soldo’s business accounts and assets. The funds are safeguarded under UK Electronic Money Regulations 2017 and cannot be claimed by Soldo creditors.
Yes, Soldo integrates with all major accounting systems. Soldo has the world’s most complete API connection to Xero, sending transactions daily via an automatic bank feed. Our seamless integrations with Xero, QuickBooks Online and NetSuite also make it easy to share enriched transaction data including receipts, categories, notes and much more – in just one click.
If you’re using another accounting platform – like Sage, FreeAgent or many others – Soldo makes it easy to export transaction data in a variety of formats, in two clicks. Transaction data can be exported in XLSX, CSV, QIF and OFX formats, making your data compatible with all major accounting software solutions.
Soldo isn’t just for small business, it’s for all business. Soldo scales from one card to any number, matching the structure of your organisation with wallets for departments or individuals, which fund cards for teams, employees or contractors.
Though our software is intuitive and easy to use, powerful reporting is made possible by smart filters and granular transaction data. So, whether your business has two employees or 20,000, Soldo can help you gain visibility and control over spending, while simplifying expenses and helping you gain the advantages of financial planning in your business.
We’re sure you’ll be happy with our service, joining thousands of satisfied businesses. But if you ever want to leave, you can close your Soldo account at any time and all the funds available on your account will be transferred back to the account from which they were initially deposited.