If your business is looking to grow, it’s essential you keep close track of company finances.
But often, the important business can be overwhelmed by the amount of invoicing, accounting and dealing with expense claims there is to do. That’s why it’s imperative to find a practical and efficient way of managing company finances online.
Business credit cards are a popular choice for many businesses, but it might be a stretch to say they can help you manage company finances online.
You can view latest transactions, balances, previous statements and more, but ultimately, the amount of control you have is limited. You’re able to review spending once it’s happened, but unable to change how or where the card is used. In fact, the only limit imposed is the card limit itself. If this is exceeded and there are other cards on the same credit line, there’s every chance all your cards will be cancelled.
Online accounting apps cover the key accountancy functions, including cash management, the bought and sales ledger and a range of reporting functions. Many also provide payroll management, VAT and HMRC functionality. Most of the major accountancy apps are now available in the cloud.
With these apps, you can turn quotes into invoices and send them instantly. Customers themselves can then pay online, and, if they forget, they’ll receive automated reminders to give them a nudge. Accounting apps are both web-based and on mobile. You can reconcile bank transactions wherever you are, document receipts and invoices on the move and review your entire company’s spending at a glance.
Because they’re a cloud-based system, accountancy apps bypass the need for lots of paperwork. Instead, you can automate those tedious financial management tasks. This means you don’t need to devote much time to reconciling payments and importing transaction data.
A spending platform integrates with the accounting software many businesses already have in place, and gives you the preemptive control over transactions in a way company credit cards can’t.
This is exactly what we offer at Soldo, and it’s made up of three components: a prepaid company card, an app and an admin dashboard. They each play their own role in making online finance management simple..
Smart prepaid cards work like a company credit card. But unlike company credit cards, you can view your team’s every transaction in real time. You can also impose rules and limits on their spending via the online dashboard.
These rules might be geographical, such as restricting a card's use to the UK, or purpose specific. They can also be time-limited, making them ideal for business trips.
Once you’ve made a transaction with your prepaid card, you can submit your expense report in moments. Simply photograph the receipt and forward it to the dashboard, and save on having to either submit receipts or fill in a spreadsheet.
The web-based dashboard gives you more control than ever over your company’s finances online. From here, you can impose rules and limits on individual cards, check transactions in real time and transfer funds in a matter of moments.
The dashboard also helps you analyse your employee’s expenses. Admins can filter data by department, expense type and more. They’ll be able to see the bigger picture and, in particular, to understand where and how money is being spent. You can then adjust your spending in response to these insights.
We offer an online experience which complements existing systems you have in place, including the major accountancy software such as Concur, Expensify, Sage and Xero. Visit our website to see more of our integrations, as well as to find out how our innovative spend control platform can help you manage your finances online.