Many of us have been there at one time or another, sitting staring at our expenses sheet during the last penny-pinched week of the month, waiting for payday and cursing the company for making us pay for expenses out of our own pocket.
In fact, business expense related issues account for the most work-related complaints in the majority of offices, and yet so many businesses have yet to address the issue.
In addition to the inconvenience caused to team members from the requirement that they front money for dinners, flights, hotels and other business-related expenditure, there's the amount of time spent navigating tricky technical, financial claims systems.
Not to mention collating paper receipts and other information every month, adding up to many valuable hours which could be better spent on more important work-related tasks.
Some companies have sought to address the problem by issuing company credit cards to employees, which are linked to a central business credit card account.
This certainly cuts down on the time wastage issues related to expense account systems and reduces potential loss from misplaced receipts. However, issuing corporate credit cards can also cost your business dearly in fraudulent card charges.
According to a recent study, fraudulent staff transactions account for 14% of all company credit card spending, so this is no small consideration. Also, by leaving your business open to unauthorised transactions, you risk exceeding your credit limit and ultimately damaging your firm's credit score.
Fortunately, there is now another option available following the advent of the new prepaid corporate business card from Soldo.
Our corporate cards offer a revolutionary way in which to manage your company spending, cash flow and reconciliation processes via a prepaid card, dashboard and mobile app, allowing you to maintain complete control and account for all company spending at the click of a button.
You can issue unlimited cards to employees and set individual limits relating to spending, geography and time frame to each member of staff. These limits are easily and instantaneously adjustable by your dashboard administrator in real time to allow for emergencies, and the cards are prepaid, so you never actually incur any expense, or risk affecting your credit rating.
Essentially, this is a corporate business card offering the financial support required by your staff and the control that is so important for business stability, all without the potential drawbacks of traditional company credit cards.
Our card works in precisely the same way as a traditional card and may be used in most cash machines globally (depending on the rules you define). It also offers a contactless function for transactions up to £30.
Our cards can be used at the majority of online retailers, and virtual cards can be created by dashboard admins to take care of last moment emergency online purchases.
By adopting the Soldo solution, you and your staff will be able to say goodbye to hours spent manually inputting data into spreadsheets and attaching supporting paper receipts.
Our technology allows you to simply take a photo of the receipt at the point of purchase, upload them to our automated reporting platform instantly to ensure you avoid any potential loss.
At Soldo, we understand that convenience is of the utmost importance for businesses of any size. This is why our software is designed to work hand in hand with your existing accounting and expense management platforms and is compatible with Xero, Concur and Expensify, amongst a whole host of others.
If you feel that your current business expense process or corporate card provider could be improved upon, why not visit us now by clicking here for more information.
Alternatively, please don't hesitate to contact us directly to discuss how we can help save your business both time and money.