These days companies want smart ways of processing expenses data, which goes hand in hand with the need to equip employees with easy ways in which to make payments.
Cutting-edge technology can now streamline expense accounting processes - and for many businesses, a prepaid company card with the right features can make significant savings.
Whatever the size of your business, a prepaid company card can represent a convenient and efficient way of managing your finances on the go. Spending can be carefully controlled, with flexible recording and instant changes to cardholders' monetary limits and spending policies.
Soldo is a multi-user spending account, complete with prepaid cards, intuitive admin and comprehensive reporting. It integrates with major accounting software applications, and the card is widely accepted at both real and virtual Mastercard outlets.
With the Soldo card, each employee or cost centre can have their own card and spending limits.
Details of transactions and spending categories can be fed back to the finance department in real-time via the admin web console, making end-of-month reconciliation processes considerably smoother and faster.
Given that today's employers need to meet the needs of a workforce on the move, Soldo Business has created a unique mobile app that syncs with the payment card. The Soldo mobile app works smoothly across iPhone, Android, Blackberry and Windows Phone devices. Users can download the app to see real-time information at a glance.
Employees using the app work with a system of lists designed by the admin team - for projects, expenses or other subjects - making it easy to report expense claims and monitor business spending. Creating lists in the web console and selecting them in the app takes only moments, yet can save hours at the end of the month.
At all times, app users can see their balance and transactions, add and modify lists, get an overview of expenses and look at the settings for the card (which only admin may modify via the web console).
The traditional process of submitting paper expenses can take up a lot of time, and verifying them can be burdensome for the finance team. With the Soldo mobile app, all reports are automated, and the web console lets you extract data in a couple of clicks.
It is quick and easy to capture a receipt with the app - just point your phone's camera and shoot. Keeping electronic images can ensure compliance with HMRC regulations for submitting digital expenses and the app will help you optimise the way data is stored.
Overspending leaves a company vulnerable, and fraudulent spending can be hard to spot. Applying spending limits to employees is therefore vital and a great way to manage company expenses.
With the Soldo card, it is simple to impose restrictions. You can digitally control exactly how much your employees may spend on an individual basis, thereby saving time and money.
Paper receipts can be illegible, easily lost, and a hassle to classify. Using the Soldo app means that they won't fall through the cracks.
Employees can take a picture on the spot and don't need to carry receipts around with them, freeing up your team for more important activities.
Traditional company credit cards are generally given out only to top-level management, and may not have high spending limits. Money transfers can take a while, and replacing a lost card may be time-consuming.
With the Soldo Business web console, cards with appropriate limits can be provided for the entire workforce, and lost cards can be instantly frozen; replacement cards arrive quickly, and fund transfers are immediate.
To find out how our unique business solutions can help you better manage your expenses, click here.