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Prepaid cards: an easier way to manage staff expenses
Employee expense policies are a must for any business – but enforcing them can be tricky. With company credit and debit cards, you don’t get sufficient control over where company money is being spent, or real-time tracking to check that the rules are being followed.
Prepaid cards such as Soldo help put your spending rules into practice, automatically limiting spending to what’s permitted in your employee expense policy.
Restrict spending to your overnight allowance
With prepaid cards, you get total control over spending. Create daily, weekly or monthly limits – plus specific budgets for travel, accommodation, food and more.
Encourage accountability over staff expenses
You can give a prepaid card to anyone in your business. You’ll be able to see activity on each account as it happens, which reduces misuse and increases security.
Get comprehensive employee expenses software
Soldo’s prepaid cards come with a powerful online payments console, enabling you to top up funds instantly, track spending in real time and get complete control over each account.
No need for employee expenses reimbursement
Instead of asking staff to pay out of their own pocket – which can lead to dissatisfaction and is often unworkable for junior team members – give them a single account to cover all their business spending.
What is an employee expense policy?
An employee expense policy is where you set out precisely what team members are allowed to spend company money on. It’s important because it makes it clear from the outset how much they can spend on items and activities such as meals, hotel rooms and entertaining clients.
Each staff expense policy is unique to the company it belongs to, but permissible spending often includes:
- Travel costs, including airfare, train tickets, taxis and fuel costs
- Accommodation and meals
- Miscellaneous costs, including client entertainment, parking and transaction fees
Expense policies also lay out what you won’t cover. You can make it clear, for example, that you won’t pay for five-star hotels or first-class travel. You might also prohibit things like the cost of missed flights, child or pet care and travel insurance.
A good policy will save your company valuable time and resources, as well as help to protect against fraud and compliance breaches. Soldo, a multi-user expense account with advanced spending controls, is a great way to make sure it’s implemented properly.
Using Soldo, you can make sure your team adheres to your company spending conditions. Simply give them each their own prepaid card, and add rules and limits that automatically prevent any transactions that don’t fit your policy.
How Soldo makes staff expenses easy
5 stars – Using Soldo has totally transformed our expense process. My employees are delighted by the ease of use – as am I!
A written expense policy is all well and good, but with Soldo, you can take it from the page and put it into practice.
Soldo is a multi-user business spending platform made up of a payment card, mobile app and web console. It sits alongside your online business banking, saving you time and money at every stage of the expense management process. You’ll be able to watch payments as they happen, eliminate admin and gain actionable insights on how to improve your spending.
Prepaid cards with in-built spending rules
Soldo’s prepaid card helps employees buy what they need – but keeps you in the driving seat.
By adding unique spending conditions to each card, you can make sure team members only ever spend what’s permitted by your policy. You can set daily, weekly or monthly limits, for example, or rules about where and how frequently your team can use the cards.
You can give out an unlimited number of Soldo cards, so every staff member can get one – increasing autonomy. You can even create virtual cards for online spending in an instant.
Real-time management and insight
Soldo’s payment console gives you total control and oversight of spending.
You’ll be able to review every payment your team makes in real time – and then browse them by transaction type, cardholder and more. You can choose to get notified whenever a transaction looks out of place, and block cards instantly if you notice anything suspicious.
Plus, the web console integrates with your accounting system to automate processes and create in-depth reports, to help you spot patterns in people’s spending and address habits as they arise. You can even share the data with your accountants, so they can help you shape your policy as you grow.
Once they’ve made a payment, all your staff have to do to process expenses is take a photo of their receipt using Soldo’s employee expenses app. It will automatically scan the important information for your reporting.
So Soldo saves your team time, and puts an end to disputes about unrecompensed cash if receipts go missing. Plus, with real-time in-app updates, they’ll always be up to date on how much they’ve spent and how much is left on their card.
If they need a top-up, you can add funds instantly for free.
A card with unlimited uses
Soldo’s Mastercard® cards are accepted by more than 20 million merchants in over 150 countries. With our advanced controls and limits, you can create a card for any situation: including travel expenses, employee benefits spend and more.
You could even allocate an account to each department, enabling them to purchase their own supplies or online subscriptions. Or give every employee a virtual account for buying learning and development resources.
What is an expense policy?
An expense policy is a set of rules that dictate what employees are permitted to spend company money on. If you use debit or credit cards for staff spending, it will set out how those cards can be used. If you ask staff to pay for expenses then reimburse them, it sets out which costs will be covered by the business.
With prepaid solutions such as Soldo, you can give staff prepaid business cards that can only be used according to your expense policy’s rules.
How do you write an expense policy?
A lot goes into creating an effective employee expense policy, but there are a few key things to bear in mind:
- Be clear. If you’re transparent from the outset, everyone will be on the same page.
- Be fair. An unfair expense policy is often more detrimental than not having one at all.
- Keep it updated. You should revisit it every few months, and assess how your business has grown and priorities have changed.
What should be included in an employee expense policy?
Every policy is unique, with different areas included. When writing yours, it’s best to start out with the spending that’s most likely to arise in the short term. Once you’ve written one, it isn’t set in stone – so you can always add more later.
Can my employer refuse to pay my expenses?
Yes, if your expenses aren’t in line with your company expense policy or if you don’t provide accurate records. With prepaid cards, this isn’t an issue – you spend using an account that’s already topped up with company funds, so there’s no need for expense reports and reimbursals.
Why do I need an employee expense policy?
There are a number of reasons to create a watertight expense policy:
- Limit costs and outgoings: Your policy makes it clear what is expected of your employees, and what they can use company cash for.
- Foster a culture of fairness: If members of your team feel adequately compensated for business costs, they are less likely to submit exaggerated claims.
- Prevent fraud: Your policy is a concrete document you can use to protect yourself if you feel employees have overstepped the mark.
Take control of company spending today
It’s easy to get started with Soldo – and there are no credit checks involved.