An award-winning expense management tool trusted by 60,000 businesses
Why move to expenses apps and prepaid cards?
Credit cards and petty cash are inefficient when it comes to managing expenses. If you’re tired of the admin, poor visibility and lack of accountability they bring, then expenses apps and prepaid company cards could be the answer.
Increase staff satisfaction
Employees paying from their pockets, saving their receipts and completing expense forms at month-end is a time-consuming process. Expense apps automate it all.
Cut the admin
Save yourself – or you finance team – time trawling through expense reports and chasing down receipts.
Follow transactions as and when they happen, instead of waiting for a statement at the end of the month. Save records of everything in case of an audit.
Encourage responsible spending
Company cards reduce accountability. With prepaid cards, your staff get a regular budget to spend – but you decide how they spend it.
Three ways to manage your business expenses
There are three ways to manage employee expense policies in your business: via expense claims, company cards or prepaid cards. Here’s a closer look at all three.
Using expense claims
Managing expenses using claims means asking your staff to cover the cost of any business expenses, then reimbursing them at the end of the month.
They’ll need to itemise their expenses so you can verify them, and supply physical receipts. Otherwise, you won’t be able to deduct them from your tax liabilities.
Using company credit or debit cards
With company cards, employees stop paying for expenses out of their pocket. Debit cards give them access to your primary account; with credit cards, they get a limit to spend each month.
Both approaches come with significant drawbacks. Tracking spending is difficult, which means you can only give out a limited number of cards. This often leads to cards being shared between staff and departments – which reduces accountability.
Plus, employees will still have to supply receipts for every purchase. And you’ll have to reconcile transactions each month.
Using prepaid cards and expense apps
More and more businesses are turning to prepaid company cards as a better way of managing expenses. Instead of giving staff access to your primary account or letting them drive up debt, you preload these cards up with funds.
Tracking spending is simple, so any team member who needs a card can get one. And the expense process is entirely automated, saving serious time each month. Soldo’s cards are flexible, so you can use them as business expense cards, FX cards, business fuel cards or more.
Choose Soldo for a complete expense management solution
5 stars – I absolutely love Soldo for my business. It has really helped me to track all our expenses and saved us a lot of time when reconciling our accounts! I love how easy it is to use and how I can manage money easily from one card to another.
Soldo’s advanced features make expense management easy. You get a complete solution: including prepaid plastic and virtual Mastercard® cards, a web console for controlling spending and integrated apps for every employee.
Reconcile transactions in seconds
With Soldo, you’ll be able to see each employee’s spending as it occurs. So there’s no more pouring over bank statements to marry transactions – or missing VAT deadlines due to incomplete paperwork.
You can export your expense reports to your accounting software in just two clicks. If you use Xero to manage your accounts, then you’ll benefit from a seamless expenses integration with an automatic feed.
Travel expense management made easy
Soldo makes tracking expenses for employees on the road simple.
Set separate daily budgets for fuel, food and more – and allocate funds for entertaining customers. When the trip’s over, disabling the card just takes a single click. Plus, with Soldo’s integrated app, your staff can track their spending and record receipts with zero fuss.
Need to travel overseas? Soldo works as an FX card too – with conversion fees set at just 1%.
Control spending before it happens
Soldo doesn’t just help you track business spending – it comes with all the limits, rules and budgets you need to set out precisely how each card is used. It’s completely free to add funds to any account, and the money will be available to spend instantly.
Our intuitive web console gives you complete control over each card. As well as deciding its monthly limit, you’ll be able to set rules on where and when it’s used. You can even enable or disable contactless payments.
Plus, you can create virtual business cards for online transactions as and when you need them.
An easy app for expenses
Soldo’s integrated app is designed to make processing expenses as simple as possible. All your staff have to do is take a photo of their receipt when they make a purchase, and add any extra details if needed. The app will do the rest.
It saves your staff time, eliminates unnecessary paperwork and puts an end to incorrect expense claims.
Simple set up process
You can get your business up and running with Soldo in a single working day. You won’t need a credit check, and the application process is entirely online.
If you need any help at all setting up your account, then our dedicated support team is on hand. Alternatively, our comprehensive support site is a great resource on how to make the most out of Soldo.
Why is expense management important?
Any business needs to manage its expenses. After all, your staff won’t be happy if they’re left out of pocket after covering their own costs. In the UK, expenses are treated as tax-deductible, but only if you have all the details about the expense – date, receipt and more – to show for it. So poor expense management can impact your bottom line.
How do I manage expense reports?
There are a few different ways to manage expense reports. You could ask staff to pay for business spending themselves, then file expense claims each month so you can reimburse them. Alternatively, you could hand out corporate cards that give staff direct access to company funds.
Both approaches have their drawbacks, however. Which is why more and more businesses are turning to Soldo to manage expenses without the hassle.
How do I track travel expenses?
There are lots of different methods for tracking travel expenses, but most of them involve manually noting down what you’ve spent – and keeping every receipt to file a claim when you return. Soldo, meanwhile, tracks your travel expenses for you.
Do I need to keep receipts for business expenses?
You’ll need to keep a receipt for any business expenses you’ve paid for yourself, or using a company credit or debit card. This is in case the HMRC requires proof that the purchase was a genuine business expense. With prepaid solutions like Soldo, you don’t need to keep physical receipts. Instead, you just take a photo of each receipt at purchase.
What expenses can I claim?
You can claim any cost that relates to the running of your business, including:
- Goods you buy for your business
- Interest on business loans
- Certain travel expenses
- Professional services
Make expenses simpler
Upgrade to Soldo today for a complete expense management solution