Business as unusual: Using Soldo to minimise the coronavirus fallout
The world has changed, and so has business. In this blog, we shed light on how companies are using Soldo to face the unique challenge of the coronavirus outbreak.
Usually, a blog starts with context. But, at last check, the top ten trending stories on the BBC News website were all coronavirus related – we’re guessing you’re up to speed. Let’s dive right into some of the ways Soldo is helping businesses to face down the threat of the coronavirus.
Managing day-to-day spending outside of employee expenses
Let’s face it, employee travel and entertainment (T&E) expenses are the furthest things from anyone’s mind right now. (In fact, the Foreign and Commonwealth Office is advising against all non-essential travel.)
But business carries on, and part of doing business is spending money. Away from T&E, business spending still takes place. Right now, this might include spending on:
- Software subscriptions (web conferencing and cloud tools)
- Home office hardware (printers, mice, keyboards, monitors)
- Courier and postage services
But in day-to-day business, company money is spent on operational costs like:
- Ecommerce purchases (Amazon and groceries)
- Digital advertising (Facebook and LinkedIn ads)
- Facilities management
- Events management, and more.
While the last two examples are not a focus for many businesses right now, every other cost is one your team needs to manage – whether working from home or not. And Soldo gives your team access to the funds they need to get the job done.
Many of our customers have been using Soldo to manage company spending across teams and locations for years, London Grace is a great example of this. But we’re seeing more and more businesses expand their usage of Soldo to cover this kind of spending as remote working becomes the norm.
Proactively controlling costs with smart budgets and rules
The OECD is now suggesting that the economic impact of the coronavirus will be felt for years, not just months. It’s a sobering thought, and businesses are – rightly – adjusting their growth projections and budgets to account for a dramatic shift in financial outlooks.
While these conditions make it hard to control (or even predict) money coming into the business, there is one easy way to make a material difference to the bottom line. Managing the L in your P&L is something you can do today. And Soldo can help.
Setting departmental budgets
Expense centres are a feature of the Soldo Premium plan that allows businesses to create cards for departments, groups, and projects. For instance, if your HR team needs to cover home-working costs, you could create a number of virtual cards that spend from a single wallet, setting a balance and a weekly budget.
This is handy for teams that are working from home, but it also gives leaders more dynamic control over spending at what could be a make or break time for businesses.
Reallocating resources quickly
It’s never been more important to be able to quickly respond to the needs of your team and the market. Soldo allows businesses to reallocate money between departments and individuals for smarter, more agile spending and tight financial control.
Move money where it’s needed in a couple of clicks and play a more direct role in financial management at a more granular level.
Reducing the likelihood of overspending and fraud
Many teams will still need to enable spending by individuals, but the lack of proximity can (in exceptional cases) lead to spending that falls outside the remit of a role. You can prevent this kind of spending by setting budgets, limits, and locking cards to specific merchant categories – preventing gambling, for example.
Some of our customers even create virtual cards for single uses. It’s an easy way to mitigate the risk presented by distance while still enabling your teams to access the funds they need.
Gaining visibility of spending while teams are away from the office
At this time, it’s particularly pertinent to have visibility over business-wide spending. Unpredictable costs are more prevalent, and geographical distance means keeping tabs on who spent what and where is harder than ever.
Soldo helps by providing a real-time view of spending. You can enable notifications, to ensure you see each and every penny leaving the business, or you can check in from time to time to see what’s going on. Either way, you have a clear view of your financial position in one spot – something that’s not possible with corporate cards.
Improving security by removing the need to share card details
When conditions change, teams improvise. In the best cases, this helps teams to get the job done. In the worst cases, it introduces risk that your processes were designed to protect against. And it’s even riskier when it involves your business’ money.
We’ve heard examples of employees sharing card details over WhatsApp and Facebook, just to enable spending in a different location. That’s clearly not a safe way to do business. And Soldo is the easiest way to prevent that kind of activity. Giving employees their own virtual or plastic card means no card sharing – online, over texts, or otherwise.
Centralising reporting of expenses with a cloud-based platform
Expense processes are often behind the curve, with paper-based processes still prevalent for many small businesses across the country. But paperwork and social distancing don’t mix. So, it’s no surprise we’re seeing many customers make better use of the built-in expense management features of Soldo during the coronavirus outbreak.
Deploying Soldo for expense management speeds up the process and puts everything in a single, secure location. It enhances visibility for company leaders and cuts the time spent on admin, so everyone in your team has more time to respond to the challenges in front of them. Which is exactly where their focus should be right now.
We want to provide all the support we can for your team at this difficult time. So, if you’d like to know how to do anything we’ve mentioned above, please email a member of our team at: [email protected] We’ll get back to you as fast as we can. Stay safe.