Company spending: Shed light on every cost

You’re not alone – most businesses lose hours to admin, just trying to track and control spending. Learn how you can manage spending the brighter way.

The status quo of company spending

Like many businesses, you probably use a combination of credit cards, reimbursements, petty cash and current accounts to manage company spending. Each is a workaround to fit specific spending types, covering for the lack of versatility in business banking.

But today, many businesses – just like yours – are taking control of spending with a spend management platform, making it easy to delegate, track, and record spending.

What you can’t see, you can’t control

With traditional processes, it’s hard to forecast and track spending on things like travel and entertainment, online advertising, and software subscriptions. Finance teams have limited control, leading to overspending. And it all stems from poor visibility.

Business credit cards, reimbursements, and petty cash push data into silos. Getting visibility takes time and effort. So, admin piles up as finance tries – in vain – to see what’s going on. All the while, spending goes unchecked and your bottom line suffers.

70% lose time

The majority of businesses lose between one day to two weeks per month to spend-tracking admin.

57% seek answers

More than half of companies do unnecessary financial detective work after company money is spent.

30 days to process

On average, it takes 30 days for a business to process an expense – until then, there’s no visibility of costs.

Soldo: Manage company spending the brighter way

Get real-time visibility and control over your spending. Simply assign Soldo cards to employees, departments, and sites, then manage costs with built-in custom budgets and rules that govern who spends what, and where.

You get a live view of all costs, everyone saves hours with streamlined procurement processes and automated reporting. Then, Soldo automates bookkeeping, sending everything to your accounting software through brilliant integrations.

Control spending on prepaid cards

Enable trouble-free business spending; set budgets and track costs in real time, from anywhere.

Capture receipts and VAT instantly

Prompt employees to capture invoices and add VAT, categories, and more on the Soldo mobile app.

Automate all expense admin

Send transactions, receipts, and other data to accounting software through smart integrations.

Get up and running in a flash

Apply online in minutes and start spending in as little as one working day. You’ll love how easy it all is.

Complete control. Clear visibility. In half the time.

See how Sandra from Making Space drastically reduced the administrative hangover of managing organisational spending.

Read case study

Read other articles about Company Spending

Don’t get left in the dark over company spending. Soldo sheds light on costs across your business, through a clear, real-time dashboard. 

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Emma, Head of Finance at Tessian talked to us about spending cuts, constant re-forecasting, and the importance of transparency and communication – within the team and with their customers.

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FAQs

How can I get better control of business spending?

With most approaches to managing business spending – like expense reimbursement, company debit cards, and corporate credit cards – there’s little to no control over costs. But there’s a simple way to put control in your hands. 

The Soldo platform centres around smart prepaid company cards that connect to a central administrative tool. You set budgets and rules, governing who spends what and when. Those rules are baked right into the cards – whether plastic or virtual – applying your policy automatically.

It all means there are no more nasty surprises, and you can finally take proactive control over your business’ spending.

How can I get better visibility of company spending?

What you can’t see, you can’t control. So, step one in gaining better control over costs is creating transparency around each and every transaction. Soldo does this by connecting prepaid Mastercard® cards directly to an online management portal. 

Every transaction is visible in real time, showing exactly who spent what and where. And employees are prompted to capture receipts and additional details – like VAT rates, expense categories and more – right there at the point of purchase.  The second it’s added, it’s visible to administrators, giving you the visibility you need to make better decisions.

What spend management software should my business use?

When it comes to managing spending, there are a range of tools that help with procurement and approvals processes. They’re handy for managing spending on big ticket items. But the variable costs businesses incur each day – like stationery, software subscriptions, travel, and online adverts, for instance – are much harder to manage.

These costs make up around 20% of a typical business’ total costs, so it’s well worth getting a grip on these costs. And that’s exactly what Soldo is designed to manage. It’s a spend management platform that gives employees prepaid company cards to manage all sorts of business spending. And you get effortless control on desktop or mobile with intuitive administrative tools. 

How can I improve my business spending processes?

Spending can be a messy process with a paper trail that keeps finance teams and employees busy for weeks after each individual transaction. It’s inefficient, with the need to distribute funds, file expense reports, and reconcile accounts. But there’s a simple way to automate and streamline the majority of your business spending processes with one inexpensive tool.

Soldo combines prepaid Mastercard® cards with smart mobile apps. Management of funds is easy, with administrators being able to quickly allocate money and set spending rules. Employees get access to exactly the funds they need, and nothing more, with their own plastic or virtual cards. Reporting is automated, with employees simply snapping a photo of the receipt at the point of purchase and tapping in notes, categories and VAT. And Soldo integrates with your accounting software, so month-end reconciliation is a piece of cake. 

What type of company spending can I manage with Soldo?

If you can pay by card, you can manage it with Soldo. Manage company spending on all sorts, including software subscriptions, business travel, online advertising, office maintenance, IT equipment, training and rewards, printing and marketing… the list goes on.

You set the limits, so whether you’re spending pennies or thousands, you can control spending with Soldo.

Join thousands of businesses using Soldo today.

Apply online in minutes and get up and running in as little as one working day.

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