Expense accounting made simple

Learn how integrating a few of the best accounting tools can keep your bookkeeping straightforward with our comprehensive guide.

Online business accounting with Soldo

There are numerous tools to help you take control of your business spending today – but which should you prioritise for a transformational change?

Watch the video find out to how to an expense accounting solution like Soldo can keep costs down and increase control.

Get started

Take control of your financial admin with prepaid cards

Prepaid cards offer a complete solution for managing your business expenses – taking the hassle out of monitoring and controlling day-to-day spending. If admin is eating up too much of your or your team’s time, then prepaid cards could be the answer.

  1. Automate expense accounting
    Checking and inputting receipts, invoices, mileage reports, petty cash vouchers and expense reports can be a grind. Prepaid cards free your team up for value-adding tasks
  2. Increase security
    Prepaid cards come with budgets and limits that put you in total control of spending – and they’re 100% siloed from your primary account
  3. Capture everyone’s receipts digitally
    HMRC requires a record of every transaction – but that doesn’t mean you need a messy folder full of receipts. Instead, store everything online with a prepaid card solution
  4. Reconcile expenses in minutes
    Say goodbye to the days of expense detective work. Track and record transactions as they occur
  5. Share information with your accountant
    Give your accountant or bookkeeper access to your expense data, so they can work faster – and deliver better advice on how to keep spending in check

Manage your expense accounting in one place

Prepaid business cards can be used anywhere – and they give you much more control and oversight than traditional company cards. Signing up with a prepaid provider such as Soldo, will make managing all your spending simple. 

Here are a few common ways our customers utilise their prepaid accounts.

Software subscription management

Most workers today rely on a few software subscriptions to get their job done. Chances are, the different teams in your business each require a unique stack of tools – which can make managing all the subscriptions tricky.

With prepaid cards, you can delegate the task of choosing and paying for subscriptions to each department, increasing autonomy and encouraging responsible spending. 

There are a few ways to achieve this. For example, you could allocate extra budget to department leaders’ cards, with rules that restrict transactions to software subscriptions. Or you could create a single shared account for online payments, keeping everything in one place.

Online advertising

If you’re running a sophisticated online advertising strategy, then tracking your expenditure across various platforms can be almost impossible, which often leads to accounting issues later on. 

One solution is to allocate specific accounts for media buying using prepaid cards which automatically track and record every transaction. With Soldo’s virtual cards, you don’t even need to worry about a piece of plastic – everything is handled online.

Plus, Soldo’s comprehensive reporting tools make it simple to analyse your media spend, identifying trends and areas for operational improvement.

Petty cash

Petty cash is a poor way to manage company expenses, dragging on efficiency and transparency. Prepaid cards enable you to run a completely cashless office, so you’ll never have to puzzle over miscounted coins – or hunt down missing receipts – again.

You could set up an account that’s purely for occasional purchases, or give each employee additional funds for milk runs and more. Either way, every purchase will be tracked automatically, so there’s no extra work required.

Travel expenses

Business trips can be great for building relationships and growing sales – but all too often, they create an accounting headache. Trawling through a mass of receipts, calculating mileage and sorting personal from allowable transactions is time intensive and morale draining.

The rules and budgets that come with prepaid solutions make managing travel spend much more straightforward. You can limit the usage of each card to what’s permitted within your policy, so there’s no chance of misuse. And with Soldo’s real-time monitoring, reconciling travel transactions takes seconds.

Entertainment expenses

Traditional company cards lack the functionality and clarity required to properly track entertainment expenses. You can’t sort between VAT-exempt transactions, or limit spending when you’re not around.

With prepaid cards, you can use rules to separate VAT-exempt spending, saving your accountant time. Plus, with limits and budgets, you control spending before it happens. So there are no more surprise entertainment claims.

Employee benefits

The flexibility that prepaid cards bring enables you to choose your preferred strategy for managing employee benefits. For instance, you could give every single employee in your company a virtual account for purchasing gym memberships or development opportunities. Or, allocate additional budget to senior staff to spend as they see fit.

However you choose to handle benefits spending, you’ll get complete transparency over every transaction. There’s no need to manually approve and record every single purchase, so it saves you and your team time – while increasing autonomy and responsibility.

We work with seven of the top spenders in digital and manages millions of euros of media budget every month. This used to create an unbearable admin burden that hampered our accounting team, and even worse, restricted our business.

Then we discovered Soldo. Now, reporting is easy and our accounting team has more time to focus on bigger, strategic tasks. We’re even making savings.

Angelo Di Veroli, CEO, BlackGeek

Supercharge your accounting software

What is accounting software?

Accounting software is a type of application that businesses use to handle their financial admin – such as raising and tracking invoices, reconciling transactions, calculating turnover and managing tax obligations. 

There’s a huge variety of accounting software available, to suit companies of all types and sizes. Some enable you to meet the basic requirements of the UK government’s Making Tax Digital initiative, while others come with advanced features and tools to help you take complete control of your finances.

Do I need accounting software?

Most UK businesses today will need accounting software of some kind. If you’re over the VAT threshold for taxable income, then you’ll need to keep digital records by law – but even if you aren’t, then using dedicated software instead of maintaining books manually is still recommended.

Managing accounts using spreadsheets requires a lot of time and effort if your company has even slightly complex processes. Software makes the task far more manageable, freeing up your time for the jobs that matter.

Plus, modern accounting apps integrate with other tools to make your life even easier. Xero, for example, has hundreds of integrations listed on its app marketplace. These can eliminate manual data entry, bring powerful additional features and more.

Does Soldo integrate with my accounting software?

Soldo can integrate with any modern accounting solution. Export transactions in a wide selection of formats in just two clicks, putting an end to manual data entry. And if you use Xero or Quickbooks Online, then you get to take advantage of comprehensive native integrations.

Every transaction is shared with Xero automatically, so there’s no need for a manual statement import. All you need to do to reconcile and publish records is click a single button.

Why choose Soldo to simplify your online accounting?

Real-time tracking

Soldo’s web console monitors and records activity as and when it happens. No more waiting for a statement to see who’s spent what

A comprehensive expense integration with Xero

A best-in-class Xero integration that includes automated bank feeds, reconciliations and more

Two-click exports to any other accounting system

Publish your data in a wide variety of formats, to suit any software

Mastercard® cards

Soldo’s prepaid cards are secure and accepted by millions of merchants around the world

The Soldo app

Give your team complete oversight of what they have left to spend, and automate the expense process – all staff have to do is snap a photo of their receipt at purchase

Total control

Use the budgets, limits and rules on your web console to manage spending on a granular level. Ensure every transaction fits your expense policy

FAQs

What are the best accounting tools for small businesses?

There are lots of accounting tools available for small businesses, to help solve a variety of challenges. How you build your stack is up to you – but there are a few tools that are recommended for any SME:

  • Accounting software will save you time and increase financial transparency. Plus, it’s now a requirement for many companies. Many providers offer good value packages: including Xero, QuickBooks Online, Sage and more
  • Prepaid cards are essential for keeping business spending in check. And because providers such as Soldo only charge per account, you can get started for as little as £5 per month
  • Other tools, such as ReceiptBank and Chaser, can help alleviate admin and solve specific issues

How can I automate online accounting using prepaid cards?

Prepaid cards offer an affordable, straightforward way to automate your online expense accounting. Soldo, for instance, tracks and records transactions on your behalf. It can even read receipts, saving all the important information for HMRC. Reconciling transactions and publishing them to your accounting system takes minutes.

Soldo can help companies of any size take control of their expenses. Whether you use one or one hundred cards, monitoring and analysing spending is simple. You can use rules and budgets to prevent transactions that don’t fit your expense policy, and take advantage of advanced reporting tools to spot trends and inefficiencies.

Can my accountant use Soldo?

Yes, you can give your accountant or bookkeeper access to your Soldo console to make their life much easier. They’ll be able to see all your transactions in one place and offer proactive advice that’s based on accurate, real-time data. Plus, with our accounting integrations, reconciliations take minutes.

All they have to do to get started is join Soldo’s partner programme. It’s completely free, and comes with a complimentary account so they can manage their practice’s spending too.

How secure is Soldo’s accounting software?

Your finances are safe with Soldo. We’re an electronic money institution, authorised and regulated by the Financial Conduct Authority under 2011’s Electronic Money Regulations. That means we won’t take any risks with your money – we only access it to execute your transactions. Your funds are 100% siloed from our company accounts, safeguarded under UK Electronic Money Regulations 2017 and can’t be claimed by Soldo’s creditors.  

Our tech infrastructure is best-in-class for security, integrity and stability. Our architecture can simultaneously accept payments on multiple availability zones, to maximise uptime. In-house Soldo experts perform all development, system administration and security activities. We are fully PCI DSS 3.2 compliant as a Level 1 Service Provider.