Petty cash solutions in a remote era

While the challenges posed by Covid-19 have forced many of us to re-evaluate how we use physical money, the benefits of leaving the loose change, crumpled receipts and battered petty cash tin behind will reach far beyond this period.

But it doesn’t have to be hard work to implement a simpler way of managing expenses, in fact, it’s both easy and effective.

The problem with petty cash

Expenses are notorious for being an invisible drain on a company’s finances. Tail spend can occur across any area of expense, but those day-to-day cash-based purchases can be the hardest to control. 

With extreme limitations on where, and with what, we can buy things right now, it’s even more difficult for people to not just make the purchase, but stay within budget and account for it. Plus, with all the travel restrictions in place at present, it’s difficult to even provide the cash in the first place. 

What options are available to ease the pains of purchasing both now and in the future?

Using prepaid cards as digital solution to petty cash

In the current climate, giving individuals prepaid cards is an alternative way to quickly distribute funds to multiple employees.

Below, we look at some of the features of Soldo’s solution that make spending easier. With Soldo, businesses can:

 Automate card top-ups with custom spending limits

With Soldo you can provide named or non-nominative cards to whoever needs them and ensure they are delivered directly to their homes. 

Before they even arrive, you can load them with money and set up automatic top-ups on a daily, weekly or monthly basis. 

Remotely, you can create custom spending limits per card to give you granular control of what and where spend happens, before the money has even been spent. 

Transfer money, define budgets and set spending limits on the go

Wherever you are, home, office, or out and about, you’re able to transfer money to whoever needs it, define or adjust budgets and customise spending limits. 

Because you can access these features wherever you need to, you have greater flexibility in managing spend and keeping on top of low balances.

All adjustments you make are adapted in real time, and, if necessary, you can even lock cards immediately at the tap of a button.

Track every payment your business makes and receives, in real time

From the mobile app or web console, you have access to real-time visibility of what is being spent, where. This enables you to keep track of and limit spending before it gets out of control. 

As soon as a transaction happens, your employees can take a picture of the receipt, eliminating end-of-month coat-pockets raids and unaccounted-for payments.

Reporting can be customised and you can set up transaction categorisation based on your own policies, ready to be reconciled straight into your accounting software.

Leaving petty cash and reimbursements behind

One customer has found using Soldo particularly helpful with the current challenges posed by Coronavirus. They told us how leaving behind petty cash and reimbursements has helped:

Soldo cards are actually helping us out at what is a very difficult time for everyone. They have given us the means to ensure that our staff always have access to money for purchasing items for our houses. They have become essential for us as a lot of shops are not taking cash at the moment. I can manage the spending and card restrictions from my house which is great. They have been a godsend!

Diana Valentin Finance Assistant at Cairn Mhor Childcare Partnership

Soldo cards enable total control and visibility of spend across the board, while also giving your employees a safe and hassle-free way to purchase.

To learn more, watch our webinar ‘Granting control and visibility to business spend’ which includes a live demonstration of the platform itself.

From five minutes per transaction to 10 seconds

See how Ben from UNIT TV saves an hour in admin every day, just by managing small expense spending with Soldo.

Read the case study