How can I automate finance admin tasks?
There are some recurring tasks that finance teams just shouldn’t have to handle manually in this day and age. Automation is now a key feature in the running of modern, efficient, businesses, assisting with a whole host of previously time-consuming tasks.
Automate your expenses
Our solutions automate your expense management systems, allowing your team to say goodbye to:
– Boxes of messy receipts relating to employee expenses
– Time being wasted feeding receipts into a scanner
– Manual data entry and filing
– Disgruntled staff waiting for work-related spending to be reimbursed
– Nasty spending surprises at the end of the month
– A lack of tangible data relating to the way in which expenses are being allocated and spent
Eliminate time-consuming manual handling of repeatable tasks
Using our prepaid company card for expenses, employees can merely photograph receipts via the Soldo mobile app, enabling automated reporting and removing the need for manual spreadsheet filling and the submission of loose receipts. Your finance team will similarly benefit from a real-time view of expenses via the web console, without the need for time-consuming manual entry.
Define and automate spending policy
Our prepaid business card allows for the definition of limits, allowable transaction types and locations for each card user. This ensures that each team member can only incur expenses appropriate to his or her role.
Rules and limits can be refined in real-time based upon analysis of expenditure; a degree of control which is impossible with traditional expense management or corporate credit cards.
Our web console allows administrators to access real-time transaction information, filter and analyse data, top-up cards and refine appropriate limits and rules. Web console administrators can also instantly generate our virtual cards to allow to provide a quick and easy means of spending online, once again with appropriate limits and policies.
Focus on accuracy and real-time information
Automation, whether our comprehensive expense management solutions or automated account reconciliation, can save your business huge amounts of time.
Real-time expense information allows for a ‘virtuous circle’ wherein expense policies, and limits can be refined based on live data. Assimilating the information necessary to make these decisions using traditional expense management systems is impossible.
Similarly, a business credit card offers monthly statements that also impose an unacceptable delay and may result in a cash flow shock at the end of the statement period.
Ensure staff see automation as a positive
With any automation exercise, there is an understandable concern among staff that their roles may be adversely affected or, in extreme cases, rendered redundant. As such, expectation management and the internal selling of benefits is essential.
For example, Soldo prepaid business cards, mobile app and web console, working in partnership with other accounting automation solutions such as Xero, or alongside Concur and Sage, can increase satisfaction levels across the board.
It removes the need for frustrated employees to chase unpaid expenses or bear the financial brunt when they simply don’t have the time to file a claim. Similarly, the elimination of manual expense entry frees them to focus on more productive and important activities.
Finance teams will also benefit from simplified expense management, allowing them to concentrate on strategic financial matters and letting Soldo’s automation take the strain of repeatable tasks. Automation will, by definition, eradicate the errors inherent in the manual entry of data, thereby reducing expense claim queries and further frustration.
Positive and timely implementation of healthier accounting processes can only be seen as positive across the organisation. Morale improves and, with it, team retention rates.
Visit us for further information on our solutions.