How do I track what my employees are spending money on?

Financial management teams will always need to keep an eye on employees’ expenditure, whether they are buying ink cartridges for the office or dinner for a client. Transparency in purchasing will always be an issue.

No-one wants to be chasing individuals for missing receipts. The cost of time for senior financial management teams is high, and there are far better things to be doing than reconciling this type of issue. However, failure to handle this correctly may result in significant accounting and cash flow management headaches.

In an ideal world, it would be possible to pre-determine how much an employee is allowed to spend, either by setting a limit or by specifying which types of transaction are authorised for that particular individual with a given time period.

Remove the limitations of traditional company credit cards

Corporate company cards are often reserved for senior management without spending limits, and in the absence of real-time updates, they can be difficult for the finance department to keep track of. One solution can be found in the form of a prepaid company card such as that provided by Soldo.

Our cards can be used by multiple employees with their own limits and restrictions. Finance officers use our dashboard to monitor spending in real-time and, importantly, benefit from fraud control since they can freeze a card and replace it quickly.

The ability to customise cards ensures that a detailed profile can be created for each cardholder. This provides full control over spending type and transaction limits for a selectable period.

Soldo profiles can be adjusted at any time, providing for seamless purchasing for the employee and full visibility in real-time in the finance office, simplifying account reconciliation.

Pre-empt lost receipts

One of the thorny issues which both employees and finance departments must deal with is lost receipts. With the Soldo app, a paper receipt can be captured immediately, meaning that the cardholder does not have to save them and return them to the office. Very few finance team members will miss the days of rifling through paper receipts to reconcile outstanding expenditure.

Eradicate fees and charges for money transfers

Although the major banks talk about immediate transfers and cost-free movement of funds, many company card providers will charge to transfer money, and it may not be immediate. Soldo prepaid business cards ensure such transactions are free and instant, with full control given to the finance team.

Make sense of the data

All businesses, whether large or small, can benefit from eradicating manual reporting and analysis processes which are inherently slow and time-consuming. Immediate visibility of any outgoing spend is crucial for the leadership team. Our solutions provide accurate, real-time insight into expenditure, together with extensive management reporting and integration with major finance systems.

Manual processes mean that vital information which can influence decision making for management is locked away in paperwork, which is time-consuming to evaluate. Our dashboard facility not only isolates data by department, but it also provides information on the expense type and the individual involved in the purchase, assisting with the overall expense management within a company.

It is not only employers who benefit from Soldo’s expense management solutions. Working closely with the finance team, staff can be provided with access to both physical and electronic or virtual cards with appropriate authorisation and limits to ensure that their facility reflects the expenditure required by their respective roles.

Today’s finance teams are not only charged with the financial management of the business but are now considered integral in its strategic direction. Many of them are already benefiting from the flexibility and insight afforded by our solutions.

To explore the Soldo solutions and for further information click here.

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