How do I automate my finance department?

Automating the financial management tasks that every business owner or their finance teams waste so much time on is a necessity now, and will become even more so in the future.

Experts predict that worldwide monetary transactions are set to rise by more than 50% over the coming years, meaning that finance departments will be expected to deal with rising transaction volumes at a faster rate. Forward-thinking businesses are exploring how to deal with this challenge and looking at tools, like Soldo, as the solution.

Understand the automation options

Today’s systems allow organisations to streamline and automate repeatable processes, allowing employees to focus their attention on issues which require critical judgement and human resolution.

There are various areas of business that can essentially be optimised, ranging from payroll and employee management through to cash-flow planning, company spending management and the control of employee expenses.

A prepaid business card from Soldo, along with our mobile app and web console, for example, allows for the simple and efficient management of employee spending, preventing time or money from being wasted on repetitive processes and offering fast and effective access to useful information.

An automated finance system can allow your payroll processes to be centred on the working activities of individual employees, making incentivising and rewarding employees as simple and effective as possible.

Similarly, our prepaid company card and associated financial solutions can make managing the spending and financial activities of individual workers as quick and efficient as possible.

Focus on repetitive, time-consuming tasks

Our web console allows administrators to set limits and rules to manage individual spending, while our processes also remove the need for time-consuming manual expense input and the requirement to handle loose receipts.

These processes ensure that finance departments don’t have to be involved at all stages of employee payroll or expense management. Soldo solutions streamline operations and allow our systems to take the strain of repetitive, laborious activity so that staff can focus on crucial business matters and critical decision making.

This set-up can form part of a broader, versatile suite of digital accounting solutions that can only be beneficial for the business.

Manage employee expenditure with prepaid business cards

Increasingly, businesses are expected to be able to deal quickly and efficiently with the needs and requirements of different individual employees.

Understanding how automating business finances can make individual expense budget allocation across teams a simple process is a vital starting point in understanding why you should embrace automation.

Having to handle individual requirements can add to the pressure placed on finance departments, whether this involves dealing with expense authorisation or ensuring that specific employees have the finances in place to do their job effectively.

Multiple variables added to account calculations can really take up time for finance staff, but our prepaid business cards, mobile app and web console can make managing individual spending far easier than it ever has been before.

Automate spending management policy

Give employees access to the correct level of spending power and remove the need for morale-reducing waits to be reimbursed for expenditure.

Our prepaid cards don’t just offer similar spending powers to those of traditional corporate credit cards; they also allow for rules to be set and limits to help manage spending, together with a web console to offer finance teams real-time spending data and easy-access to account services.

This minimises the time needed to manage expenses, both for individual employees and finance staff. Our mobile app, for example, allows for the automation of employee reports, while the web console enables the easy export of data.

Soldo removes the inconvenience of petty cash balances and cash advances, providing cards which can be topped up according to individual requirements.

There are also no time delays associated with money transfers and no last-minute surprises for finance teams when it comes to end-of-month limits and bills.

Unify financial management

Our services and other forms of financial automation can enable the unification of financial management.

This should be one of the primary aims of any business considering the benefits of automation as it can dramatically reduce time spent on repetitive financial processes and streamline operations.

Our comprehensive expense management solution, for example, allows for the running of multiple employee expense accounts and prepaid business accounts with the minimum amount of effort and fuss.

Like other forms of automation, it can also prevent the need for finance workers to spend outrageous amounts of time on micro-managing individuals, with the system taking the majority of the strain.

For further information on our solutions, please visit us here.

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