Petty cash: Make light work of managing spending

Lock up the petty cash box for good. Manage business-wide spending and leave your team beaming –  with Soldo.

There’s a smarter way to manage petty cash

Trips to the bank, risky cash storage, constant mishandling, and tedious record-keeping. Sometimes it feels like petty cash creates more problems than it solves. There’s an easier way.

Manage spending on prepaid cards

Empower employees to spend responsibly; define budgets and track spending in real time, from anywhere.

Capture receipts and VAT at the till

Prompt employees to photograph receipts and add VAT, categories, and more on the Soldo mobile app.

Automate your expense admin

Stream transactions, receipts, and other data right into your accounting software through smart integrations.

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Petty cash is stuck in the dark ages

It’s not how much money you spend; it’s how you spend it that creates excessive financial admin. Broken processes result in the admin overload found in most finance departments, and petty cash is one of the worst offenders.

Most businesses operate a fixed float for petty cash. The imprest system is meant to reduce admin, but there are cheques to cash, books to balance, and receipts to record. Thankfully, there’s an alternative to petty cash that frees you from paper chasing and bean counting.

Petty cash management without the pettiness

Soldo cuts the legwork, using prepaid cards and an intuitive administrative system to get money to employees – fast. Spend management is in your hands – literally. Use the desktop web console or mobile app to set budgets. Send money to any employee’s card in a couple of clicks.

Everything needed for tracking and accounting is captured right at the point of purchase, using the Soldo mobile app. And manual data entry is a thing of the past. Soldo integrates directly with accounting software, so records are accurate and financial detective work is history.

Step away from the ledger

Don’t get left in the dark over petty cash spending. Soldo sheds light on costs across your business, through a clear, real-time dashboard.

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Proud to help Britain’s businesses shine

“Before Soldo, managing money in the office was difficult. One of our goals as a team is to have a cashless office, Soldo enables us to do that as efficiently as possible.”

Audrey Barnett
Community Manager, Emmaus South Wales

With petty cash, the numbers don’t add up

Poor petty cash management doesn’t just cost your business time, it costs money. Unsurprisingly, research shows that finance teams are wise to the failings of these processes. 

£1.8 billion

This is the extraordinary amount that petty cash mishandling costs UK businesses each year.

43%

Nearly half of employees say lost receipts are the biggest barrier to proper petty cash management. 

12%

A notable percentage say overly complicated processes are an obstacle for proper management. 

How Soldo works: Not a petty cash book in sight

Soldo helps you manage spending with a secure, simple, seamless system designed to make life easier. Control spending across your business in real time, from anywhere.

Prepaid Mastercard® cards

Order plastic or virtual cards for any employee, department, or site in a couple of clicks.

Built-in budgets and rules

Define custom rules that govern how much can be spent and where on any single card.

Employee mobile app

Check balances and manage cards; capture receipts, VAT, and more at the point of sale.

Effortless bookkeeping

Track in real time on desktop and mobile; flow data into accounting systems automatically.

Join over 60,000 businesses using Soldo

Apply online in minutes and get up and running in as little as one working day.

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FAQs

What is petty cash?

Petty cash is a small amount of cash set aside by businesses and finance departments for day to day expenses. Examples include miscellaneous expenses like printer toner, office paper, milk, tea, etc.

What are the alternatives to petty cash? 

Credit cards are also an alternative to petty cash, but they introduce the risk of large spending limits and non-existent control. But Soldo helps you to keep a lid on spending with prepaid Mastercard® cards, complete with built-in budgets and rules that allow you to specify who spends what and where. And there’s no need for a credit check. 

Soldo delivers a smart replacement for petty cash books that simplifies processes while enhancing the visibility and control of costs across your business. Getting money in the hands of employees is faster than ever. And businesses benefit from all the security you can expect from an FCA-regulated financial service provider.  

How can I prevent petty cash fraud? 

Petty cash comes with risks inherent to storing, moving, and handing out cash. By removing the cash, you remove some of the risk. But credit cards come with sky-high limits that introduce additional liabilities. Thankfully, there’s an alternative that makes it simple to protect your business against fraud and theft. 

Soldo is a spend management platform powered by prepaid Mastercard® cards and intuitive desktop and mobile apps. Administrators can set budgets and rules to govern how and where money is spent. And the exact amount needed for a single purchase can be allocated in a couple of clicks.  

There are smart security features, like making cards lock after each transaction. If a card gets lost, administrators can freeze and unfreeze cards easily. And – if a card is stolen – it’s equally easy to cancel a card, all from the mobile or desktop apps. 

How do I keep track of petty cash? 

To keep track of petty cash, you could use an imprest system, ledger, vouchers, and a form-based reporting process. But that’s as complicated as it sounds.  

If you’d rather track business spending without the hassle, Soldo is a smart spend management solution that’s easy to use.  

Spending on prepaid Mastercard® cards is tracked in real time through administrative mobile and desktop apps. Employees capture receipts, notes, and spending categories using their own mobile app, right at the point of purchase. And Soldo connects seamlessly to your accounting system, so – for the first time – you’ll have an up-to-date view of spending across your business, all in one place.  

Can I replace petty cash with Soldo business prepaid cards?  

Absolutely. With Soldo, you can give prepaid Mastercard® cards to as many employees, departments, and sites as you like, then allocate sums as and when they’re needed.  

Thousands of businesses already use Soldo to manage all sorts of spending, including business travel expenditure and even software subscriptions. If you can pay by card, you can pay with Soldo. And, even if you need cash in a pinch, administrators can enable Soldo cards to withdraw cash from cashpoints. 

Soldo comes with everything you need to replace petty cash, including an intuitive reporting app that captures receipts, VAT information, expense categories and more, right at the till. And it all connects to accounting systems like Xero and QuickBooks Online seamlessly, so bookkeeping is easier than ever.  

Join over 60,000 businesses using Soldo today.

Apply online in minutes and get up and running in as little as one working day.

Get Started