It’s time to rethink company spending – here’s how
9 October 2017
Your workforce is changing – over the past decade there has been a sizeable shift in the way we work, where we work and with whom we work. Global travel, international partnerships, a mobile workforce, virtual workers and the advent of portfolio careers have given rise to a challenge that all SMEs will recognise.
In the midst of all this change, how can we easily keep track of and manage company spending?
Until your business reaches a certain level, you’ll likely attend to your financial housekeeping in an ad hoc manner. However, as soon as you start to grow, the issue will undoubtedly become more complex.
We recently commissioned YouGov to undertake a survey of 1,200 UK SMEs and discovered that a huge £8.72billion is used to manage company and employee spending every single year. And the modern-day working environment has made the process of spend management increasingly difficult. You may have employees located in different branches, different countries, working virtually or on the road, each with varying spending requirements from an individual basis to company level – from hotel rooms and transport to office stationery and online advertising budgets.
Then there are external contractors and departmental spending requirements. Managing the spending cycle is a headache for the finance team and employees alike, particularly as the payment process itself has been left in the Dark Ages.
Imagine if the spending part of the process so simple and streamlined that it made the rest of the accounting system a breeze, whatever accounting or expense management packages you then used.
We knew companies needed a way of enabling their workforce to spend autonomously on the company’s behalf, but at the same time give the finance team a simple way to control, monitor and account for that spending. How better to achieve this than by providing each person or department that needs it with their own intelligent prepaid card, connected to a single account?
“The complex reality of our modern-day working environment has made company spending increasingly difficult to manage”
With Soldo, you can delegate, control and track departmental and employee spending in real time with electronic wallets and plastic or virtual prepaid Mastercard cards. No more last-minute bank runs, confusion about the wherea¬bouts of physical cash, or relying on staff to pay up front. You can set bespoke limits, budgets and rules for everyone’s individual spending and move money around for free, in an instant. Every¬thing is shown in real time, all the time, so you’ll always know exactly what everyone’s balances and latest transactions are.
You can also allocate cards for different uses – for example, one for office supplies, one for online ads, and one for software, making bookkeeping a breeze. The Soldo app also lets your staff add transaction information and photos of receipts – with unlimited storage. With a click, this data can then be exported to all major accounting and expense management tools, in a variety of formats. It takes seconds to generate detailed and targeted reports, filtered by cost centre, tag, category or employee, giving you a crystal-clear understanding of your company’s spending.
For peace of mind, Soldo also enables you to instantly switch cards on and off, prevent or enable cash withdrawals and overseas or online transactions. You can even receive instant spending notifications, allowing you to monitor balances and transaction data in real time. By leveraging Soldo’s smart technology, you can cut admin time (and stress) by a phenomenal amount. And the best bit is that Soldo’s developers are constantly refining the software in response to user feedback, adding life-changing new features all the time. You won’t have to scour the technological horizon for new developments, because if the tech is good, you’ll find it built into your Soldo account almost as soon as it has become available.
According to our recent YouGov survey, employees spend an average of four hours a week tending to their financial housekeeping. Imagine how quickly your team’s productivity levels would soar if employees were free of the need to labour over spend management themselves. And how happy your CFO would be with all the tools at hand to optimise those admin activities that, while easily forgotten, can be a huge burden when they build up over time.
If you want to see how simple it can be to streamline company and employee spending, we’re offering an exclusive free trial of Soldo for two months. Just visit www.soldo.com and use the promotional code telegraph17 to start saving time and money today.