How can Soldo help you manage your expenses?
Have you ever had to manage expenses for your team? If you have then you’ll know that it can be a time-consuming process for you and your employees.
For example, there’s the admin of gathering the expense claims from employees or making sure the claims are in line with company policy. In addition to this there’s actually making the payments to reimburse your staff. Plus, there’s the impact on your employees of being out of pocket whilst they wait for their expenses to be reimbursed.
This is where Soldo comes in. If you’re running a business with more than a handful of employees, then using Soldo to manage your staff expenses will save you time and money.
Whereas, if there are only a couple of people in your business then we’d suggest using the expenses function in Dext instead.
What is Soldo?
Soldo is an excellent and dynamic platform that lets you give your team prepaid debit cards (either real or virtual) to use for their expenses. We love it and we couldn’t recommend it more to our clients. A real card can be used in the same way as any regular debit card and a virtual card can be used for online payments.
Here are the top 7 ways Soldo can bring value to you and your staff…
1. Set spending limits for each employee
It’s easy to set up a daily, weekly, or monthly spending limit for each card. You can also choose to limit what type of expense the card is used for. As an agency owner, you might want your account managers to pay for their own transport to a pitch or to take a client out for a meal, but you might want to turn off their ability to purchase goods. On top of this, you can even choose which countries the card can be used in.
2. Enjoy complete visibility
Soldo integrates with Xero so you can keep track of what’s been spent on each card with a live bank feed. This also means your profit and loss is up to date so you have a clear view of how your business is tracking.
3. Ensure no forgotten expense claims
When using Soldo be reassured that there will be no unexpected late expense claims that will blow your budget!
4. Secure all paperwork
Employees can add receipts directly to Soldo so there’s no missed paperwork. This makes it easier to keep your accounts up-to-date and also ensures you claim back all the VAT you’re entitled to.
5. Easily manage cards
When one of the team leaves it’s easy for your Soldo administrator to cancel their card through the browser. This is essential so that ex-employees don’t have access to your company bank account.
6. Simplify spending on trips abroad
You can set up Soldo company wallets in either GBP, USD, or EUR which makes expenses for staff trips abroad a lot easier to manage.
7. Delegate spending to Managers
This is a big benefit to us at de Jong Phillips. Now individual Managers have their own Soldo cards it means they can manage their own spending. This helps us save both time and money in many ways, for example, our MD doesn’t need to get involved with everything, and spending isn’t delayed.
Need help setting up Soldo?
Want to find out how Soldo can make your life easier? Get in touch and we can expand on this article and discuss the next steps and identify how Soldo can benefit you.