If you haven’t guessed already, I’m a massive fan of finance technology. I’m always enthusiastic when I find solutions that rationalise accounting processes and help businesses to get fully in control of their finance. Freeing up valuable time and resources to concentrate on making more money!
So to add to my ongoing reviews of innovative finance tech’ I’d like to tell you about another way to manage the expenses in your businesses using a product called Soldo.
Many Players, One Master
When looked at from the outside, you can understand why a finance manager may baulk at the idea of issuing all employees with a company MasterCard for use on business expenses. That’s a lot of cards to manage and potentially lots of loose finances to corral at month-end.
But that’s just what Soldo offers.
Feature Rich, Well Designed
The beauty of Soldo is it’s a well-designed finance product. You really can allow all employees to have their own pre-paid MasterCard and still be fully in control. Soldo does this by using the following features:
- Budgetary rules. You decide who can spend what, and where, with different rules for each pre-loaded card. Expense managers can set Soldo up to mirror the business structure or for varying levels of spending defined by role. In short, it’s a hugely flexible solution
- There is an easy to use mobile app that allows employees to track their spending and request extra funding where required
- A real-time dashboard. This offers minute-by-minute visibility of expenditures across all employees and departments giving total control of budgetary management to as granular a level as needed.
- Expense capture. Soldo makes it easy to capture receipts and explanatory notes using the mobile app. This means you can finalise expenses in real-time rather than them getting stuck in a month-end cul-de-sac.
- Automatic top-ups. Managers can authorise money to cards automatically based on pre-set rules, or an ad-hoc basis.
- Different package levels to suit all kinds of businesses from SMEs to large corporates.
- Best of all, it has full Xero integration. Soldo is fully compatible with Xero with no need for additional processes or importing of files.
- Full FCA compliance. Soldo is registered with the FCA making it a secure and safe UK regulated finance product.
Show Us The Money
As with a lot of financial technology, Soldo not only gives you greater control it automates vast swathes of old-school expense management processes.
For smaller businesses where cash management is vital, the ability to set strict spending levels is a boon. And all while jettisoning the need for employees to go through tedious requests asking for permission to spend.
This means everyone can get on with his or her core role without wasting time on none value-adding activity. Should issues occur, they are easily identified and addressed by the accounts team or your accountant using the real-time dashboard
When you add in the power of the Xero, you have a technology solution that’s working super hard for your business while keeping you entirely on top of your finances.
Make Your Life Easier
By now, I hope you’re sold on Soldo especially if you use Xero as your accounting platform. In this case adopting Soldo could be described as a ‘no brainer.’
However, if you’re concerned about how to set up new technology in your business, then the Enso team is here to help. We’ll show you how easy it is to introduce products like Soldo to your firm and how to reap the many rewards they offer.
So if Soldo or a similar tech’ solution has caught your imagination call my team today on 07792 686479 or email me at email@example.com and let’s talk about getting it up and running ASAP!