Freeing up finance: how to control spend, without slowing down business

In the hustle of running a business, many companies overlook the hidden costs that can silently eat away at their bottom line.

Take business expenses. You probably have systems set up to manage your strategic spending. But if you’re like many companies, a good chunk of your spending – perhaps as much as one-fifth – will be tactical and unforeseen. That could be unexpected travel expenses, unplanned inventory top-ups, or ad hoc expenditure on subscriptions or advertising.

Here’s the rub: these purchases may be small, but they generate a disproportionate amount of spend admin. You’re dealing with multiple suppliers, chasing people for receipts, investigating anomalies and managing employees impatient to be reimbursed. It all drains time – and it’s hardly the work anyone wants to be doing.

How do you retain visibility and control of this type of spend, while giving colleagues the freedom to buy what they need?

The answer is a proactive approach to spend management. And here’s how Soldo’s platform delivers it.

Finance: maximum hands-off control

Instead of finance teams spending their day swamped by spend admin, Soldo takes care of these routine tasks. It automatically processes and categorises receipts, flags up any unusual transactions and makes month-end reconciliations a breeze, through simple integration with accounting software.

Soldo also calms the chaos of unstructured spending. Simply set permissions and approval flows that mirror your company’s structure, and the platform will do the rest.

That frees up your time to focus on strategic activities – and with up-to-the-minute spend data at your fingertips, you’re all set to provide the crucial insights your business needs to fuel growth.

Employees: minimum hands-on friction

Having to stump up money for business expenses upfront is a big cause of stress for employees – made worse when they have to wait a long time to be reimbursed.

Soldo takes away the pain, with physical and virtual cards your teams can use to easily buy what they need within clear spending rules.

Digital receipt capture via a user-friendly app means fewer errors and less time chasing up paperwork, so everyone can get on with their day.

Heads of department: easier access to budget

Finance leaders aren’t the only ones who’ll notice the difference with Soldo. Other departments will notice the benefits. For example:

• Marketing can easily set up vendor-specific cards for digital advertising subscriptions.
• Sales no longer have to waste time reconciling expenses.
• Ops can quickly procure materials for production without affecting workflows.
• HR have happier employees who don’t worry about being out of pocket.

Liberate finance with Soldo

Replace admin overload and recurring month-end jitters with the calm, control and clarity of Soldo. Because when you liberate finance, everyone can accomplish more.

To learn more, visit Soldo.