The best expense and variable expense tracking platform for businesses in 2021
In any finance and accounting department, the monthly chore of counting and calculating employee expenses is called “trivial.” It’s a waste of real time, taking up precious hours that could be spent much more profitably.
For employees elsewhere in the organization, there is also the expectation that their personal expenses will be reimbursed. This means that what is effectively an impersonal financial calculation can be fraught with all kinds of complaints and annoyances. Lost receipts, improper expense claims, and poor record keeping are all revealed in an atmosphere that can be a significant and costly inconvenience, not just to Finance.
No wonder expense management is often the most dreaded task for the accounting team. However, it is also a job that usually requires the supervision of a manager to make the final decisions about who is eligible for what, what cost centers should be billed, and a hundred other trivial details.
Many organizations still use manual processes to collect receipts, make refunds, and balance books, even when corporate credit cards have been issued to staff. Part of the growth of any business comes from oversight and the strategic core that resides in the finance department. But if that staff is in the weeds for hours every month, it turns the finance function into a cost center, not a positive contributor.
In short, managing expenses in the form of petty cash, expenses, and business debit and credit cards is a huge waste of time and resources for most financial services. These resources are generally scarce as the business expands or moves to new markets.
This is where Soldo does wonders for CFOs and their understaffed departments. It is probably the only profitable and dedicated software platform that we have seen at Technical HQ dedicated to expense management. Soldo was designed both to be suitable for small businesses but also designed so that, as the business grows, it feels perfectly at home on a corporate scale.
By removing a significant burden, business growth can be supported by finance as a pillar of any strategic plan. Here’s a quick guide to some of the features that make the platform quite unique in this space:
Like many functions of the finance department, expense management at any scale, a demanding job, but usually includes somewhat repetitive tasks – cross-referencing items claimed for jobs or clients, deducting adjusted tax amounts from budgets, and generally pointing I and crossing T. Unfortunately, the more repetitive the task, the more humans tend to make mistakes. Therefore, automating mundane tasks and letting technology analyze the numbers makes sense on many levels.
With Soldo, organizations can be prepaid debit cards (app-based plastic or “virtual” cards), managers can provide approvals and make certain transactions prohibited, such as those of sellers of gambling or alcohol. Users receive real-time feedback from their phone apps on what they’ve spent, what they’ve done, and what’s left, and can take photos of receipts and documents that are automatically categorized against items purchased .
These line items are captured throughout the company, thus helping to manage expenses in one place. The software is smart enough to handle digital advertising spending on Facebook or Google, subscription payments for ezines, research, HR training (such as software as a service), and automated systems can assign each item to an expense type. and can be assigned to a cost center. For line managers across the company and finance staff, there is real-time reporting and control: spending limits can be increased or decreased in seconds, and every item is accounted for.
As a business grows, it will expand its spending to encompass new advertising methods, fund activities and events that drive sales, and purchase the apps, tools, and services that drive business expansion. Bringing out critical information such as ROI on specific marketing exercises, for example, becomes increasingly important as the organization grows. Therefore, it is good to know that Soldo integrated with Xero and QuickBooks out of the box, and as a business grows, so do Netsuite and Sage (coming soon). For other integrations, show your IT people the full developer documentation that contains all the information they’ll need.
Soldo’s understanding of variable spend (roughly 20% of most business spend) scales well for a few debit cards, right through to deploying hundreds of virtual cards, expense accounts, cost centers, multiple currencies and more. full integration with other systems, such as RPA (robotic process automation) and job tracking platforms. And as a fully cloud native solution, issues such as governance, data security, and financial integrity are taken care of as part of the service.
In our next Soldo article, we’ll take a closer look at the potential of the platform, so watch this space. If what you’ve read so far has sparked your interest, you can start with this 10-minute pre-recorded demo that walks you through the main points, and then contact a local representative.