How Soldo is Driving Efficient Spend Management

Soldo has specialised in spend management solutions, providing businesses with a platform designed to streamline the way they handle expenses.

By offering features such as prepaid corporate cards, expense reporting, budgeting tools, and seamless integration with accounting software, Soldo aims to optimise spending, reduce administrative overhead, and provide better visibility into company finances.

Soldo is positioning itself as a beacon of efficiency, addressing the challenges faced by businesses in handling employee expenses. The programme is empowering businesses to achieve their financial goals and thrive in today's competitive landscape.

Soldo's Spend Management Solution

Prepaid cards: Employees can use prepaid corporate cards for business expenses, linked to the company's account for easy distribution and tracking.

Expense reporting: Simplify the process by capturing receipts and categorising expenses directly within the app, reducing errors and ensuring compliance with company policies.

Budgeting tools: Set and manage budgets for various expense categories, control costs, and prevent overspending with real-time tracking and notifications.

Integration with accounting software: With platform integration including Xero, Sage, QuickBooks and Sap Concur, the programme allows for seamless sync transaction data to streamline reconciliation and ensure accurate financial reporting.

Customisable controls and permissions: The platform can be tailored to specific business needs by defining spending rules, restricting expense categories, and setting approval workflows.

Insights and analytics: Gain valuable insights into spending patterns and trends through customizable reports and dashboards, enabling informed decision-making to optimise financial performance.

Investing in spend management

Founded by a team of entrepreneurs and banking experts, Soldo has evolved significantly and expanding its presence across Europe. With over 25,000 businesses trusting Soldo, it frees teams from financial admin burdens, allowing them to focus on strategic tasks.

Backed by leading investors and recognized for its success, Soldo is committed to helping businesses save money, time, and effort.

Carlo Gualandri, CEO and Founder of Soldo, said: "Managing business spend is costly and challenging, yet Soldo continues to demonstrate its value and ease to customers of every size and across every industry. It’s clear this category will see exponential growth as more businesses realise the benefits and Soldo is well placed to support them."

Soldo helps procurement teams track and control costs effectively. As it provides real-time monitoring of company finances, crucial for managing budgets and payments. It simplifies supplier payments with prepaid cards and seamless accounting integration, addresses risks like changes in expense needs and employee resistance, aligning with procurement's focus on risk mitigation.

Challenging the status quo and driving productivity

The company hosts events to discuss how businesses can achieve more.

Earlier this year, finance and business experts met in London at Soldo’s Spring Budget Debrief to discuss how businesses can accomplish more in 2024. The event provided a real emphasised the importance of challenging the status quo, leveraging AI, continuous learning, embedding sustainability, gaining clarity over finances, and embracing collective efforts for growth.

Speaking in a video on the company's LinkedIn page, Emma Heal, Managing Director for Lucky Saints, who is part of the small business council, said: "My one piece of advice for business to grow this year, there is huge power in the collective. Be part of a collective, your voice is much stronger together."

The impact of Soldo

A commissioned study conducted by Forrester Consulting delves deep into the impact of Soldo, shedding light on its transformative benefits. Key findings from the study reveal substantial time and cost savings for finance and accounting teams, alongside enhanced employee efficiency and improved expense policy compliance. Moreover, Soldo empowers businesses with better control over company spend, fostering a culture of transparency and accountability.

The study, conducted within the Total Economic Impact™ (TEI) framework, provides a comprehensive analysis of the financial implications of implementing Soldo. Through due diligence, stakeholder interviews, composite organisation design, and financial modelling, Forrester Consulting unveils a compelling ROI of 358% and a net present value of €137K over three years for a composite organisation.

Beyond quantifiable metrics, Soldo brings forth a myriad of unquantified benefits, including improved spending visibility, real-time management of cards and budgets, enhanced compliance, employee empowerment, and increased automation. These intangible benefits contribute significantly to organisational efficiency and effectiveness, amplifying the overall impact of Soldo.

However, the journey towards efficiency is not devoid of risks. The study identifies potential challenges such as changes in expense management needs and employee resistance, emphasising the importance of proactive risk management strategies. By accounting for these risks and making necessary adjustments, the study arrives at a three-year, risk-adjusted total present value of benefits, demonstrating the resilience of Soldo in delivering tangible value to businesses.

Soldo not only streamlines processes but also fosters a culture of efficiency and accountability, driving sustainable growth and success for businesses worldwide.

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