How to Cut 36% of FDs Unnecessary Work with Soldo

Editorial & Advertiser disclosure

Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

36% of FDs spend their month-end doing unnecessary detective work, finding out who spent what on behalf of the business
Soldo is encouraging business leaders to enable their FDs to innovate

Soldo, the London-based fintech solving the challenge of automating, delegating and controlling company spending, is encouraging businesses to reconsider the hidden potential of their finance teams, which have become buried under unnecessary and time consuming detective work.

Soldo commissioned YouGov to speak with 4,000 companies to identify where in the cash flow cycle UK businesses could become more productive and competitive when faced with the uncertainty of Brexit.

The resulting Soldo Spend Management Whitepaper revealed more than a third of UK companies (36%) end up doing unnecessary financial detective work at the end of each month to determine who spent money, where they spent it and why. This happens for both employees’ personal expenses (e.g. travel and food) as well as items bought directly for the business (e.g. office supplies, software and advertising).

Over a fifth (22%) of businesses also admitted they were willing to leave a percentage of company spending unreconciled at the end of each month subsequently creating an administrative nightmare at each financial year end.

Soldo is urging businesses to use the summer to rethink how the working hours of financial departments can be better spent. Soldo’s CEO and founder Carlo Gualandri says: “Finance departments have a lot more to them than simply chasing lost receipts, balancing books and making sure departments keep their cash flow in good order. Business owners and directors need to realise the enormous potential of their finance teams, and look beyond sales & marketing to breathe fresh ideas into the business.”

Gualandri concludes; “A Finance Director who can banish arduous tasks to automation often turns into the new company rockstar. The old myth that finance departments smother new ideas is quickly being debunked and with enviable analytical skills an enabled FD will find innovative ways to reduce cash ineffencines and expand into new markets at a surprising pace.”

Soldo has compiled a list of the fintech companies that Financial Directors should utilise to increase productivity and competitiveness:

SOLDO’S FD FULLSTACK

When looking for additional funding: Funding Bay
For slick looking accounts – Xero
To automate payments for fully tamed cashflow – Soldo
To ensure payroll and HR functions are in top shape – Gusto
For equity management – Capshare
When looking into cashflow finance – Gapcap
For easy expense reimbursement – Soldo
For smartest business intelligence – Domo

Soldo is currently offering a free trial period of its innovative spend control and management solution which automates the spend and expense management process through a combination of Mastercard® cards, an intuitive employee app and a web-based administration console that enables finance to manage the account in real time.

36% of FDs spend their month-end doing unnecessary detective work, finding out who spent what on behalf of the business
Soldo is encouraging business leaders to enable their FDs to innovate

Soldo, the London-based fintech solving the challenge of automating, delegating and controlling company spending, is encouraging businesses to reconsider the hidden potential of their finance teams, which have become buried under unnecessary and time consuming detective work.

Soldo commissioned YouGov to speak with 4,000 companies to identify where in the cash flow cycle UK businesses could become more productive and competitive when faced with the uncertainty of Brexit.

The resulting Soldo Spend Management Whitepaper revealed more than a third of UK companies (36%) end up doing unnecessary financial detective work at the end of each month to determine who spent money, where they spent it and why. This happens for both employees’ personal expenses (e.g. travel and food) as well as items bought directly for the business (e.g. office supplies, software and advertising).

Over a fifth (22%) of businesses also admitted they were willing to leave a percentage of company spending unreconciled at the end of each month subsequently creating an administrative nightmare at each financial year end.

Soldo is urging businesses to use the summer to rethink how the working hours of financial departments can be better spent. Soldo’s CEO and founder Carlo Gualandri says: “Finance departments have a lot more to them than simply chasing lost receipts, balancing books and making sure departments keep their cash flow in good order. Business owners and directors need to realise the enormous potential of their finance teams, and look beyond sales & marketing to breathe fresh ideas into the business.”

Gualandri concludes; “A Finance Director who can banish arduous tasks to automation often turns into the new company rockstar. The old myth that finance departments smother new ideas is quickly being debunked and with enviable analytical skills an enabled FD will find innovative ways to reduce cash ineffencines and expand into new markets at a surprising pace.”

Soldo has compiled a list of the fintech companies that Financial Directors should utilise to increase productivity and competitiveness:

SOLDO’S FD FULLSTACK

When looking for additional funding: Funding Bay
For slick looking accounts – Xero
To automate payments for fully tamed cashflow – Soldo
To ensure payroll and HR functions are in top shape – Gusto
For equity management – Capshare
When looking into cashflow finance – Gapcap
For easy expense reimbursement – Soldo
For smartest business intelligence – Domo

Soldo is currently offering a free trial period of its innovative spend control and management solution which automates the spend and expense management process through a combination of Mastercard® cards, an intuitive employee app and a web-based administration console that enables finance to manage the account in real time.