The bane of my life (and probably yours too)22nd January 2020
“Garry, I’m at the post office – I’m £10 short!”
One of our team, Vikki, was mailing some important documents for us. But when she came to pay for the postage, she realised that her prepaid company spending card didn’t have enough cash on it to cover the expense.
Within a couple of minutes, we’d put more money on her card, allowing her to continue with the transaction.
And just as swiftly, she had uploaded the receipt onto her phone app…
The transaction had been recorded on our accounting platform, Iplicit…
And no one ever had to think about this company expense ever again.
Aaaah…. it makes me happy to think just how smoothly and easily that expense was processed.
And chances are, you are wondering, “Prepaid company spending card? Expenses processed within seconds? What kind of sorcery is this…?”
Because the truth is that company expenses are usually a royal pain in the neck for every company CEO and every accounting department…
…And they used to be the bane of my life as well!
Just think how much time your bookkeeper wastes, chasing up staff members for their expense forms….
How many are filed weeks after the event, messing up your accounts for months on end…
How difficult it is to tell exactly how much your staff’s company expenses are adding up to, and keep them under control….
Not to mention, how annoying it feels to be that person being chased for their expenses, trying to dig up misplaced receipts for lunches and car trips you have forgotten long ago.
There has to be a better way, right?
That’s why, a few months ago, we completely changed the way we handle expense claims.
We started using a pre-paid expenses card called Soldo.
You can give a card to every relevant member of staff, and load it up with an agreed amount of money.
So the person who buys the milk every day… Or who flies to Rome every week…. Or who is responsible for wining and dining your best prospects can have their expenses paid in advance – and you can have precise control over their budget.
You can see exactly how much is being spent, in real-time, making expenses much easier to plan and track – and your accounts much easier to get right.
It’s easy to add money if necessary, just like I did with Vikki.
And there is also a phone app you can use to capture receipts on the spot, and upload them to your accounting system, making expenses effortless.
Ultimately, this simple-to-implement system saves everyone both time and money…
…And we like it so much, we became Soldo partners and have started rolling it out to many of our clients as well.
If you’d like to find out more, visit Soldo.com.
And if you think this is a system you might like to implement for your company, please email me directly, because we can offer our clients the system at a significant discount.
But the point I’d like to leave you with is this.
Technology in the accounting space is changing the whole time, with new gadgets, systems and platforms emerging every month which could make your life easier…
…And help you manage your finances much more efficiently.
As CEO, you don’t have time to track all of them, or to evaluate which are worth adopting. Neither does your team.
But as the outsourced finance department, it’s part of what we do, both for ourselves – and for our clients.
Sometimes that means implementing relatively small improvements, like Soldo…
Sometimes it means moving you onto a genuinely cutting-edge accounting platform like Iplicit, as I explained earlier in the month.
Either way, when you work with us, we’ll make sure your finances are handled to world-class standards, no matter what size you are.
To find out more about how we can help you, email me today or call us on 01279 647 447.