A brighter future: Better spend controls key to pandemic recovery

Europe’s businesses lose £301 billion to outdated expense processes each year. Find out what you can do about it.


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Business Spending Report

Working with Coleman Parkes Research, we answered a key question for finance teams: what’s hampering their efforts to improve efficiency and cut costs? Focusing on the burden of admin – particularly when managing spending – we identified real challenges. But we also saw that businesses could hasten their recovery to pre-pandemic performance with a few easy-to-deploy tools.

A few stand-out statistics:

Lost

The staggering sum lost annually to poor business spending controls

Pivoted

A large number of companies pivoted in response to the pandemic

Cut costs

The majority of businesses had to cut costs during the pandemic

Sacrificed

The annual cost of receipt processing errors to the average UK business

Of VAT lost

The amount of unclaimed VAT left on the table after processing issues

“In 2021, getting a grip on business spending moves beyond simply controlling expenses to managing company spending holistically. Throughout, the data underlines that now is the time to digitise the way finance manages spending to unlock more cash to fund growth.”

Carlo Gualandri
CEO and Founder of Soldo

Digitise the management of spending to fuel business recovery

From administrative bottlenecks to a lack of real-time visibility, the main consequence of poor spending controls is – unsurprisingly – a significant loss of revenue.

But, at a time when leaders face twin pressures to both reduce the cost of operations and invest in new technology and new business models, digitalisation is proving to be an ally.

Find out how businesses across Britain and Europe have benefitted from deploying agile business spending platforms, and see how you can, too.

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The software services provided to customers resident in or with registered office in an EEA country or in the UK are provided by Soldo Software Ltd a company incorporated in the UK with company number 09233754 and VAT: GB204213566, whose registered office is 119 Marylebone Road, London, NW15PU, United Kingdom. Soldo Software Ltd (data protection number: ZA 092035) complies with all applicable data protection and privacy legislation in force from time to time in the UK and the EU including the General Data Protection Regulation ((EU) 2016/679) and the Data Protection Act 2018. All the communications related to the software and related services shall be sent to the registered office. Soldo Software Ltd., 119 Marylebone Road, London, NW15PU, United Kingdom.

The software services provided to customers resident in or with registered office in Italy are provided by Soldo Italia S.r.l. , a company incorporated in Italy with company number 11864540965 at the Registry of companies of Milano, Monza, Brianza, Lodi, VAT: IT11864540965, and registered office at Via degli Olivetani 10/12, 20123 Milano (Italy). Soldo Italia Srl complies with all applicable data protection and privacy legislation in force from time to time in Italy including the General Data Protection Regulation ((EU) 2016/679). All communications related to the software and related services shall be sent to the registered office Soldo Italia Srl, Via degli Olivetani 10/12, 20123 Milano (Italy).

The financial services provided to customers resident in or with registered office in an EEA country are provided by Soldo Financial Services Ireland DAC, a company incorporated in Ireland with company number 610705, and registered office at 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.  Soldo Financial Services Ireland DAC is regulated by the Central Bank of Ireland. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The card is issued by Soldo Financial Services Ireland DAC pursuant to a licence issued by Mastercard International Inc. Soldo Financial Services Ireland DAC complies with all applicable data protection and privacy legislation in force from time to time in Ireland, including the EU General Data Protection Regulation (EU 2016/679) and the Data Protection Acts 1988 - 2018. All communications related to financial services provided by Soldo Financial Services Ireland DAC shall be sent to Soldo Financial Services Ireland DAC, 33 Sir John Rogerson’s Quay, Dublin 2, Ireland.

The financial services provided to customers resident in or with registered office in the UK are provided by Soldo Financial Services Ltd., a company incorporated in the UK with company number 09495650, whose registered office is 119 Marylebone Road, London, NW15PU, United Kingdom, authorised as an Electronic Money Institution by the Financial Conduct Authority (firm registration number 900459). Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. The card is issued by Soldo Financial Services Ltd pursuant to a licence issued by Mastercard International Inc. Soldo Financial Services Ltd. (data protection number: ZA147304) complies with all applicable data protection and privacy legislation in force from time to time in the UK and the EU including the General Data Protection Regulation ((EU) 2016/679) and the Data Protection Act 2018. All communications related to financial services provided by Soldo Financial Services Ltd shall be sent to Soldo Financial Services Ltd., 119 Marylebone Road, London, NW15PU, United Kingdom.