Who’s buying what, and when? There’s a more transparent way to manage higher education spending that shows how each department is tracking against budget.
Managing and tracking spending across departments is tough. You’ll certainly know the pain of staff reimbursements, corporate credit cards and petty cash. There is a huge cost to this lack of transparency:
Overspending
Departments run over budget because they can’t track their spending, so you have to pick up the pieces (and the tab…) with short-notice budget reallocations.
Bad accounting practices
Accountants chase their tails – and get nowhere – when trying to track the flow of money in and out of departments.
Crushing admin
Reconciling predicted spending with actual spending takes days out of every month, tying up your team with time-consuming, manual work.
Higher Education spending can quickly add up. From facilities managers buying cleaning supplies and IT purchasing software, to reimbursement claims from international conference travel.
Download the Untangling Spending eBook to learn how to reduce overspending and increase spend transparency.
A multi-user spending account
So you can track and manage spending across departments, all in one place.
Prepaid cards
Physical or virtual cards so staff can make payments whenever and however they need to.
A cloud-based administration console
So you can track and manage everything – in real-time, any time.
A mobile app
So users can track and report spending on the go, in ways that suit them.
“Our old system of corporate credit cards was so time-consuming for staff that it meant we had to wait a long time for spending information. With Soldo we get data much quicker. Every time they spend people just submit it with the app, using our pre-set codes. Their job is done and dusted, so we can get on with ours.”
Mark Taylor
Director of Finance and Resources at Plymouth College of Art
Deposit
Funds go into dedicated sub-accounts for each department, budget or member of staff (whichever works for you). And, deposits are free.
Buy
Each department or type of spend gets a virtual Mastercard® card – which is immediately ready to spend.
Track & report
Transactions flow into the web console, where you can track expenditure in real-time, and act before departments exceed their budgets.
Soldo isn’t just about problem solving – with access to real-time spend data, you’ll be able to do things you could never do before, like: