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A recent survey commissioned by Soldo Business, and carried out by the independent pollsters, YouGov, found that UK SMEs are wasting £8.72 billion a year managing employee expenses, with employees each spending just over four hours a week on the tedious task.

Given that the average UK SME has 12 employees, this amounts to a phenomenal 48 hours wasted, every single week in the UK.

That's like paying a full-time staff member every single week, just to do a task that simply isn't necessary anymore.

The good news is that there's finally a way to consign those days to history.

Aside from the tax requirements, one of the main reason business-owners require expense reports from their staff is because of the need for control.

You can't just have staff wandering around with corporate credit cards (or sharing one, which inevitably gets lost now and then). Something has to change.

The only way to truly control your employee expenses is to use prepaid cards instead of credit cards

Even if you haven't considered prepaid cards before, now is the time to start. It's just good financial sense - it's about control. The kind of sage advice your grandmother might have given you: Spend what you have, and no more.

Credit cards have their part to play, but save them for large emergency expenses that simply can't wait.

For day-to-day spending, stay in the black.

Prepaid cards have come a long way

Soldo Business prepaid Mastercard cards come with an unprecedented level of control, including features that you just won't find with a business credit or debit card.

Nobody knows your employees better than you. Nobody else knows how much money they need, and how far they can be trusted.

That's why, as the account administrator, Soldo Business lets you set bespoke budgets, limits and rules for all your staff, fitting their needs and trust levels to perfection.

Any time you want, you can check everyone's balances in real time, and you'll even get instant spending notifications.

Staying on top of your employees' expenses is easier than ever with Soldo Business.

Say goodbye to cash advances with free and instant money transfers

If one of your employees suddenly needs a cash injection to buy essentials in the course of their work, you can transfer money to their virtual wallet instantly. Nobody will ever be high and dry again, and you won't waste precious staff hours on last-minute bank runs.

One card just isn't enough anymore

One of the problems with controlling expenses arises when more than one person use the same card. At the end of the month it's hard to find out who spent what, on what, and why.

Soldo Business puts an end to that.

You can order multiple cards for your staff and departments, and even have dedicated cards for specific regular purchases, such as online software.

As well as plastic cards, Soldo Business also offers virtual cards - perfect for online shopping and almost impossible to lose. You can generate virtual cards instantly with no fuss, and they're stored securely in the system, ready at your fingertips whenever you need them.

Expense reports - who needs them?

Clearly, expense reports are a fact of (business) life. Like it or not, we all need them. But they just shouldn't take up so much time.

When it comes around to expense report time, Soldo Business will have everything wrapped up in less than a minute.

Two clicks are all it takes to generate richly detailed reports that integrate seamlessly with your existing accounts system. You can even generate reports by tag or category, bringing a new level of clarity and control to the reconciliation.

Along the way, your employees can upload photos of receipts, as well as notes, tags (e.g. Project X) and categories, to each transaction at the point of sale. It's easy and fast, thanks to Soldo Business' app.

So, if you've had enough of tracking your employee expenses, or of wasting time on expense reports, why not join Soldo Business today?