UK SMEs are collectively losing over £8.72 Billion every year as a result of the time taken to complete weekly finance related tasks such as company expenses, a Soldo survey among 1,200 business reveals.
The survey, conducted independently by YouGov, uncovers the extent of financial admin among employees of UK SMEs, who spend an average of just over 4 hours (4.10) every week managing a myriad of financial outgoings including invoicing, accounting, expenses, budgeting and forecasting.
Carlo Gualandri, founder and CEO of Soldo says, ‘The time and money taken up by day to day management of a company’s cash flow is astonishing but not surprising. If staff were freed up to dedicate their time to the activities that made a big difference to the company, productivity levels would rocket.’
Soldo’s survey also reveals that the larger a company, the more challenging cash flow management becomes. However, it’s the startups that struggle the most with day to day cash flow management, with 15 per cent of them find managing outgoings particularly difficult.
To address the problem, Soldo announces the launch of Soldo Business, a multi-user expense account for companies that want to manage their entire business expense cycle in the most efficient way possible. Based on the MasterCard payment network, Soldo Business enables companies to delegate, control and track company and employee expenses in real-time.
The account owner retains authority over the flow of money via an admin dashboard where limits, rules and budgets can be set for everyone, in accordance with individual needs. Reports can be generated effortlessly that integrate with major accounting systems, and every expense can be tracked with instant notifications, and balances are viewable in real time for all users.
Gualandri adds, ‘Technology has enabled businesses to simplify many aspects of their day to day operations, however, until the launch of Soldo Business, daily cash flow management was still suffering from a lack of innovation.’
He concludes, ‘We have addressed a huge need for technology to streamline spending, and with the introduction of Soldo Business, companies can invest more time in strategic decisions and less on the management of day to day expenses, an activity that is of low value to the business but time consuming for employees and subject to a large element of administrative work by staff, increasing in complexity as the business grows.’