Payments are part of the everyday running of any school, college or university. Staff both on and offsite need funds for resources, trips, training and more.
How is your school currently managing spending and expenses? The funny thing is, for schools the truth is they’re not, really. The process is chaotic, with multiple people buying on behalf of various departments using different payment methods. As a result, finance teams struggle to get a unified view of spending across the organisation.
Traditional expense management processes are a poor fit for schools. Credit cards are only appropriate for senior staff, and it’s unfair to ask staff and parents to front funds for later reimbursement, and cash advances are admin-heavy. On top of that, it’s hard to see and control all costs.
With 20–25% of any typical educational institution’s expenses being controllable, there are significant opportunities to streamline payment, simplify expense management and cut costs.
Soldo transforms the way schools, colleges and universities manage spending – helping them to control and delegate spending while delivering visibility and insight.
Streamlined processes and automation save hours, boosting productivity and financial efficiency. Our smart, multi-user expense account combines Mastercard® payment cards with an intuitive web-based admin console and mobile app. Soldo integrates with all major accounting software.
“Soldo has given us a way to empower staff and volunteers to carry out their work whilst we stay in better control on the administrative side,” says Peter Melbye of Dania School.
Soldo allows schools to provide staff with prepaid Mastercard cards to pay for equipment and trips without the burden of slow reimbursements or the headache of complex expense processes. Through an intuitive interface, Soldo gives finance teams control, insight and flexibility. Administrators are able to respond to staff needs, providing access to the money they need instantly and with no hidden transfer fees.
Soldo makes it easy to allocate cards to everyone who needs one. The benefits extend past spending. Expense tracking is beautifully simple with Soldo.
Staff and parents can use the Soldo staff app to upload receipts, tag expenses and add any relevant notes. Meanwhile, back at school, administrators can receive instant notifications every time one of their staff or a parent makes a purchase – a very welcome reminder that everything is bang on track.
At month end, finance teams can use the administrative dashboard to generate data-rich two-click expense reports, downloading them in a format that integrates perfectly with accounting software.