Overview
What is Soldo?
Soldo, headquartered in the UK, offers spend management solutions for large and small business, and non-profits, enabling users to control spend with company issued cards, employee mobile app, and manage and track spending, then automate accounting.
Pricing
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
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Alternatives Pricing
Product Demos
Soldo #demo Dragon quest builders parte 1
AKAI WEI 4000S PRO DINO SOLDO I'M YOUR MAN DEMO
Product Details
- About
- Tech Details
What is Soldo?
Soldo Technical Details
Operating Systems | Unspecified |
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Mobile Application | No |
Comparisons
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Reviews
Community Insights
- Business Problems Solved
- Pros
- Cons
- Recommendations
Soldo is a useful solution for businesses that need to manage expenses and payments efficiently, while maintaining control over spending and accountability. Users have reported that the software is particularly helpful in preventing the misuse of company funds, by allowing separate cards for different users, as well as creating limits and rules around expenditures.
Soldo's app provides an easy way to track expenses and upload receipts, streamlining the process of collecting supporting documentation from users and simplifying bank reconciliations. The ability to issue prepaid cards to particular departments or team members makes it easy to manage several company cards across multiple stakeholders. Soldo eliminates the need for petty cash and easily keeps track of expenses even if receipts are lost. Additionally, users appreciate the ability to block certain expenditures on the card and delete or issue a card as staff move on from the business – providing ease of use for recurrent expenses and making administration simple. Overall, Soldo offers a great deal of flexibility, empowering staff members with individual cards while granting managers control over funding, budgets, and expenditure rules.
Ease of use: Users find Soldo to be an easy-to-use cloud-based system that is user-friendly, with a clear interface and online chat for customer services. Some reviewers appreciated the new Soldo app's smoother transition and intuitive user interface that makes it easy to complete tasks quickly. The flexibility of the account and the possibility to create multiple cards and automatically topping up cards are also very easy to arrange and save time.
Integration with Xero: Users appreciate the integration with accounting software like Quickbooks, Transferwise, and especially Xero. Many users found it highly appreciated that they could import account code lists into the Soldo app and export transactions for fast monthly bookkeeping. The automatic registering of payments along with this integration is a significant advantage.
Expense Management: According to several reviewers, controlling individual spending, pre-authorizing purchases, setting monthly target spend caps, allocating financial responsibility within teams as well as central control helps streamline expense management effectively. This feature provides excellent control over expenses policies while still allowing freedom to all staff using the system to make purchases within budget limits. Additionally, many users appreciate the ability to produce reports quickly and easily which helps cost management and identifying problems at sites.
Limited Card Acceptance: Some users have experienced issues with their Soldo cards not being accepted on certain websites, possibly due to the type of card created (debit or credit). Others have had instances where their cards were deactivated when attempting to make purchases from an EPOS. There are also reports of contactless payment failing and needing a PIN to be entered.
Confusing User Interface: Several users have reported issues with the user interface, including that it can be confusing and clunky. One user stated that the app needs more work and that it takes too long to update. Additionally, some users find it difficult to get to nominal codes when coding a transaction. The portal is also described as initially hard to navigate.
Expensive Subscription Model: The new subscription model where payment is per user is less suitable for organizations with many active volunteers who only make a few payments per year. Furthermore, several users have expressed that the software can be expensive, with some stating that the limits set on cards can be restrictive.
Users have made several recommendations based on their experiences with Soldo.
First, users highly recommend implementing Soldo correctly and involving users in the process. This includes taking the time to set up Soldo correctly and incorporating it into onboarding processes for departmental budget holders. Users suggest involving all staff members in the implementation process and creating an expenses policy that supports Soldo's use.
Second, users find that Soldo streamlines admin tasks and improves efficiency. They appreciate features like easy receipt uploads, quick fund transfers, integration with Xero, and control over budgets and spending. By using Soldo, users can reduce the administrative burden of managing company expenses.
Third, Soldo is praised for its ability to enhance control over spending. Users recommend setting up different Wallets for different sites to make administration and accounting easier. They also advise correctly setting up limits and restrictions in Soldo to prevent misuse of company funds. By using Soldo, businesses can have better control over staff spending and reduce the possibility of financial mishaps.
It's worth noting that some users mentioned minor improvements such as customizing the Dashboard or providing formal training instead of relying solely on trial and error. Overall, the majority of feedback suggests that Soldo is an effective tool for managing company expenses, improving efficiency, and enhancing control over spending.