The survey has uncovered the extent of financial admin among employees of UK SMEs, who spend an average of just over 4 hours every week managing a myriad of financial outgoings including invoicing, accounting, expenses, budgeting and forecasting.
Carlo Gualandri, Founder and CEO of Soldo said, “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.”
The survey also revealed 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 responding that they found managing outgoings particularly difficult.
To address the problem, Soldo has today announced the launch of Soldo Business, the UK’s first multi-user expense account for companies that want to manage their entire business expense cycle in the most efficient way possible.
Gualandri concluded: “I am delighted that Soldo is first to market in the UK for a business spending account that offers companies the ability to delegate, control and track company expenses in real time; a service not currently unavailable from traditional banks. Soldo Business’s goal is to give companies an easy way to manage daily cash flow alongside their existing banking set up, without substituting their traditional bank. 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.”
“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.”