Atm, person withdrawing cash | Care Home News

Why for care homes, cash is no longer king

Handling cash was for years part and parcel of running a care home, whether it was for petty cash purchases or larger items that needed immediate payment. But it was often inefficient and hard to trace as receipts could go missing, making reconciliation difficult.

But the pandemic has ushered in a change to a lot of that.

Soldo specialise in providing cash solutions to care homes with pre-paid cards. They empower responsible spending, allowing care homes to stay on top of care provider finances by giving employees and departments the ability to spend funds in a controlled way.

Whether popping to the pharmacy, grabbing groceries, or purchasing PPE, Soldo cards provide access to the money employees need – whenever, wherever.

Employees can also use virtual cards for online purchases and digital subscriptions. Using the Soldo mobile app, purchases can be tracked in real time.

Care homes are faced with a wide range of challenges when spending is concerned. Issues such as high turnover of staff and multiple locations can lead to a lack of control. Soldo gives greater flexibility. Cards can have an individual’s name on them and also company cards, which enables lots of people to be tied in.

There is also greater control and visibility concerning how and where money is spent. Care homes can decide who can spend what and where with custom rules for each card. Funds can be distributed between carers, homes or departments without the complications of using petty cash.

Individual spending limits can be easily set and applied on location or category. In short, everything is under control, in a few clicks.

Expenses can be reported – on the go. Manual reconciliation, month-end chaos, and lost receipts can be a thing of the past. Instead, care homes can embrace automated expense reporting with Soldo and get back to the important business of caring for residents.

Right at the point of purchase, it is possible to capture detailed and accurate expense data. It’s as easy as paying, snapping a photo of the receipt, and adding notes on the mobile app. Managers can see it all instantly in the web console, ready to send to their accounting software.

Using Soldo means waiting for statements and toiling through manual data entry are things of the past. In just two clicks, data-rich reports can be generated and can be incorporated into a company’s accounting software.

Soldo integrates seamlessly with Xero and QuickBooks Online, flowing transactions and enriched data straight into the books. Care homes can save effort, time, and ensure full accuracy to keep all financial data in order.

After the past couple of years, care homes are now at a point where they want to improve their spending. They want to free up time and focus on the bigger picture. In short, Soldo can help them to achieve that.

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