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  • Writer's pictureAustin Jones

Transparency Is The Blueprint For Future Success : SoshWallet

SoshWallet wants to help pave the way for a healthy future of finance. What kind of outcomes do we get from having financial transparency?

According to The National Council of Nonprofits it's - "Leaders of charitable nonprofits know that financial transparency will help preserve the very-important trust each donor places in a nonprofit with each contribution. Additionally, and no less importantly, conduct that is accountable and transparent earns employees' trust and creates a positive workplace culture. Earning trust through financial transparency and accountability goes beyond what the law requires, but let’s start there: Nonprofits are required to disclose certain financial information to the public upon request; board members have access to financial information in order to fulfill their fiduciary duty to the nonprofit."

SoshWallet seems like it's the perfect tool then for charities and organizations in general that want to be financially transparent! Consider the following - each state has a State Charity Official who has the authority to investigate charitable nonprofits and all their affiliations. There is a need for transparency!

SoshWallet believes that it doesn't adhere to only charities but also private business and public office too. When a wallet is social, it should be visible to all who interact with it, right? Your neighborhood Home Owners association. Your cities public schools and affiliated groups like Parent Teacher Associations. Your county and federal taxes. SoshWallet wants everything that your money goes into, to be transparent back with you!

What about private industry like startups and corporate giants? According to these successful enterprise founders, transparency matters!

David Heath of Bombas said - "When transparency isn't a priority, it can create this sense of mystery: Are we doing well? Should I be looking for another job? So we present high-level finances on a quarterly basis and invite anyone to dive deeper during the CFO's monthly presentation. Not everyone will take us up on it. It can be boring. It can go over your head. But I think just knowing that the books are open establishes a level of trust."

Hope Horner of Lemonlight mentioned - "As we've grown, we can be more transparent about revenue, goals, projections. People can see those numbers at any time in shared documents, and we have an annual companywide meeting to talk through financials. Now I can't imagine sharing less."

Financial transparency is also important for interpersonal relationships like living partners. Whether it's just a roommate or a spouse, knowing that the bills are getting paid in a timely manner can avoid havoc. Sometimes emergencies happen to, where expenses need to be paid and everyone has the required funds but due to a broken phone or hospital visit - everyone is not able to synchronize for payment. SoshWallet is truly the future of finance when it comes to group banking. It's the social wallet for every group need.

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