Cash flow management is the lifeblood of any business. It’s the process of tracking, analyzing, and optimizing the flow of money into and out of your business. Efficient cash flow management is crucial for business success, as it ensures you have enough cash on hand, to cover expenses and invest in growth.
However, manual cash flow management can be a tiring and error-prone task. It often involves going through mountains of entries, reconciling transactions, and dealing with data inaccuracies in your accounting tool. Fortunately, banks, accounting tools, and business payment platforms like OPEN came together and made it easier than ever to manage cash flow efficiently.
In this blog, we’ll explore how Tally integrated with a business payment platform like OPEN can revolutionise cash flow management for Indian businesses.
Why do we need tally integration with business payment platforms to ease cash flow management?
Before we jump into discussing the need for tally integration, let us quickly read about the fundamentals of a business payments platform.
What is a business payments platform?
Business payment platforms like OPEN are a unified solution that connects accounting tools and bank accounts, to automate vendor and employee payouts, customer collections, reconciliation, and other accounting tasks. This eliminates manual efforts and errors and helps businesses stay in control of their cash flow.
The challenges of manual cash flow management
Traditional cash flow management methods are fraught with challenges:
- Data Inaccuracies: “To err is human” Manual data entry leaves room for errors and discrepancies, leading to financial inaccuracies that can be costly
- Time-Consuming: Managing cash flow manually is a time-intensive process, diverting valuable resources from more strategic tasks. From creating journal entries for every transaction to preparing reports, it consumes a lot of manual effort
- Delayed Insights: Manual processes often result in delayed access to critical financial insights, hindering informed decision-making
Now, in the next section let us look at how Tally integration with a business payments platform like OPEN, eliminates all the above challenges.
Transforming cash flow management using Tally Integration with OPEN
Exploring OPEN: Before we dive into the specifics, let’s acquaint ourselves with OPEN. It’s a financial platform designed to empower business payments using connected banking. To grasp the full scope of OPEN’s offerings, visit the OPEN website.
Automatic Tally Data Synchronization: Tally and OPEN’s integration enables real-time data syncing. Invoices and bills created in Tally can be seamlessly synced with OPEN, simplifying payments and collections. These transactions made on OPEN are automatically updated in Tally, streamlining financial workflows.
Effortless BRS: Bank Reconciliation Statements (BRS) become easy with Tally data synchronization with OPEN. Accurate matching of e-statement transactions with Tally entries and identifying missing entries become effortless, saving time.
Accurate Bookkeeping: Manual data entry errors are minimized with Tally + OPEN integration. Every transaction is automatically recorded, ensuring accurate and trustworthy books.
Tally integration with OPEN offers a plethora of benefits for cash flow management
Time-Saving: Real-time data synchronization saves time and reduces errors
Accurate Insights: Automatic reconciliation ensures up-to-date and precise financial insights
How OPEN Simplifies Cash Flow Management with Tally Integration?
What is OPEN Apart from Tally Integration?
OPEN connects multiple current accounts from different banks, such as SBI, Axis Bank, ICICI Bank, Yes Bank, and more, to accounting tools. With OPEN, you can:
- Create and process AP and AR with ease
- Pay multiple vendors and employees at once
- Collect payments 30% faster with payment link-embedded invoices
- Reconcile in less than 5 minutes
- File GSTR 1 effortlessly
OPEN also offers expertise in:
- Spend management: Track business and employee expenses
- Payroll: Monitor employee reimbursements, leaves, and pay
- E-invoicing: Easily create invoices and generate e-invoices and IRN
- GST filing: Calculate GST for inward and outward supplies, file GSTR1, fetch GSTR 2A, and submit GSTR 3B
Tally integration with OPEN’s Connected Banking platform streamlines processes, saves time and ensures accuracy for all your teams, especially the accounting team. Businesses gain a competitive edge and free up resources for strategic growth initiatives.
Ready to experience the power of Tally integration? Get started with OPEN today to take control of your cash flow management.
Take a look at our product demo to see how OPEN works: https://register.open.money/product-demo/
