The global market size for expense management for startups and SMEs alone is expected to reach $6.6 Billion by 2028. A number that shouldn’t come as a shock as today’s business trips & meetings are where the real deals ensue. 

But are business trips and meetings merely about dining at fancy restaurants and travelling business class? Yeah, it’s not!

Let’s look at what happens once you return from that trip.

You are swamped with receipts and reimbursement excel sheets. And your finance team is forced to put up with the great pain of managing business expenses manually. We completely understand that with rising digitisation, your business comes across various new expense categories. Hence, it gets difficult to encounter a business expense management solution that helps you save on cost and time. 

According to a recent GBTA (Global Business Travel Association) report, a finance professional takes around 20 minutes to process a business expense manually.  On average, 19% of these expense reports have errors. Further, the correct report costs around $52, which also takes approximately 18 minutes. Nonetheless, processing one expense report via an automated business expense management system costs $6.85. 

And that’s exactly what Open does — it lets you ace through all your business expense management problems.

You can manage team expenses easily by assigning physical or virtual cards to your teammates that come integrated with Open’s online bank account. Just set limits and load them directly from your online bank account. 

Let’s examine how managing business expenses becomes easy with Open.

Introducing our Showstopper: The Open Business Card!

Say you’re M & The Ambassador of Micronesia has called in MI6 for assistance.

And you decide to send your best agent, James Bond, to meet a crucial asset to decode the case.

Now, regarding such important missions, you know nothing can go wrong.

You hand out the Open Business Card to Bond to charm his way through the deal.

Now Bond knows nothing gets people talking like a vodka martini (shaken, not stirred). So, he orders two and gets straight down to business.

20 mins of smooth talk, and the job’s done. (After all, you don’t trust him blindly for anything!)

Bond calls the waiter over, pulls out the Open Business Card, and swipes it like a smooth cruise. (because you can swipe your Open Card at any place that accepts VISA)

Instantly, a message pops up on his WhatsApp asking him to reply with a photo of the receipt. Bond takes a picture and uploads it in a second.

All of this is done in less than a minute! Bond’s speed, right?

Now, he just has to take a minute more to login into his dashboard, choose the receipt and send it to you for approval. (Bond knows you like to be in the loop about the smallest of details).

 

You approve the expense on MI6’s Open dashboard and ring Bond up as he has charmed his way yet again through this meeting!

That’s how business is done! The 007 way! And well, the Open way!

With Open’s expense management, you can do a lot more! 😎

Open is a one-stop platform that lets you easily manage all your business banking needs with an all-powerful online bank account. You can not only automate your expense report workflows & get real-time visibility and control over your team’s spend but enjoy automated accounting, bookkeeping & a lot more. 

Want to join our tribe? Get one for yourself now!

 

Related Articles – 

Prepaid expense cards – A guide on managing your offline business expenses

Simplify your startup expenses with the smartest credit card

Everything you need to know about Open’s Corporate Cards

Top 11 most asked questions about virtual accounts

Everything you ever wanted to know about Open’s Virtual Cards

How Open brings banking & finance together for your business

 

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Suhani Jain

Writer| Traveller| Foodie| Potterhead| Content Marketer at Open