In India, the market size for travel and expense management solutions aimed at SMEs and MSMEs alone approximately amounted to $1 Billion in 2018. A number that shouldn’t come as a shock as business trips & meetings are where the real deals are done.
But are business trips and meetings just all about dining at fancy restaurants and travelling business class? Yeah, I don’t think so too.
Let’s take a look at what happens once you are back from that trip.
You’re swamped with receipts and reimbursement excel sheets. And your finance team is forced to put up with the great pain of matching every expense manually.
According to a recent PayStream Advisors report, it costs an organisation an average of $34.92 to manually process an expense claim. On the other hand, putting a fully-automated expense management system into action, pulls down the cost to $8.98.
And that’s exactly what Open does — it lets you ace through all your expensing problems.
You can manage team expenses easily by handing out physical or virtual cards that come integrated with Open’s online bank account, to your teammates. Just set limits, load them directly from your online bank account. No need to maintain a float.
As for business expenses, we’ve got a credit card with a credit limit of 10,00,000 at interest-free credit for the first 30 days. And the best part – there’s zero deposit required.
Let’s take a look at how you can easily manage team expenses with physical cards.
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, when it comes to such important missions, you know nothing can go wrong.
You handout 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 manage all your business banking needs at ease 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!