Since the boom of digital transformation, transactions have become online and accountants have shifted from piles of ledger books to accounting software.
However, business owners and accountants are struggling to unlock the full potential of their SBI current accounts and are still,
- Chasing customer payments and cross-verifying the UTR number with customers to ensure payments are received
- Juggling between e-statements and accounting software for reconciliation
- Managing multiple current accounts in parallel without a unified overview of their cashflow
So, what’s next in transformation?
These digital systems need to be integrated to stay on top of cash flow. Hence, SBI Bank India’s largest public sector bank partnered with business payments platforms such as OPEN, to launch SBI Bank connected banking feature for SBI current account users.
What is SBI Bank Connected Banking?
SBI Bank Connected Banking is an integrated platform where you can link SBI Current accounts to accounting tools such as Tally, ZOHO, and Microsoft Dynamics through the OPEN business payments platform
Now that these solutions are integrated, you can stay on top of your cash flow, automate bookkeeping and reconciliation, and accelerate payments and collections. Let us deep dive into these three hidden gems exclusive to SBI current account users below.
Stay on Top of Your Cash Flow
A complete overview of bank transactions: As OPEN and your SBI current account are securely linked, you can get instant access to bank balances and the last transactions made.
Not just of one, but of all SBI current accounts, that too on the dashboard itself. Need to fetch the UTR number of a transaction made 2 weeks back urgently? Worry not, get any of the SBI current account’s full e-statement on the OPEN platform itself.
Auto-tracking AR & AP: Invoice, bills, journal vouchers in your accounting tool + debit and credit transactions in your SBI current accounts along with bank balances, will flow seamlessly into the OPEN platform.
This gives you the ability to track sales and purchases better, manage outstanding invoices and bills easier, process payments and collections faster on the OPEN platform.
Get paid faster: With OPEN, send reminders to your customers on pending payments. Subtly nudging them would ensure faster payments without affecting the customer relationship. And of course, it eliminates the to-and-fro follow-ups.
Automate Bookkeeping and Reconciliation
Auto sync with accounting tools: Create bills and invoices, make payments, and collect dues on the OPEN platform and that’s it. Because for transactions made on OPEN, an entry will be automatically created in your accounting tool such as Tally, ZOHO Books, absolutely eliminating the data entry work.
Auto-reconciliation: SBI Bank Connected Banking has unleashed its true power to automate reconciliation. OPEN will automatically match the payments and collections made through Connected Banking with bills & invoices raised.
Now, with this automated, within a blink of an eye, you’ll be left out with the transactions that were not made through SBI Bank Connected Banking. Eg, payments made on Internet banking, cash withdrawals, recurring payments.
Worry not, even these can be matched on the same screen rather than juggling between the banking portal and accounting software.Finally, within a couple of minutes, we’ll find the e-statement entries that go unnoticed such as
- Collections for which receipt entries were not made earlier
- Auto-renewals
- And all such unaccounted entries
For these, easily create a journal voucher in OPEN, and subsequently, a JV will be automatically generated in your accounting tool.
Accelerate payments and Collections
- Invoice and bills: Easily create branded GST invoices and bills or import them from your accounting tool into OPEN. Send them to your customers with payment links and payment methods (NEFT, IMPS, RTGS, UPI)
- Multiple beneficiaries: Add beneficiaries from the OPEN platform with a minimal cooling period, making it a one-click process
Bonus Bonanza for SBI current account users
The OPEN – SBI Bank partnership also offers a series of value-added services on the same platform, allowing you to handle:
- Spend management: Track business and employee expenses with receipt collection and approvals
- Payroll: Monitor employee reimbursements, leaves, and pay from the OPEN platform directly
- E-invoicing: Easily create invoices and let OPEN generate e-invoices and IRN
- GST filing: OPEN will calculate GST for inward and outward supplies with GSTR1 ready to file. Additionally, it can fetch GSTR 2A for verification and submit GSTR 3B
Don’t believe me? check out the proof below.
SBI Bank Connected Banking is transforming business practices
To implement this transformation in your business and make connected banking a reality, all you need to do is sign up through the button below. Get your SBI Bank Connected Banking today.
