{"id":1196,"date":"2022-09-30T13:00:21","date_gmt":"2022-09-30T07:30:21","guid":{"rendered":"https:\/\/open.money\/blog\/?p=1196"},"modified":"2023-07-05T14:49:17","modified_gmt":"2023-07-05T09:19:17","slug":"how-does-open-simplify-business-payments-for-smes","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/how-does-open-simplify-business-payments-for-smes\/","title":{"rendered":"How does Open simplify business payments for SMEs? [updated]"},"content":{"rendered":"

Managing <\/span>business finances<\/b> is a massive yet slow-moving task for finance teams. We would all agree with it, especially when it comes to the reconciliation of bank statements. Cross-verifying all the accounting data with books of accounts every single day and maintaining spreadsheets seems extremely racking. Not to forget, reconciliation of all the expenses definitely holds the most vital place. <\/span><\/p>\n

Now imagine doing this for 365 days a year! \ud83e\udd2f <\/span><\/p>\n

The next minute rises a quest to discover a solution that could <\/span>simplify business payments<\/b> for you!<\/span><\/p>\n

Let\u2019s be honest – the number of tools that you have to use to assess the financial health of your business can wear you out in no time.<\/span><\/p>\n

According to the report – <\/span>Digital Adoption by Indian\u00a0 SMBs<\/span><\/i><\/a>, SMBs with most advanced digital adoption, are likely to use digital tools even for internal management. 40% of these businesses also use enterprise resource planning tools and software to connect sales with supply chain operations.<\/span><\/p>\n

So tell us – is your team still handling your business finances the old way? Well then, we\u2019ve got something that\u2019s way smarter & quicker for your finance team.\u00a0<\/span><\/p>\n

An online bank account that will <\/b>simplify business payments<\/b><\/a> &<\/b> automate accounting<\/b><\/a> for you & your team.<\/b><\/p>\n

But before that, let\u2019s understand what are the exact challenges with the current finance & accounting options –<\/span><\/p>\n

Why do finance teams need to reconsider their accounting practices?<\/b><\/span><\/h2>\n

Manual accounting software\u00a0<\/b><\/span><\/h3>\n

For all accounting purposes, you must be using software such as Tally, Zoho, <\/span>Quickbooks<\/span><\/a> or Marg. Although your team is familiar with these platforms, they end up spending a whole lot of time on manual entry for each transaction. Not to mention, each transaction must be mapped to the bank statements.<\/span><\/p>\n

Tedious expense management\u00a0<\/b><\/span><\/h3>\n

Expense management for small and medium businesses can get baffling when you have to categorize expenses – specially when the same tool is used by different departments.\u00a0<\/span><\/p>\n

Say, for example, your HR team uses LinkedIn for recruitment while your Sales team uses it to generate leads. Now when you get your monthly bank statement, it will only show that LinkedIn has charged you without mentioning whether the cost belonged to your HR team or Sales team. <\/span><\/p>\n

\"Annoyed<\/a><\/p>\n

Difficult to track pending\/ partially received payments<\/b><\/span><\/h3>\n

Tracking due payments is a huge task. Firstly, you need to identify customers who are yet to pay. For this, you have to go through all your accounts, bank statements and validate the outstanding payments. Then, follow up with customers who haven\u2019t paid you yet.<\/span><\/p>\n

It gets even worse when some customers pay you only half the due amount on the due date. Recording only half-credited payments & following up on the balance amount on the new due date is no cakewalk.<\/span><\/p>\n

Difficult to obtain a real-time overview of receivables & payables<\/b><\/span><\/h3>\n

You might be handling business finance single-handedly or even have a finance team. Either way, it\u2019s hard to get an overview of receivables that are due & payables that need to be sent out on time almost instantly. <\/span><\/p>\n

Disconnected invoicing software & accounting software<\/b>\u00a0<\/span><\/span><\/h3>\n

For businesses that use invoices from time to time, it helps to have a platform that automates & integrates an invoicing solution.\u00a0<\/span><\/p>\n

For eg: Most popular accounting software do not come with in-built payment links that allow vendors to pay then & there. And let’s not forget the added hassle to ensure all invoices are GST compliant.<\/span><\/p>\n

Difficult to reconcile cash expenses\u00a0\u00a0<\/b><\/span><\/h3>\n

Cash expenses are difficult to track as there is not a single entry in the bank statements. This makes <\/span>expense management<\/b><\/a> hard for finance teams to validate & reconcile the particular spends.<\/span><\/p>\n

Managing multiple bank accounts\u00a0<\/b><\/span><\/h3>\n

It is very likely for businesses to have more than one or two bank accounts in an attempt to simplify tracking. But managing these multiple accounts for tracking purposes itself is a time-consuming & stressful task.<\/span><\/p>\n

Simplify Business Payments, The Open way<\/strong><\/span><\/b><\/h2>\n

Banking integrated with accounting<\/b><\/span><\/h3>\n

Open\u2019s online bank account is the only account that combines banking solutions that automate accounting in addition to other business finance management chores from one place. In other words, with all the payments collected &<\/span> payouts<\/span><\/a> made, Open helps you automate accounting and therefore mitigating all reconciliation hassles.<\/span><\/p>\n

Imagine every entry being automatically recorded, just like that. \ud83d\ude0e<\/span><\/p>\n

Expense management simplified<\/b><\/span><\/h3>\n

In addition to automated accounting, you can also categorize employee expenses easily, irrespective of how, when and by whom the payment was made.<\/span><\/p>\n

Assign Open\u2019s<\/span> Virtual Cards<\/b> to teammates for their online expenses and set limits. This way, you can easily track expenses team-wise or even employee-wise.<\/span><\/p>\n

Expense cards<\/b><\/a> can be assigned to teammates who step out of the office & need to make card swipes. With every swipe, employees get a WhatsApp notification to upload their receipts & the expense is filed instantly. <\/span><\/p>\n