{"id":2425,"date":"2021-05-04T12:55:13","date_gmt":"2021-05-04T07:25:13","guid":{"rendered":"https:\/\/open.money\/blog\/?p=2425"},"modified":"2023-07-05T15:25:40","modified_gmt":"2023-07-05T09:55:40","slug":"how-open-brings-banking-finance-together-for-your-business","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/how-open-brings-banking-finance-together-for-your-business\/","title":{"rendered":"How Open brings banking & finance together for your business"},"content":{"rendered":"Between last year and this year till date, much of the financial and technological revolution has been <\/span>about<\/span> navigating the pandemic<\/span>. Covid-19 forced businesses, big and small, to embrace digitization fast – banking and finance being no different.\u00a0<\/span>\r\n
If you’re a business owner or an employee reading this today – kudos for your resilience. You deserve it!<\/em><\/strong><\/blockquote>\r\n\r\n\r\nFor startups and small businesses especially, the challenge has been enormous. <\/span>\r\n\r\nFortunately, this was also the time when businesses learned the power of collaboration – be it a local pharmacy delivering medicines online with the help of hyper-local delivery startups or an English tutor who set up online classes for a global audience with the help of e-learning platforms.\u00a0<\/span>\r\n\r\nHowever, digitization also forced businesses to question the way they carry out their banking and finance.\u00a0<\/strong>\r\n\r\nThe F&B industry witnessed a whopping 69% growth between January to March 2021. For F&B and other industries as well, UPI continues to be the most preferred payment option, followed by debit cards, credit cards, and netbanking.\u00a0<\/span>\r\n\r\nThis, however, grossly understates the pain that each of these businesses go through while reconciling their payments. Setting up refunds is a time-consuming and tiring process. Not to mention the pain when it comes to tracking every rupee that flows through the cash cycle.\u00a0<\/span>\r\n

Banking and finance is broken for businesses<\/b><\/h2>\r\nIn the end, businesses are almost always finding themselves juggling between multiple login interfaces – from their bank accounts to their accounting softwares like Quickbooks or Zoho to even corporate card applications like Happay – all of which are fine solutions by themselves.\u00a0<\/span>\r\n
The problem is – all these solutions are efficient on their own but they don\u2019t talk to each other.\u00a0<\/strong><\/blockquote>\r\nThe need of the hour today is – to have an integrated financial solution. One that provides businesses with banking, payments<\/a>, accounting<\/a>, expense management<\/a> – in short\u00a0<\/span>everything together<\/b>, in one place.<\/span>\r\n\r\nGrowing businesses have growing needs – the most important of which is complete control over their finances. Juggling multiple dashboards together and manually uploading and tracking tons of excel sheets doesn\u2019t give that control.\u00a0<\/span>\r\n\r\nAt Open, we have been working hard to solve the challenges our users face, be it manually tracking unnecessary spends or reconciling every single payment. <\/span>You can visit our website or read our comprehensive article on how <\/span>Open\u2019s online bank account helps businesses do their banking & finance<\/a> better<\/span> but I wanted to highlight the basics first:<\/span>\r\n

Get paid by forwarding invoice on email<\/b><\/h2>\r\nImagine a simple online bank account with which you as a business owner & your team can create GST-compliant invoices for payment collection. <\/span>You forward this invoice to your customer’s email address<\/span>. They pay you directly through the payment link that is integrated into the invoice – via UPI<\/a> or debit cards or credit cards or netbanking – it\u2019s their choice!\u00a0<\/span>\r\n\r\n