{"id":346,"date":"2022-10-27T18:31:35","date_gmt":"2022-10-27T13:01:35","guid":{"rendered":"https:\/\/open.money\/blog\/?p=346"},"modified":"2023-07-05T14:54:06","modified_gmt":"2023-07-05T09:24:06","slug":"how-open-simplifies-expense-management-for-startups-smes","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/how-open-simplifies-expense-management-for-startups-smes\/","title":{"rendered":"How Open simplifies Expense Management for Startups and SMEs? [updated]"},"content":{"rendered":"\r\n

The global market size for <\/span>expense management for startups<\/b><\/a> and SMEs alone is expected to reach <\/span>$6.6 Billion by 2028<\/span><\/a>. A number that shouldn\u2019t come as a shock as today’s business trips & meetings are where the real deals ensue.\u00a0<\/span><\/p>\r\n

But are business trips and meetings merely about dining at fancy restaurants and travelling business class? Yeah, it’s not!<\/span><\/p>\r\n

Let\u2019s look at what happens once you return from that trip.<\/span><\/p>\r\n

You are swamped with receipts and reimbursement excel sheets. And your finance team is forced to put up with the great pain of <\/span>managing business expenses <\/b>manually. We completely understand that with rising digitisation, your business comes across various new expense categories. Hence, it gets difficult to encounter a <\/span>business expense management<\/b><\/a> solution that helps you save on cost and time.\u00a0<\/span><\/p>\r\n

According to a recent GBTA (Global Business Travel Association) report, a finance professional takes around 20 minutes to process a business expense manually.\u00a0 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.\u00a0<\/span><\/p>\r\n

And that\u2019s exactly what Open does\u200a\u2014\u200ait lets you ace through all your <\/span>business expense management<\/b> problems<\/span><\/a>.<\/span><\/p>\r\n

You can manage team expenses easily by assigning physical or <\/span>virtual cards<\/span><\/a> to your teammates that come integrated with Open\u2019s online bank account. Just set limits and load them directly from your online bank account.\u00a0<\/span><\/p>\r\n

Let\u2019s examine how <\/span>managing business expenses<\/b> becomes easy with Open.<\/span><\/p>\r\n

Introducing our Showstopper: The Open Business Card!<\/b><\/h3>\r\n

Say you\u2019re M & The Ambassador of Micronesia has called in MI6 for assistance.<\/span><\/p>\r\n

And you decide to send your best agent, James Bond, to meet a crucial asset to decode the case.<\/span><\/p>\r\n

Now, regarding such important missions, you know nothing can go wrong.<\/span><\/p>\r\n

You hand out the<\/span> Open Business Card <\/span><\/a>to Bond to charm his way through the deal.<\/span><\/p>\r\n

Now Bond knows nothing gets people talking like a vodka martini (shaken, not stirred). So, he orders two and gets straight down to business.<\/span><\/p>\r\n

20 mins of smooth talk, and the job\u2019s done. (After all, you don\u2019t trust him blindly for anything!)<\/span><\/p>\r\n

Bond calls the waiter over, pulls out the <\/span>Open Business Card,<\/span><\/i> and swipes it like a smooth cruise. (because you can swipe your <\/span>Open Card<\/span><\/i> at any place that accepts VISA)<\/span><\/p>\r\n

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.<\/span><\/p>\r\n