15,00,000 businesses trust Open with their cash management. Here’s why.
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What is cash management?
Cash management is the process of overseeing the collections & cash flow of your business. By streamlining your cash management, you can ensure
the financial stability of your business.
Cash management is critical for businesses of all sizes. It helps you plan & fund your daily business operations.
Having an overview of your business’s cash flow will help you distribute funds for various business expenses like office rent, employee salaries,
vendor payments, etc.
As a business owner, you will need to keep a tab of all your account receivables - time and again. Cash management services can help you monitor
your account receivables and account payables seamlessly.
Cash management services may include account receivable management & automation, payment solutions, bookkeeping reports & way more.
A cash management service for your business can reap multiple benefits. The best part is that you can assess the financial health of your business.
In other words, cash management is essential to boost the growth of your business by planning for expansion goals.
What are the features that will help manage your cash flow better?
Some of the features that can help you manage the cash flow of your business are:
• ARAP management: Efficiently managing the accounts payable & accounts receivable of your business can help you plan for your ongoing
working capital needs.
• GST invoices: Getting paid on time is a challenge faced by most businesses. It doesn’t end with sending GST invoices on time. Businesses
must also ensure that timely payment reminders are sent to customers for due payments.
• Overview of cash flow: Obtaining a bird’s eye view of your cash-in-hand & cash-in-bank is crucial. In fact, it is the first step towards simplifying
cash management for your business.
• Expense management: Managing employee expenses is not easy. Once the expenses have been filed, your finance team has to match receipts
with corresponding expenses. The team will then process reimbursements & reconcile the same in the company’s daybook.
• Bookkeeping reports: Invariably maintaining your books of accounts can help you stay on top of your business’s incomes, expenses, assets & liabilities.
What are the benefits of cash management for businesses?
The benefits of cash management for businesses are many. With powerful cash management solutions in place, you can:
• Effectively manage the cash flow of your business
• Get an overview of your account receivables
• Make timely employee salaries & vendors payments
• Manage your inventory such that the stock matches the units sold
• Ensure smooth money movement without the need to borrow funds
• Plan for cash management strategies like investments
• Monitor your business’s financial health/stability
• Plan for future business goals
• Prepare for business expansion & growth
How does Open help with cash management?
Open helps you excel at cash management with a whole array of business finance solutions. For example, using Open you can:
• Send invoices with in-built payment links & set reminders to get paid faster
• Seamlessly manage cash & bank reconciliation in one place
• Process reimbursements & employee expenses hassle-free
• Easily manage account payables & account receivables
• Generate bookkeeping reports that add value to your business
To know more, sign up on open.money or talk to us at firstname.lastname@example.org