Managing business spends manually can be extremely challenging. From keeping a tab of all expenses, invoices, and reconciliation logs to maintaining a paper trail for all those transactions is cumbersome, to say the least. Thank heavens for the digitization of the finance industry along with the rise of FinTech that today there are numerous options available in the market to make spend management an easy task. However, EnKash takes it to a whole another level with a powerful AI-based tool. Let's take a look at what is spend management and how EnKash revolutionized it with a brand-new industry-first feature.
Spend management for businesses is a powerful toolkit that helps manage track, authorize and record spends done by employees across all strata. It offers centralized control over the finances but with decentralized spending liberty across all branches and offices of your organization. A spend management platform saves a lot of time and effort spent in maintaining the smooth functioning of business finances by showing the financial skeleton on a single-point dashboard for all to see. Such a high level of visibility in a business's cash flow is proven to aid in taking crucial purchase and spending decisions in a smarter manner. With a spend management platform, it gets easier to iterate budgetary policies, compliance, and feedback throughout the organization across all levels seamlessly. You can streamline approvals, prevent fraud risks, set team and individual spend thresholds, and define an ideal workflow that best suits your company to churn out high revenue. A spend management platform can integrate easily with your existing accounting software so that you don't have to worry about uprooting set practices in place. EnKash has taken this technology and made it even more user-friendly by adding an AI-powered simple to use interface to track all your business spends.
EnKash came up with a brilliant solution to track spends easily with a powerful WhatsApp-based feature. Employees on the go and the field are more likely to raise reimbursement requests for the business spends incurred on the way. Expenses can range from food, travel, fuel, entertainment for clients, lodging, and more such unexpected expenses. Sometimes employees themselves pay for business purchases from their own pockets and later submit that for reimbursement. When an employee is on the go, there are chances of the expense going unclaimed because of a variety of reasons- loss of receipt, forgetting to claim, stuck in the approval stage and many such reasons. To ensure that any expense does not go unclaimed and that there is no scope for fraud, this WhatsApp spends tracking feature comes in handy.
EnKash's WhatsApp based spends tracking is an easy-to-use interface for uploading spend receipts, getting approvals and review expenses on the go. It's extremely simple to use When you make a business transaction, simply go to the WhatsApp bot to create an expense. Upload a receipt or memo of the transaction that proves its authenticity. This step eliminates fraud in the cycle. Once the receipt is uploaded, the finance team is notified about the expense. They can approve, reject or ask clarification regarding the said expense- all via the WhatsApp bot! This makes expense tracking and managing way easier than submitting reimbursement documents at the end of every month. The on-the-go feature of this tool makes business spends tracking easy too because approval can be given at the same time the transaction happens. Hence, there is no confusion in the entire process at the later stage. This functionality fast tracks the reimbursement process and makes it completely hassle-free.
The landscape of FinTech is ever-changing with rapid advancements gracing it almost every day. EnKash has its finger on the pulse of the fluctuating consumer needs and it is because of that that EnKash has been able to roll out consumer-centric products and updates that truly caters to the need of the hour. With its WhatsApp based tracking feature, EnKash has put itself ahead of the pack. With many more technological enhancements brewing, EnKash is the rising star that you can hitch your wagon to.