Manual business spends tracking 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. The digitization of the finance industry along with the rise of FinTech offers numerous options to make business spend management an easy task.
However, EnKash adds increased value in business spends tracking with a powerful AI-based tool. Let’s take a look at what is spend management and how EnKash is revolutionizing it with a brand-new industry-first feature.
What is Spend Management? Why is Business Spends Tracking Crucial?
According to Gartner, spend management is a set of practices that ensure organizations make procurement and sourcing decisions in the interests of both the bottom line and company efficiency. Spend management for businesses is a powerful toolkit that helps manage, track, authorize and record business payments done by employees across.
It offers centralized control over the finances but with decentralized spending liberty across all branches and offices of your organization. What you need to realize is that spend management is not just expense management and provides a smart strategy to optimize spend and increase savings.
A spend management platform saves time and effort spent in maintaining the smooth functioning of business accounting 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 helps you make 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. 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 including travel credit cards.
Have a look at the cutting-edge digital payment card created for SMEs and entrepreneurs.
What is the AI-based Tool?
EnKash offers a brilliant solution to track spending easily with a powerful WhatsApp-based feature. Employees on the go and the field are more likely to raise reimbursement requests for the business spending 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. EnKash offers one of the best travel corporate credit card India services that enable the firm to manage transportation cost-efficiently.
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, being stuck in the approval stage, and many such reasons. To ensure that any business expense does not go unclaimed and that there is no scope for fraud, this WhatsApp spends tracking feature comes in handy.
How does the WhatsApp-based spends tracking feature work?
EnKash’s WhatsApp-based spending tracking is an easy-to-use interface for uploading spend receipts, getting approvals, and reviewing expenses on the go. It’s extremely simple to use. When you make a business transaction using Purchase Card or through an EnKash credit card, simply go to the WhatsApp bot to create an expense. Upload a receipt or memo of the transaction that proves its authenticity. With the EnKash Whats App feature or EnKash travel credit cards India, you don’t have to worry about the business cash flow.
The above 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 for 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.
Moreover, if any name comes related to the best credit card for travel India, EnKash is at the top. It not only offers a WhatsApp-based expenses management tool but also provides ample tools to handle the business payments efficiently.
The on-the-go feature of this tool makes business payment 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. EnKash has its finger on the pulse of fluctuating consumer needs. And because of that, we offer consumer-centric products and updates that truly cater to the need of the hour by offering EnKash Credit Card, business expenses management software, and other business accounting tools.
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.
Moreover, EnKash also provides travel credit card India services, and opting for the same enables you to handle the travel expenses that occurred from the company’s account seamlessly.