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Tag: Business expenses

Improve Budget Management with EnKash Platform

Post author By Surbhi Mehtani
Post date September 26, 2022
2 Comments on Improve Budget Management with EnKash Platform

If you own a business, you’d know how hard it is to stay in check when it comes to business expenses. Even if you plan each expense down to a single rupee, you still find yourself struggling to manage a steady budget at the end of a quarter. So, if you want to manage the cash flows of your business, then best accounting software is required. And here, you will find everything related to the EnKash budget management tool – A Must Have Tool For Your Business Productivity.

Impact of cash mismanagement on Business and Solution

Overspending on purchases, not leveraging early payments deals and rewards, poor management of travel and entertainment spends, unchecked maverick spending by employees, late payment fines, unexpected purchases- these are some of the numerous reasons that can throw your budgets off balance and set you back from achieving your financial goals. Nightmarish enough? Chuck away all your woes because the answer to your prayers is here! EnKash- an all-in-one spend management suite for all your business spending and budget management.

EnKash offers a powerful self-service platform that could be tailored to fit all your business needs. Automate your payables, speed up your receivables, track your spends and manage your business promotion expenses- do it all with EnKash spend management platform. With EnKash, never go over budget again!

Let’s take a look at the salient features of the EnKash Spend Management Platform that make it one of the leading corporate spend management tools in India.

Best Features of EnKash Business Expenses & Spend Management Tool

Industry-first Transaction Control Dashboard

EnKash offers a never-seen-before interface that acts as a single point of information visibility. You can keep an eye on all the financing activities cash flow as they happen, the cards you have issued, the policies you’ve enforced- see it all as it happens. And not just monitor, you can also control the spending liberty on the go.

Centralized Control, Decentralized Spending Liberty

One of the many benefits of the EnKash platform is that it allows you to offer spending liberty to your employees and teams spread across the branches and still retain complete control over how the spending can happen. The brilliance of this feature is that you can keep maverick spending in check while empowering your employees to make independent decisions regarding purchases.

Proactive Policy To Manage Budgets

The best part about the EnKash Spend Management platform is that it gives you scope to set cash flows constraints in place and set company-wide spend policies that could be communicated to each employee that is plugged in on the interface. With a centralised system, adherence to policies can be maintained effortlessly.

Saves Time, Money, and Effort

Automation is the best tool to eliminate redundant manual tasks. Digitizing your spend management can help your workforce focus more on revenue-generating tasks rather than spend time and energy on boring work. It also helps in saving hidden costs associated with enforcing third-party spend management practices and hiring extra personnel to oversee operations.

Real-Time Spend Visibility

With a centralized spend management platform, financing activities cash flow can be easily monitored. You can keep track of which employees spend what amount at which merchant, keep a record of the transaction history, and maintain digital receipts of all expenses- all on a single platform. With such a high level of visibility, you can think ten steps ahead to strategize your cash flows to best utilize your business’s working capital to the optimum level.

Easy Reporting

With digital transaction receipts, it gets simple to generate an audit trail for your business expenses. Storage and retrieval of data are super-fast and easy because of expenses being stored on the platform. Maintain a full audit trail of requests, approvals, reviews, and exports. You can also back up the financial data on the cloud to eliminate the chances of data loss.

Effortless Integration

EnKash Spend Management platform integrates flawlessly with your existing HRMS, Accounting, and other in-house systems. Such collaborative architecture boosts your business without compromising existing data.

Reduced Risk

Eliminate the possibility of expense fraud to the maximum level with the EnKash Spend Management platform. Generate single-use, capped virtual cards for one-off purchases on digital or on-road POS. These cards come with pre-approved budgets and approvals so you can save precious time and make decisions faster.

See the power of EnKash – A Seamless Money Management Tool.

EnKash offers a host of other corporate expense cards that can sort out all kinds of business expenses by enabling card payments even where cards are not accepted. The power of the EnKash Spend Management platform can be fully understood only when you become a part of the EnKash family and experience it yourself. Take your business to newer heights with EnKash. Call us for a free demo to see what your business is missing!

Tags Spend management software, Expense management software, Receivables, Expense reporting, Business expenses, Spend analytics, Spend analytics procurement, Expense report

Expenses

Spend Management Platform: An Expense Management Strategy

Post author By Surbhi Mehtani
Post date September 26, 2022
7 Comments on Spend Management Platform: An Expense Management Strategy

When you think about working capital management or spend management platform, you think of managing expenses incurred in your business over a quarter of a year. But in reality, spend management is much more than just expense accounting.

You need to understand what working capital management is, what the benefits of a spend management platform are, and how to monitor working capital in financial management. Also, you should be aware, of the importance of working capital management

Spend management is an umbrella term for the end-to-end management of company-wide spending. It encompasses spending analysis, spending categorization, spending strategy, and spending reporting. Everything that goes behind generates a bottom line for the business.

Differences Between Expense Management and Spend Management Platform

There’s a wide difference between spend management and expense management.

While we understood what spend management is, expense management is a subset of spend management. Expense management only deals with department-wise spending and expenses borne on company cards and accounts.

What Is Working Capital Management And How To Strategize It?

If you are looking for a comprehensive solution for budgetary reasons, you should look closely at devising a spend management plan for your company by using EnKash working capital management software.

Spend management is a step-by-step process.

It starts with a spend analysis of your corporate expenses.
To come up with a plan to better your finances, you first need to figure out where the money is present in the pipeline.
You can start by making a list of all your corporate expenses like your SaaS purchases, vendor payments, ad-hoc purchases, payroll, reimbursements, travel & entertainment expenses, utilities, rent- everything that you expend on your company.
A detailed snapshot can help you assess the financial health of your organization- where payments are stuck, which collections are to be made, upcoming payments and purchases, unexpected purchases, and miscellaneous spending.

Once you have all this data with you, you can go ahead and start planning a spending strategy that works in favor of elevating your financial grounding.

When devising a spend management strategy post expense analysis, it is important to bear in mind that segregation of expenses is not the goal. A broad overview of spends can only be obtained when all the expenses are included- be it T&E or AP.

If Travel & Entertainment expenses form a vast chunk of overall spends for your company, they need to be definitely included in the spends management.

Usually, T&E expenses are borne on company cards given to all employees who travel for business purposes. In rare cases, employees have to bear business expenses out of pocket in the absence of cards or a vendor who doesn’t accept cards.

The total absence of T&E cards from a travel program leads to inefficient spend management since the employees bear not only the expense but also the interest cost for that business expense.

Employees, then have to wait for at least a month to get reimbursed for their own money which they spent on behalf of the company. Such kinds of practices can be avoided if you invest in a smart spend management platform.

Let’s have a look at the Expense Management Tool exclusively designed by EnKash.

Traditional Way Of Working Capital Management

Most often, it is seen that businesses separate their Accounts Payables from the rest of the expenses. Some companies outsource their AP to third-party spend management platforms that charge a hefty fee to process these transactions.

On the other hand, some businesses either rely on an in-house finance division to handle these expenses manually. This takes up a lot of time and energy and also makes the transactions prone to manual errors or non-compliance.

In one case, you are spending to pay for your purchases and on the other hand, you are wasting precious time on non-revenue generating tasks. Either way, your business spends are not functioning in an ideal manner which could lead to a cumbersome recalibration of accounts.

The Solution – EnKash Spend Management Software

To put an end to this nightmare, invest early on in an efficient corporate card & spends management platform like EnKash. It has a powerful spend management platform that has not only a spend visibility dashboard but also tools like corporate cards and virtual cards to sort out your expenses digitally.

With EnKash expense management software, you can easily club all your expenses on a single-point dashboard which increases visibility and control manifold.

EnKash also offers a huge variety of corporate cards powered by banks for all kinds of business expenses. A few handpicked business cards are;

Purchase cards
T&E cards
Meal cards
Fuel cards
Forex cards
Gift cards
Payroll cards
EMI cards
E-commerce seller cards.

These could be preloaded corporate cards that are distributed to employees or teams by the finance teams. It can be used at the authorized network of merchants till the preloaded amount is exhausted.

Benefits of spend management and corporate cards

Along with spend management software, you can also use virtual cards which are perfect for one-off payments, subscriptions, and one-time expenses. With the help of corporate cards, empower your employees with the freedom to spend while retaining control over the expenditure. Eliminate maverick spending, expense fraud, and manual labor using digital corporate cards.

Coupled with EnKash’s intuitive spend management platform, these cards become the perfect tool to enhance your experience. It provides real-time tracking and reconciliation of expenses along with customized usage policies and guidelines which help in keeping budgets in check.

Automation and digital payments are the cornerstones of a new era in the corporate expense world where flexibility and adaptability are the biggest concerns. With EnKash, never miss a payment, never overspend, and never go off-track. We are here for all your money matters because we understand that money matters.

Tags Spend management software, Expense management software, Payable and Expenses, Expense reporting, Business expenses, Spend analytics, Spend analytics procurement, Expense report

Why Audit Trails Are Important For Business Transactions

Post author By Surbhi Mehtani
Post date September 26, 2022
1 Comment on Why Audit Trails Are Important For Business Transactions

Recordkeeping is one of the major tenets of finance. An unclear transaction history could spell trouble for your business down the line. If you don’t want to see your business going down, you must have solid business accounting and should adhere audit trail. This article is completely based on the audit trail, its benefits, and its impact on the business.

Stakeholders, investors, and government authorities- all of them would like to believe that your company is what it claims to be and the spending habits are consistent with its claims. To keep their trust alive, you must retain all the financial statements in a single place. A structured log of financial transactions can help in justifying the reason and usage of specific funds during a specific period.

What Is The Purpose Of Audit Trail And Logging?

Audits are usually a high-stress environment for any organization. If the transaction trails are not properly maintained, it is bound to come out during one of the regularly scheduled audits, or during a surprise, an audit performed unceremoniously by any of the government bodies to ensure compliance.

If, during any such audits, a missing link surfaces, it can be catastrophic not only to the business’ image but also to its future. An audit makes sure that your company is legally spending money and it goes where it is supposed to.

Auditors go through your company’s books with a fine-tooth comb and match all transactions with the bookkeeping ledger. If any credit card statement, receipt, working capital finance, or invoice seems worrisome, it is brought up, and they might ask you to show its matching transaction slip.

On the off chance if you are unable to prove the transaction’s authenticity at that time, your business could be deemed non-compliant, and even worse, your license could be revoked on the grounds of illegal financial activity. That’s why it is always better to prepare for an audit beforehand.

The business accounting records should be maintained and stored in a way that if an audit has to happen the very next second, you can show all relevant documents and supporting transaction trails. Maintaining a solid audit trail is vital to save your business from falling into a pit of financial loopholes. Before moving to the description of the audit trail, let’s have a glimpse of working capital finance.

What Is Working Capital Finance?

In any business, there is always uncertainty of cash, and demand for cash can arise anytime. To manage business expenses, businesses borrow money from the market, and this phenomenon is termed as working capital finance. In the short term, you can say it is a fund used to meet short-term expenses.

What is An Audit Trail?

An audit trail is a collection of documents that help to prove that your financial statements are accurate. Auditors work in a backward fashion- they match all your financial statements to all the steps that led to the financial record. This way, it is easier for them to spot inconsistencies in the statement right away.

A robust audit trail doesn’t just include the financial documents, but it also includes any alterations that were made to the records and by whom. To grow a business, it is essential to follow the latest trend, and one such is the automation software with an audit trail. So, accept today’s need and give a boost to your business.

Key Documents Required For An Audit Trail

Invoices/Receipts
Approval for transaction
Update logs
Affidavits concerning the documents that have been destroyed or gone missing

These documents should also have the necessary approvals and authenticity on them.

Considering the number and volume of records that need to be maintained and preserved, it doesn’t seem ideal to maintain them manually. The sheer stack of papers would come with an added risk of maintaining them properly as it is very easy to lose a piece of paper. That’s where automation in accounting finance and auditing enters to make it easier for you.

Where To Hunt For Accounting Software With An Audit Trail?

Being a business owner, it is hard to spend time finding a software audit trail because comprehensive knowledge, patience, and time are required. But you don’t have to worry anymore as here you will find the best platform where you will get everything that you are looking for.

An automated spend management platform, like EnKash, comes with a studded audit trail functionality that maintains all records for you on a digital database that can be accessed from anywhere at any time.

To maintain a digital audit trail, it is ideal that your business accounting is digitized from end to end. This makes the entire process of invoicing, collection, and other key transaction details digital so that they can be stored together in a single source.

Let’s take a look at the benefits of automating your business’s accounting along with an automated financial audit trail:

EnKash – See the power of the financial management tool at a glance!

Why Should You Use Accounting Software With Audit Trail?

Bird’s Eye View

Audit Trail in accounting software gives you the vision to look closely into your business’ finances. It provides you with a bird’s eye view of every financial transaction ever made, the AP and AR, the working capital, cash flow, and bottom line- all at the same time on a single platform. This makes decision-making more efficient and informed as you have all the data right in front of your eyes.

Fraud Elimination

When you have access to each transaction trail, you can easily pinpoint to pain points of your balance sheet. With automation in accounting finance and auditing platform, it becomes convenient to highlight possibilities of fraud in expense records. Transactions that look shady can be traced back to the source and can be audited to uphold their authenticity. With such a vigilant watchkeeper by your side, your finances can never go haywire.

Compliance

A compliant business is a dependable business. The accounting software with audit trail allows peace of mind for business owners because of their ability to get traced to the source with supporting documents and transaction trails in place so that if ever an auditor comes knocking on your doors, you can let them in your business books without a single worry.

Automated accounting software also keeps an eye out for updates and changes in government rules and legislation. This way, if ever industry standards or legislation is changed without your knowledge, your accounting software will remind you to upgrade them at a moment’s notice.

Real-time Monitoring

If using software audit trail as a pioneer tool on your business, you can get real-time visibility into your company’s expenses on all levels. This level of transparency at all times can be very helpful to set spend protocols in place, request quicker turnaround on approval timelines, and suggest spend policies for an even more efficient transaction behavior.

EnKash – Automation In Accounting Finance And Auditing

Real-time spend visibility enables centralized control but offers decentralized spending liberty. It can also help in generating actionable insights for improving financial budgeting and putting spend controls in place.

In addition to core accounting, EnKash also offers many useful features not found in other traditional software. Some of them are:

Powerful APIs for plug-and-play accounting
Wide variety of corporate cards
Unlimited virtual cards
Card Pay facility where cards are not accepted
Spend management platform
Integrated Accounting software
In-depth financial reporting
Audit Trail functionality

Trust EnKash to upgrade your accounting for an efficient and compliant accounting experience. Call us for a free demo to witness how EnKash can revolutionize your business accounting.

Tags Business expenses, Office expenses list, Petty cash expenses, Payable and Expenses

Why End-use Monitoring is Crucial For Enhanced Cash-Flow

Post author By Surbhi Mehtani
Post date September 26, 2022
2 Comments on Why End-use Monitoring is Crucial For Enhanced Cash-Flow

Managing cash flow is one of the key metrics that can make or break a business. It is reported that more than 82% of businesses fail because of mismanagement of cash flow.

Being an entrepreneur or running a big company, you must know the effects of cash mismanagement and the advantages of expense management software. Here, you will get comprehensive information about the traditional approach towards cash flow and why to choose the best spend management software.

The financial market is volatile and while every business owner wishes to never run into any financial trouble, it is a farfetched thought. Mismanagement of cash flow can have severe implications on the business’ working capital and the company can soon find itself in the pits of debt or under a mountain of loans.

To avoid such a predicament, it is necessary to monitor the cash flow from an early stage and keep a track of all incoming, outgoing, and unchartered expenses that might come along the way.

Why Should You Care For Your Finance Management?

Without a steady cash flow rolling in and out of your business, it is impossible to understand the financial health of your business and predict trends for future budgets or revenue.

It is important to regularly audit your company’s incoming and outgoing cash to generate a financial health report that showcases the current financial status of your company and predicts where you’ll be a few months down the line if cash flow operations run smoothly. To ensure positive working capital, it is crucial to understand how cash flow impacts business operations.

Cash is king. Cash gives you the power to invest in newer technologies, hire the best talent, grab unforeseen opportunities that may arise, and be in charge even in tumultuous times. To calculate cash flow, you need to bear two factors in mind: Accounts Receivable and Accounts Payable.

Accounts Receivable are your outstanding customer payments. Accounts Payable is the money you owe. This includes all kinds of outgoing cash: rent, utilities, payroll, vendor payments, loans, taxes, travel and expenses- anything and everything that can be counted as a business expense.

Together, AR and AP form your business’ cash flow. At the end of the day, you should have a positive cash flow. This means that your AP should ideally never be more than your AR.

Smart Ways To Manage Cash Flow In A Business Including Spend Management Software

To predict a positive cash flow, you should be able to correctly gauge when your receivables are in and when your payables are due. Some of the best practices for efficient cash flow management are listed below, but the prime one is the expense management software.

Invoicing on Time

It is an absolute must practice raising your AR invoices on time. Raising an invoice late can lead to a delay in payments which will affect your cash flow negatively. Payments are always better when they’re received yesterday.

The smart expense manager is a utility that fetches the AR and also reminds you from time to time to pay the debt timely. In a nutshell, this tool is quite competent to handle your business cash flow.

Delay Payments

Manage your liabilities in a manner that you do not pay them before they are due. When you prepay your debts, you are not banking on their maturity and thus taking money from the cash flow when it is not necessary to do so. Doing so can negatively impact your business’s financial health when the same money can be used in a resourceful way to generate revenue. While it is not wise to pay your debts late, it is also a mistake to pay them earlier than expected.

Invoice Financing

Invoice financing is a way for businesses to borrow money against the amounts due from customers. It is a loan against your AR. Invoice financing can help improve cash flow, make payments and invest in opportunities- all without spending from your business accounts. It’s a win-win for you as your money makes money for you.

To go with Invoicing Financing, you must need to learn the art to handle this. However, if you love smart work, then Enkash is with you that will assist you in all forms of financial matters.

Cash Flow Management Tools

One smart way of managing cash flow is to let the machine do it! Invest in expense management software that shows you a real-time scenario of your AR, AP, and your company’s financial health- all in one dashboard.

A cash flow management tool, like EnKash, can make your life easier by showing detailed reports about your finances, travel and expenses, predicting future sales, considering customer payment trends, and forecasting an AR trend for making an informed decision for future sales.

A spend management software can be a great tool that can help you track, monitor, and enhance your business’s cash flow by taking all kinds of data and generating a detailed analysis of your business’ spend patterns, incoming patterns, vendor payment behavior, and miscellaneous expenses that may strike you when you’re least expecting them.

Some of the benefits of a spend management tool that can positively impact your cash flow and your business in the long run are:

Visibility & Monitoring of Cash Flow

A spend management platform gives you a bird’s-eye view of your business finances. You can have a look at the bigger picture and gauge how the upcoming AP and AR can alter your company’s financial health. This enables you to take a step back to analyse and intervene if needed to maintain your business books’ green bottom line.

Control Expenses

With a smart expense manager, you can easily see if budgets are being crossed and accounts are being overdrawn. Such software comes with various tools that can guide you to curb overspending and stay stringent for an efficient cash flow.

Goodwill

Customer retention is easier said than done. While it is a winding road, one can glide smoothly through it and maintain lifelong relations with vendors and suppliers if they’re paid on time without fail. A spend management platform does not just show you how much you owe to your vendors but it also shows you the benefits of paying on time or even earlier to catch attractive offers.

What’s The Solution To Become A Smart Expense Manager?

Such things are often left unnoticed if done manually but that’s what machines are for. With AI driving the FinTech revolution, the day is not far when every company will be able to maintain a healthy cash flow in their business with efficient monitoring and controlling of expenses.

EnKash has already begun its journey down this futuristic road with its state-of-the-art spend management platform and corporate expense cards that not only boost cash flow but also set your business apart from the lot by making it smarter, more flexible, and customer-driven.

See how Work Flow Management works with the help of EnKash.

Tags Spend management software, Expense management software, Receivables, Expense reporting, Business expenses, Spend analytics, Spend analytics procurement, Expense report

Self-Service Spend Management Platform – Visibility with Control

Post author By Surbhi Mehtani
Post date September 23, 2022
3 Comments on Self-Service Spend Management Platform – Visibility with Control

Spend Management is an efficient practice that delivers the best results in handling your business finances. It’s a tried and tested practice that centralizes control yet decentralizes spending, giving liberty to employees at all levels to make executive decisions regarding finances. Spend management platforms integrate data and automate functionalities to optimize expenditure activities.

Expense management software manages all kinds of payments- vendors & suppliers, payroll, rebates, purchases, incidentals, and more under one umbrella so that it is easy to keep track of every outgoing and incoming transaction with quick cash flow analysis.

Quick Reasons To Join Spend Management Platforms

The spend management platform enables businesses to get the most out of their money by reducing business costs and redirecting the cash flow to drive the business’ growth. This holistic approach improves the bottom line by enabling better decision-making.

The expense management software resolves crucial bottlenecks such as low transactional visibility, poor compliance, longer timelines, and higher transaction costs. Apart from these, these kinds of platforms linked with the corporate credit card also provide many intangible benefits that are important for the business’ growth.

Spend management is an indispensable attribute for efficient decision-making regarding business finances. More often than not, business spending occurs in silos. Different departments work in isolation and make independent purchase and payment decisions. However, cash flow statement management is important. If these decisions are not monitored, there are high chances of overspending, exhausting budgets, and the business running out of cash.

To avoid any such corporate calamity, it is ideal to have a single centralized spend management platform that offers real-time visibility into transactions and allows better control of overspending habits.

Additionally, if you are applying for a business credit card, EnKash linked with the best expense management software and corporate credit card gives you a one-stop solution to manage and monitor all your financial requirements.

How Do Spend Management Platforms Provide Visibility And Control Over Expenses?

It is hard to do cash flow analysis and keep track of numerous payments that are made during the day. With a spend management system, you can easily keep a clear track of expenses that happen daily with much higher insights.

Using the EnKash spend management platforms, the finance department can track and record every payment across all departments in the company and analyze the spending patterns to devise a strong finance strategy that increases profits and decreases risks.

The spend management system also helps the finance team to ensure that departments and teams stick to their allotted budgets. They can also use an EnKash corporate credit card with a set of spend monitoring tools as an annual budgeting tool to predefine and track expenses.

Using spend management platforms, employees can benefit from a transparent spend management system by ensuring there are no duplicate payments in the payment chain.

One window to track all your expenses!

https://youtu.be/Wi-V9x7m-GI

Differences Between Expense Management Software And Spend Management Platforms

Spend management is often confused with expense management. expense management software is a system that processes, pays, and audits only travel & entertainment expenses borne by employees.

Whereas, spend management platforms focus on the holistic spending of the company on all levels. Spend management comes into the picture when a company needs to rein in its expenses and work on a fundamental level to stick to allocated budgets to avoid overspending, stay compliant, achieve more control over how and where money is being spent, and provide complete transparency in the hierarchy.

Uses Of Spend Management Platforms

A comprehensive spend management platform can be used to create a clear policy for expenses across all divisions of a company.
This will assure adherence to company policy so there are no possibilities of expense fraud.
It also helps in enforcing compliance to policies by providing employees with single-use capped virtual cards that can be used only at predefined merchants and for one-off purchases.
By defining individual and team expenditure thresholds, the company spending policies are adhered to.
Even when the control is centralized, individual employees are empowered to make executive decisions independently with the help of prepaid and virtual cards that help manage budgets.
With an intuitive spend management platform, employees can also get real-time alerts when their purchases are approved. So, they can take an informed call about the next purchase with the budgets remaining with them.

Spend Management Software To Make Your Expense Tracking Easy

The right spends management platforms can help curb maverick spending and catch fraudulent invoices before they are processed.

“A stitch in time saves nine and a notification in time saves a lot of dimes!”

For Finance And Procurement Teams, A Spend Management Platform Can Do Wonders.

It can create optimal workflows and automate redundant processes that eliminate human involvement, resulting in much faster yet more detailed data for audit trails and report generation and providing complete spend visibility across purchase-to-pay cycles.

For employees and teams, a clear spend policy and one-off payment methods can enable them to make higher-level decisions with all the cards on the table. So that there is no money mismanagement or going overboard on budgetary restrictions and easy to cash flow analysis.

A mobile-based spend management platform is a boon for all because it provides the utmost flexibility to get approvals and rebates without spending a lot of time overcoming bottlenecks in the workflow. In times like today, when businesses are increasingly shifting out-of-offices, such a level of autonomy can really be favorable for businesses as remote working needs remote spending.

From A Single Spend Management Platform

Expense policies can be shared
compliance can be enforced
one-off payment methods can be arranged
expenses can be submitted for approval
reports can be created
payments can be tracked
audit trails can be maintained

And, and everyone in the company can stay fully informed regarding the expenditures and budgets.

Why EnKash Expense Management Software?

EnKash takes it a step ahead with a whole new spend management feature- a WhatsApp-based tracking feature. This AI-powered easy-to-use interface allows you to manage business expenditure approvals through WhatsApp anytime and from anywhere on the go.

Simply make a transaction, use the EnKash WhatsApp bot to create an expense, upload the receipt through WhatsApp itself and sit tight while EnKash works its magic for you.

EnKash WhatsApp bot helps in submitting, reviewing, and approving expenses on the go. This flexibility and ease of use make EnKash the best choice to elevate your business and make your spend management smarter, more intuitive, and user-friendly.

What’s Your Take?

Upgrade to a seamless spend management platform with EnKash- your business partner for all things finance! Call us for a free demo to explore the variety of options we offer to make your finances less cumbersome. With EnKash by your side, there is no downside!

Tags Spend management software, Expense management software, Payable and Expenses, Expense reporting, Business expenses, Spend analytics, Spend analytics procurement, Expense report

Cards

9 types of corporate credit cards to manage expenses

Post author By Surbhi Mehtani
Post date September 23, 2022
1 Comment on 9 types of corporate credit cards to manage expenses

The corporate credit card has been around the business industry for a while now. While popular banks have been issuing many types of corporate credit cards for years, FinTech platforms are now offering more evolved payment solutions that can essentially manage all your business expenses from a single touch-point.

From a sophisticated spend-management system to a kit of robust Corporate cards that spans the entire range of corporate expense spectrum, a FinTech credit card like EnKash are redefining how business payments are done in the new-normal world.

EnKash has a vast variety of Corporate cards that can be employed in multiple areas of business intended transactions. The advantages of these corporate credit cards are exponential in comparison to using personal cards for business expenses to avail reimbursement.

For starters, these virtual credit cards in India are universally accepted and can be customized with a company logo and employee name to enhance personalization. There is no waitlist for issuing or usage of cards as they get activated the very same day.

You can create unlimited cards on the fly for your business, and they can be tracked in real-time from a unified platform knowingly expense approval system. EnKash comes in the list of top 10 credit cards in India that have predefined spend limits, authorized vendors, a segment of usage, and a much higher level of customization.

It’s evident till now that instant virtual credit card India is a powerful tool for B2B expenses.

Let’s understand in depth the types of digital lending platform and the best corporate credit card EnKash offers. So that you can make an informed decision as to which FinTech credit card best suits your business.

9 Different Types of Corporate Credit Cards

Purchase Cards (P-Cards)

Purchase cards along with EnKash expense management software are meant solely for B2B expenses. The virtual credit card India that is EnKash Purchase Card increases the cash-flow efficiency of your business by extending credit limits on DPOs.

The instant virtual credit card India also offers enticing cashback and rewards on your expenditure. P-cards have a revolving credit line that allows you to pay your dues within 30-45 days of the credit cycle.

You can also get a tailor-made billing cycle for your business so that your cash-flow is not impacted because of your payables.

The beauty of these FinTech credit cards is that you can track the payments in real-time and ensure that the card is not used where it is not supposed to be. The EnKash Purchase Card is used to pay for office supplies, rent and other office utilities, vendor and supplier payments, and any such business-related payments.

Travel & Entertainment (T&E) Cards

Travel and entertainment form a major chunk of any business expense. From meeting clients for dinners, entertaining clients for long meetings to travelling around the globe on business purposes, travel and entertainment expenses mount up substantially.

Using traditional reimbursement methods is a pain in this area because it requires large amounts of receipt management and storage on the employee’s part and time-consuming cross verification and reconciliation on the finance team’s part.

EnKash offers a powerful and the best travel credit card India that can resolve all these issues. This card can have limits set on expenditures like travel, lodging, meals, and local conveyance. So there’s no scope of misuse. EnKash travel credit card India comes with a state-of-the-art expense approval system that provides complete control and visibility of all expenditures.

Are you still wondering how it will work? Let’s have a look at India’s best Travel Card engineered by EnKash!

EMI Cards

EMI cards are one of the most useful cards in the different types of corporate credit cards. Break up your large payments like vendor payments, bills, and other purchases into small and easy EMIs. And that can be auto-deducted from the card on each payment cycle.

Businesses can also avail of pre-approved offers on EMIs and can get the FinTech credit card up and running with minimal documentation. The EnKash virtual credit card India for EMIs offers a flexible repayment period from 3 to as long as 36 months. So, there’s no added burden on the cash flow of the company.

E-commerce Seller Cards

E-commerce seller cards are exclusively available at EnKash, which are not available even with the most popular personal credit card issuing platforms. The EnKash virtual credit card India for E-commerce sellers intends to enable e-commerce businesses to access the business management tools and dashboards.

Not just that, these e-commerce corporate credit cards also help you create customized spend reports, manage budgetary constraints, and pay taxes- all from a single card.

With great cash rebate schemes, the more you spend, the more you get back using EnKash, the best virtual credit card in India coupled with expense management software!

Meal Cards

The Meal card can be used to disburse tax-free meal amounts to employees to use on any kind of food items, meals, and beverages. An easy-to-use card with flexible denomination top-ups, it is valid at almost all merchant outlets, including restaurants, sweet shops, etc.

Fuel Cards

Fuel cards allow easy disbursal of fuel allowance to employees without the need to manage any third-party fuel vendors. From a single dashboard of the EnKash expense approval system, you can easily receive transaction data, define reimbursement policies and verify transactions for audit purposes.

Payroll Cards

Payroll cards are a savior for employees and act like the best digital lending platform. It is a reloadable debit card that can be used to pay salaries, bonuses, incentives, and any other compensations. These corporate credit cards give employees immediate access to their salaries even without a bank account and with no hassle of maintaining a minimum balance.

Gift Cards

Corporate gifting is vital to boost employee morale, and corporate gift cards do just that! EnKash virtual credit card India helps in gifting employees for birthdays, festivals, commissions, or rewards without going through the hassle of selecting, sourcing, and managing gifting options.

You can select exclusive merchants and categories across which the corporate cards can be used for a truly personalized gifting experience.

Multi-Currency Forex Card

It’s possible with the Multi-currency Forex card. With such an instant virtual credit card India, you can pay only for the usage with no added costs. You can use the FinTech credit card or Forex card anywhere in the world with zero conversion fees!

The flexibility with corporate credit card

Apart from the above-mentioned features, EnKash also offers virtual credit cards in India, which are essentially digital cards that can be customized and disbursed through a digital platform.

Create as many cards as you need on the go with same-day go-live. These corporate credit cards are for a specific end-use and can be assigned to individuals, teams, departments, and locations. You can also create single-use virtual cards for online purchasing to reduce fraud risk. Thus, EnKash cards are the most flexible yet the most powerful tool for business expenditures.

The availability of different types of corporate credit cards in the market is vast, but EnKash offers a corporate credit card that is truly robust, secure, and can be completely tailor-made to suit your business the best.

Let EnKash show you the power of virtual credit card India that can fundamentally change the way you pay!

Tags business expense card, Business expense reimbursement, Payable and Expenses, Business expenses, Manage expenses, How many types of expenses, How to manage expenses

Cards

Top 10 Reasons Why EnKash Business Card is Right for You!

Post author By Surbhi Mehtani
Post date September 23, 2022

Are you tired of managing your monthly business expenses and billings? It’s time to get smarter with EnKash, the all-in-one platform to manage and track business expenses. This user-friendly platform brings to your business all types of features required to accept, process, and disburse vendor payments, corporate payments, and other expenses.

With EnKash business cards, you can issue all types of virtual corporate cards within minutes. You can access all payment modes to manage your business’s cash flows. The most interesting thing is: You can use virtual cards to get started with your online payments immediately. Are you interested in managing your cash from operations with EnKash?

10 reasons why EnKash is the right platform for you

Ensemble of EnKash Business Card Variants to Pick

You get a wide variety of corporate cards to cash flow from operating activities, including:

Multi-Currency Forex Card to pay expenses as the local currency of abroad.
Travel and Expense Cards to manage travel expenses for business purposes.
EMI Purchase card to pay large payments into shorted EMI plans
Ecomm Seller Cards to manage cash received with business-management tools

Mode of payment — Mode of Payment

EnKash also has other corporate card variants such as gift cards, payroll cards, fuel cards, meal cards, etc.

EnKash the power of a Unique Purchase Card Program to “Buy Now & Pay Later”

Are you in a shortage of funds to make a large purchase? Use the Purchase card and evaluate your credit scores. With minimal documentation, find out if you are eligible for a quick loan and see cash received instantly in your account. Leverage credit lines to experience collateral-free cash flows. Get instant credits and check the balance sheet, variable credits, and billing with EnKash.

3. Enhance your Vendor Payments with a Single Click

When you are required to make multiple vendor payments every month, you manage incremental cash flows in a better way. You can select the “auto-pay” option, and the system will automatically process pre-scheduled payments on time. In this way, you don’t miss any important payment deadlines.

Enjoy the freedom of Unlimited Virtual Cards Within Minutes

EnKash lets you create as many virtual cards as you want to manage your cash flows efficiently. The advantages of creating virtual cards include:

Set the usage limits as per your business expenses
Create cards for specific usage
Eligible to make international transactions
Instant digital KYC is complete within minutes

Enchanting & Flexible Card Payment Options

Use your cards to make multiple corporate payments like bill payments, suppliers, rental payments, vendors, and taxes. If your cards are not getting accepted, make card payments with EnKash. Utilize the available credit limits to improve your business’s cash from operations. You can also extend the Days Payable Outstanding (DPO) date and enjoy discounts after making early payments.

Envisage, Manage, and Track All Payment Transactions from A Single Place

No matter how many corporate cards you use, you can check individual card transactions and payment statements anytime. The introduction of a cash flow statement is what you need to know about your previous transactions. Check the transaction details to get better insights.

Enroll with Quick e-KYC Verification

You don’t have to wait for banks to process your Purchase card. Simply register yourself as a user in EnKash. Its customer onboarding process is simple. Once you fill up the application, do a quick digital KYC verification to confirm your identity. Within minutes, your account will be verified, and you can kick-start tracking all business expenses through it.

Ensure Complete Control of Corporate Cards Management

Control the cash from operations with the power of creating and managing multiple corporate cards all by yourself. Limit the number of allowed transactions, set a maximum spending limit, and control supplier payments & billings through individual cards.

End-To-End Expense Management

EnKash is a simple yet highly efficient platform with an end-to-end expense management system. Businesses like yours can maintain cash flow from operating activities with their efficient velocity checks and spend controls. You get to track all types of billings and payments made in real time.

Summing Up: It’s Time To Manage Business Cards with EnKash!

Fuel your business cash flow from operating activities with instant approval credits from EnKash. Create an account, complete the e-KYC verification, and get started. Create virtual cards, incorporate monthly business expenses, manage payouts, and check transactions through statements.

To know more, visit: EnKash. You can also click below on Signup Now and we will reach out to you soon.

Tags Manage expenses, How many types of expenses, How to manage expenses, business expense card, Business expense reimbursement, Payable and Expenses, Business expenses

How SEO and SEM Can Transform Your Business?

Post author By Surbhi Mehtani
Post date September 23, 2022
1 Comment on How SEO and SEM Can Transform Your Business?

At a time when everything is going digital, not having an online footprint or an SEO and SEM plan can put your business on the back foot. If you own a new business, banking on traditional marketing will not provide the reach that online marketing can. Gone are the days when mortar-and-brick shops/offices/businesses used to grow their clientele through word of mouth. With the popularity of the Internet growing at a breakneck pace, traditional businesses are jumping on the internet bandwagon.

The traditional and modern concept of marketing is the spinal cord of a business. Earlier, traditional marketing was in hype to grow the business, but with time, things have changed drastically, and traditional marketing has been overtaken by modern marketing ways. Modern marketing not only gives faster results but also, is also useful for brand awareness. Furthermore, it has a more significant role to play in the present day, and this article precisely will give you the essence of its prime elements, such as SEO and SEM.

Pillars of Digital Marketing The pillars are the base of the structure; likewise, in digital marketing, the three prime pillars are People, Technology, and Data.

All these components are essential as people are your targeted audiences who can further get converted to customers. Similarly, data enables you to focus on the particular section of the audience for your business. At last, technology; without this, you can’t even imagine the digital world.

Advantages of Digital Marketing Over Traditional Marketing

Digital Marketing vs Traditional Marketing

The first step to growing your business online is to have an online presence. A brand’s website is the go-to place for visitors when they look for your business. Once a website is launched and the relevant details about the services and products offered are listed, it is time to make the website visible to a wider audience. There are many marketing tools to achieve the results you’re looking for, the most prominent of them being SEO & SEM optimization, and they act as a brand awareness pyramid too.

Although similar in approach, both work in different ways. Some brands decide to go with one approach over the other, but over the years, both SEO and SEM have been done in conjunction for the best results.

The rise of technology-enhanced the scope of digital marketing and also increased the presence of an audience which resulted in a sharp rise in the business. In short, now it is much easier to target the audience relevant to the business through digital marketing utilities such as SEO and SEM.

What exactly are SEO and SEM?

SEO, also known as Search Engine Optimization, is an online marketing technique for optimizing websites to generate organic traffic from the search engine results page (SERP). The objective is to get visitors to come to the brand’s website when they search for specific keywords on search engines such as Google, Bing etc.

With the help of SEO, your brand’s website can be optimized in such a way that when users are typing in keywords, your website link is the first thing they see.

There are three categories for SEO optimization:

1. On-page SEO – these deal with tweaking individual pages of your website with strategic keywords, thereby enabling search engines to give your website page a higher rank. This includes writing quality content that your readers can relate to and using appropriate keywords that people will search for, among others.

2. Off-page SEO – this method deals with providing backlinks from other relevant websites to boost your brand website’s reputation. When enough websites link back to your website, search engines deem your site to be reliable and trustworthy and thus increase the rank of the site. Off-page SEO service includes posting relevant pages on social bookmarking sites, writing guest posts on other pages that link back to your main site, etc.

3. Technical SEO – this method deals with security, user-friendliness, and site speed. The better the experience of using the site, the higher the search ranking the brand website gets.

Search Engine Marketing

SEM, on the other hand, stands for Search Engine Marketing. It makes use of paid tactics instead of organic to boost your brand’s presence on search engines. This includes strategic placement of ads and budget allocation for such placements. When ads are placed on search engines, a customized ad pops up at the top of the search engine when the user types a keyword. SEM is a great way to promote campaigns, products, and services.

The primary objective of SEM is to ensure your business is at the top of the search page when certain keywords are triggered, irrespective of how your website ranks organically. In short, the more you spend on SEM, the better it will perform to achieve your goals.

Both SEO and SEM in conjunction can help you reach your goals, spread awareness of the brand and drive traffic to your website. When someone clicks on your SEM ad on a search engine listing, they will be directed to your website. If the website is poorly done and not optimized for SEO, it won’t achieve the desired results, and traffic to your site can stop. That is why it is equally important to run both SEO and SEM optimization in tandem.

In the short run, SEM is better as it immediately puts your brand in focus, but for the long term, SEO is a better option. The downside is SEM is paid marketing, and it will function as long as you have sufficient funds for your ads. Both SEO and SEM can do wonders for your business, and continuous optimization is the way to go to build a strong brand presence online.

Benefits of Search Engine Marketing

Once you are familiar with the prime tools of digital marketing, such as SEO and SEM, it’s time to note down the advantages of search engine marketing, and a few of them are listed below.

Search Engine Marketing enhances your visibility in the digital world, which results in a good audience on your website.
SEM enables you to target a specific geographical location which means you can run your business ads at that particular location.
SEM allows you to target a particular group of audiences which will yield better results at an economical cost.
Business Ads are simple to manage and can be executed at the click of a button.

To sum up, Digital marketing is one of the best tools to transform your business with less investment. However, during the process, you need to pay for several tools, agencies, and service charges from time to time. So, if you want to keep your transactions flawless, then let’s have a look at the EnKash payment card- One card for all your needs.

To know more, visit EnKash.com. You can also click below on Signup Now and we will reach out to you soon.

Tags Business Cash flow, Payable and Expenses, Business expenses, Integrated credit card, Company credit card management

How To Track Business Expenses In 6 Easy Steps?

Post author By Surbhi Mehtani
Post date August 17, 2022
4 Comments on How To Track Business Expenses In 6 Easy Steps?

Company owners and business expense managers often get caught up in the complications of administrative tasks when it comes to tracking and managing business spends. As a result, they end up spending valuable time and resources which could otherwise be utilized to focus on future growth and business goals.

Certain operations, however, cannot be completely neglected, especially when they have a direct impact on cash flows. As we’ll see, keeping a regular track of business expenses offers a slew of advantages. Having a strong grip and knowledge of where the business expenses are deployed is crucial to business success.

To keep a track of your business expenses, you’ll need a strategic approach. Follow the six simple steps shown below to create a plan that will help you understand your company’s finances quickly and easily.

Convert all paper-based processes to digital

There is no longer any reason for using paper. When you digitize paper processes, you can keep better track of your finances and make it easier for everyone involved to find and follow updates.

Every document, receipt, and note may be digitized using photo scanners, or scanner apps, and fed into a business accounting software that grabs photos and utilizes them as replacements for scanned papers. Receipts, invoices, and business expenses claims are some of the paper interactions you might consider digitizing.

Deploying virtual cards instead of petty cash and eliminating out-of-pocket employee business expenses can all be seamlessly digitized across your back office process.

Track business payments on the go with employee spending cards

Many companies require employees to make purchases with their own funds and then submit reimbursement applications. While this can be automated and is occasionally necessary, tracking corporate spending is significantly easier when all purchases are made with centralized, auditable cards.

Employee debit cards are a better option for organizations than typical corporate cards since they offer more independence and flexibility over spending. These cards also enable the tracking of corporate spending more precisely.

Streamline purchase expenses

To be ready for automation, each step in the purchase process must be thoroughly thought out, executed, tested, and polished.

Basic bookkeeping protocols, invoicing and accounts receivables/payables, tax reporting and compliance, Payroll, Spend management practices are some of the processes that will be beneficial to set up.

Most of these activities, when performed manually, entail several detail-oriented or even complex steps. In most cases, the employees don’t know where to start. As a result, having clear spend policies and standards in place, as well as making them easy to find and utilize, is critical.

Automate the filing and processing of receipts

Receipts are the unsung heroes of expense control management in any business. Employees frequently misplace or forget them, making it difficult to track how much money was spent.

In general, the expenditure report process is the same. It is, therefore vital not to get it wrong, yet most employees do. This, at the very least, leads to a waste of time for finance teams. There are several advantages to automating corporate expenditure management: fewer errors, easier tracking, and time savings.

Alternatively, purchases made on a business expense card might be used to track spending. They then go through the same automated review procedure to guarantee that budgets are followed.

Integrate your accounting software with your spending

It’s time to combine your specific internal processes and systems with that of the tracking software or tool being used in a seamless, automated fashion.

The systems that you’re integrating can simplify your entire accounting process with a single click or a monthly export. In any case, you’ll be able to avoid the time-consuming chores of manual data entry.

Integrate business expense tracking and spend control software

Spend software solutions aid organizations in establishing better controls over their spending. This covers a wide range of business expenses, including travel, allowances, memberships, and office supplies.

Because each firm has its own strategy to effectively manage spending, any spend management software solution must be flexible enough to adapt to each company’s unique requirements.

How to Track Your Business Expenses

What’s The Best Place To Start With Spend Management Software?

Get important finance players in your firm involved before switching to spend management software.
Develop or evaluate your spending policy as a group to establish how employees are reimbursed for corporate business expenses.
The expenditure policy’s planned parameters will subsequently be used to fine-tune your spend management software.
Business expense tracking should be automated and connected with the rest of your accounting operations. As a result, your company will be able to better manage staff spending.

If you’re a medium-sized business, you probably still follow old-school processes like employee expense claims. But believe us when we say that once you start utilizing a specialized expenditure management application, you’ll never want to go back. It’s critical for growth oriented organizations to choose a software solution that’s easy to use and quick to integrate, all the while remaining economical.

Spend management software is any application designed to assist your company in swiftly and easily managing staff business expenses. This can cover the entire spectrum, from simple receipt scanning technologies to credit facilities linked to accounting software.

Despite these new expenditure management solutions, organizations continue to rely on a few traditional strategies to manage company spending.

When it comes to spending management, third-party providers and agencies also have their own set of challenges. They have distinct budgets for each customer and must keep meticulous records of time, spending, and resources for each. Many, though, just do not have such clear spend data at their disposal.

It is high time that businesses acknowledge and welcome the expense management platforms, which not only help them track their spending easily but also increase their employees’ productivity, thereby allowing them to achieve business goals faster.

If you’re a freelancer or a small business owner, you’ll want something basic and straightforward. If you’re a developing company or a huge corporation, you’ll probably want something a little more complete, with enough flexibility to meet your goals. Whatever you pick, it’s time to start thinking about business expenses management. Not only will you save a lot of time and work, but you’ll also have a better idea of where your money is going.

To know more, visit EnKash.com. You can also click below on Signup Now and we will reach out to you soon.

Tags business expense card, Business expense reimbursement, Payable and Expenses, Business expenses, Manage expenses, How many types of expenses, How to manage expenses