Tag: How to manage expenses

Streamline Your Business with Efficient Payable Management

Post author By Surbhi Mehtani
Post date May 4, 2023

In the world of business, effective payable management is a critical component of success. Whether you are running a small or large business, the management of accounts payable can be a daunting task. However, it is essential for the smooth functioning of your business.

Payable management includes tracking, processing, and managing expenses owed by a company to its suppliers, vendors, or creditors. In this blog, we will discuss the importance of efficient payable management in business operations, benefits, and considerations for automating payable management. We will also talk about how one can establish effective communication channels with vendors and best practices for maintaining efficient payable management in your business.

Importance of efficient payable management in business operations

Efficient payable management is crucial to maintain the financial stability of your business. It enables your company to track expenses accurately and make timely payments to suppliers and vendors, thereby enhancing your credibility and reputation in the market. By streamlining your payable management process, you can avoid overdue payments, interest penalties, and potential legal issues. Moreover, efficient payable management provides you with an accurate and timely picture of your company’s cash flow, which helps you make better decisions and forecast future cash requirements.

Benefits and considerations for automating payable management

Automation of account payable management is a cost-effective and time-saving way to manage your payable system. Implementing accounts payable software can help you manage your payable system more efficiently, with less manual intervention. The benefits of automating your payable management system are numerous.

Firstly, it reduces the time and effort required to process invoices and payments. It also eliminates the need for paper-based processes, reducing the risk of errors and enhancing your financial information’s security. Secondly, automating payable management ensures that payments are made on time, and you can avoid late payment penalties. Thirdly, it enables you to capture early payment discounts and reduce the cost of goods sold.

However, while implementing accounts payable software can be beneficial, several factors must be considered. These include the cost of the software, training requirements, and the need to integrate with existing systems. Evaluating the software’s functionality and suitability for your business is crucial before investing in it.

How to establish effective communication channels with vendors

Establishing effective communication channels with vendors is an essential component of efficient payable management. Clear communication is essential to ensure that invoices are processed accurately and payments are made on time. It is crucial to have a clear and concise system for communicating with vendors. This can be achieved through regular meetings or calls, a vendor portal, or an email system that provides vendors with real-time updates on the status of their invoices and payments.

Furthermore, building a positive relationship with vendors can be beneficial in the long run. By fostering a good relationship, you can negotiate better payment terms, discounts, and other incentives that can help you save money and improve your cash flow.

Best practices for maintaining efficient payable management in your business

There are several best practices that you can follow to maintain efficient payable management in your business.

Firstly, establish clear policies and procedures for processing invoices and making payments. This includes setting up clear guidelines for approving invoices, verifying the accuracy of data, and ensuring that payments are made on time.

Secondly, implement a system for tracking and monitoring expenses. This will enable you to identify areas where you can reduce costs and optimize cash flow.

Thirdly, use automation to streamline your payable management process. This includes implementing accounts payable software, using electronic payment methods, and eliminating manual processes where possible.

Moreover, it is essential to maintain accurate and up-to-date records of your payable system. This includes maintaining a database of vendors, invoices, and payments, and reconciling your accounts regularly. Additionally, regularly review your payable system’s performance and identify areas where you can improve efficiency and reduce costs.

Conclusion

Efficient payable management is critical for the smooth functioning of any business, regardless of its size or industry. By implementing best practices and automating your payable management system, you can reduce the time and effort required to manage your expenses and payments, improve cash flow, and enhance your credibility with vendors.

Establishing effective communication channels with vendors is essential to ensure that invoices are processed accurately and payments are made on time. Moreover, building a positive relationship with vendors can help you negotiate better payment terms, discounts, and other incentives that can benefit your business in the long run.

While automating your payable management system can be beneficial, it is essential to consider the cost and suitability of the software for your business. It is also crucial to establish clear policies and procedures for processing invoices and making payments, track and monitor expenses, maintain accurate records, and regularly review your payable system’s performance.

In conclusion, efficient payable management is critical for any business that wants to maintain financial stability, improve cash flow, and enhance its credibility with vendors. You can streamline your business operations and achieve long-term success by implementing best practices and automating your payable management system.

Tags How many types of expenses, How to manage expenses, Payable and Expenses, Manage expenses

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

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

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

Growth Guide

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.

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

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