To successfully run a business, the business owner must learn how to manage expenses effectively for continuous growth and profits. More than half of the startups face cash flow issues, so maintaining a small business expense report is crucial. But, with the expense reporting software, one can easily overcome and minimize these issues. Effective management of expenses will help you save money, cut unnecessary costs, and improve your business’s financial health in the long run.
Read on to learn how expense reporting software will help you track the company’s expenditures effectively.
Importance of expense reporting
Knowing exactly how much you spend will help you give a clear picture of the small business expense report and how you can save extra. Below mentioned are some of the benefits of tracking business expenses through expense management software.
Create and stick to a budget
Keeping track of expenses will help you stay within the budget specified for you. If you have no idea how much you are spending or how much you should, you won’t be able to classify whether you are overspending, underspending, or spending at the wrong place. Creating a well-defined budget will help ensure you have enough money stored to meet emergency requirements and that you do not unnecessarily overspend.
Create accurate financial statements
Accurate financial reporting will help to make better business decisions. In addition, the more accurate the financial statement is, the better it will be for you to pay the right amount of tax.
Pay the right amount of tax
Some of the taxes that business incurs are tax deductible and can be claimed. These claims help reduce the tax your company pays on its income. However, it’s important to understand different sets of rules regarding how you can claim your expenses entirely depending upon the type of business that you run.
Ways to keep track of your company’s expenses
Good expense management software can help you with expense reporting for your business and, thus, avoid confusion with invoices and accounting at the end of each accounting period. Manual tracking is an old methodology for expense reporting or tracking business expenses. Now, businesses rely on software to record transactions automatically.
Continue reading to understand how to keep track of business expenses.
Open a dedicated business bank account
It’s a good idea to register a separate bank account for your business, even if you are a sole proprietor or managing a tiny business. It is simpler to keep track of all the money that comes into and out of your firm when you have a business bank account. Additionally, it enables you to distinguish between business and private costs, which is advantageous during tax season. Thus, it makes it simpler to compare the balances of your personal and business accounts, preventing you from discovering that you have more money in one account than the other.
This helps prevent issues if you have more money than you anticipated in your personal or business accounts, which is another factor in maintaining awareness of your company’s cash flow.
Ideally, you should conduct all company dealings through your business account and keep your finances separate. Additionally, this will enable you to reconcile your books and bank statements successfully.
Decide on the way to record the transactions
While setting up the accounting system, you must decide how to record the transactions. It can be cash accounting or accrual accounting. In the case of a cash accounting method, you record the revenue when the cash is received for the expenses made. Whereas, in the case of the accrual accounting method, the revenue and the expenses are recorded when they are earned.
This accounting method is more complex and requires professionals.
Types of Standard Domestic Bulk Payments
Wrapping up
The financial health of your business can be improved by keeping track of spending, which makes expense reporting so important. It motivates you to make better decisions for your company’s future and helps you save money, minimize expenses, pay the appropriate tax, and generate correct financial accounts.
You can use trustworthy accounting software to fully automate the expense reporting process or manually track your spending. As a result, you can easily streamline budgeting, control spending, and improve cash flow with EnKash. We provide the best expense-tracking software that offers customizable budget management services to clients. With our well-designed services, you can now get your hands on various rewards and cashback by paying for business expenses on time.
We help you power your business with our intuitive, modern, and centralized expense reporting or tracking software. EnKash helps you to save time and effort across payables, expenses, collections, and accounting. In addition, you can now simplify and customize all your expenses in one place. So, get in touch with EnKash, and get your hands on the best and most trusted services!
A bulk payment is a payment method that lets the payer make multiple debit payments to a bulk list. A bulk list is a list of beneficiaries or accounts the business intends to pay from a single debit account.
Bulk payments ensure faster payments helping establish better relationships with merchants. The most common and easier way to make a bulk payment is via bank wire transfer.There are different kinds of bulk payments that businesses can choose from. So, let’s dig deeper to know the available options.
Different Types of Bulk Payments
There are two types of bulk payments — Standard Domestic Bulk Payment & Bulk Inter Account Transfer (IAT).
Standard Domestic Bulk Payment
This type of bulk payment enables businesses to make payments to multiple beneficiaries from a single account. It has further classifications:
Immediate Bulk Payments (IBULK): These payments are processed immediately after the bulk list is created.
Next-Day Bulk Payments (NBULK): The bulk payment is credited the next day after the payment has been made.
Future Dated Bulk Payments (FBULK): In this case, bulk payments can be scheduled for a later date as per convenience.
Bulk Inter Account Transfer (IAT)
Bulk Inter Account Transfer (IAT) allows businesses to send funds to multiple beneficiaries from a single debit account. Bulk IAT is used to make international payment transfers. This inter-account transfer is relatively more reliable and secure. However, it is a complicated process as it is dependent on different technologies that vary according to the business’s location and target audience.
Different ways to make bulk payments
Businesses can make bulk payments to their vendors in various ways:
Bank Transfers
To make bank transfers, businesses need a platform that can handle various transactions at the same time. Businesses can make use of APIs for this task. Many banks offer corporate bulk transfer options. Enterprises can make bulk tax payments via their company’s registered bank account.
Challenges with Corporate Bulk Bank Transfers
Limited working hours: Corporate internet banking portals work as per working hours defined by the banks. Most businesses need 24*7 payment services.
Payment modes: Most of these internet banking portals do not support IMPS or UPI on bulk transfers. This limits the payment modes for businesses to transact.
Complicated file upload formats: The bulk list with beneficiary details has to be uploaded in a certain format.
Waiting period: There is a waiting period known as a “cooling period” required to add multiple beneficiaries to the account.
Bank account verification: Corporate portals do not verify bank accounts before funds transfer. This increases the chances of failed transfers. This also affects the reconciliation process making it tedious.
Payouts
A great alternative to corporate banking solutions, bulk payouts make transfers to multiple beneficiaries easy. EnKash’s Express Pay can be used by businesses to make bulk payments to different vendors at the same time.
Benefits of EnKash bulk payout:
It offers multiple payment options like NEFT, RTGS, IMPS, UPI, debit cards, connected banking, and more.
It works 24*7 allowing businesses to make payments round the clock and not work as per banking hours.
EnKash provides a simplified user-friendly dashboard for data management and reconciliation. It enables businesses to use APIs or Excel for uploading bulk lists and payment files.
The platform verifies the beneficiary’s bank account details helping reduce the chances of transaction failure.
Businesses can add beneficiaries within minutes and make transactions instantly.
EnKash is compatible with all operating systems and modern browsers.
Benefits of Bulk Payments
Multiple advantages come along with making bulk payments to your vendor or merchant. Some of them are listed below:
Faster Speed
It is a faster payment system and a more efficient way of sending money to various recipients. In addition, they are timely automated, and fuss-free options.
Increased Security
Payments are extremely regulated. Bank and payment gateways comply with high security and trusted policies to ensure the safety and security of the organization’s data.
High Scalability
The larger the business, the more it needs to process larger transactions. Therefore, the manual bulk transfer file uploading option cannot be sustained in the long run. Thus, automatic reconciliation becomes necessary.
Cost Effective
The finance team cannot solely calculate individual employee wages or vendor commissions. Thus, payments using the bulk method can help you save time and resources for an organization by automating these tasks.
International Transfer
Advanced bulk payment systems, for example, payouts, support mass transfer from India to other nations. However, the purpose of the transfer should be pre-defined. So, now with the bulk payment option, you can easily transfer money to international accounts without chaos.
Now that you know what bulk payment is or how it benefits the growth and ease of payment for the business, here is a detailed guide to exploring its need.
Need for Bulk Payment
In business, there are continuous incoming and outgoing payments involved.
Payouts
Companies should pay their vendors, employees, or merchants on time. Therefore, you need to ensure they are paid immediately and timely in their bank accounts.
Refunds
Refunds frequently appear in the businesses. You must rapidly process payments if you want to keep your clients happy. If there are any delays, consider refund orders through payout connections.
Contest
When running a contest, large companies and retailers require a mechanism to distribute the prizes in large quantities. So, they require speedy and large payments to earn their customers’ trust.
Salaries and reimbursements
Processing payroll or employee reimbursements are another example of bulk payments that businesses need to work on.
Therefore, bulk payments offer vast possibilities with its set of advantages. Additionally, if you make multiple payments to a list of beneficiaries, you can run your business smoothly and fuss-free, which is why you must get in touch with EnKash.
Know more about bulk payouts with these FAQs.
What is the difference between a bulk list and a bulk payment? A bulk list is the list of recipients or beneficiaries who will receive the payment. Bulk payment is the transfer of funds from a company’s bank account to multiple bank accounts at the same time.
How can businesses make recurring bulk payments? Businesses can make recurring bulk payments with the e-nach mandate. Recurring payments can also be made via credit/debit cards and with UPI autopay.
What does the future hold for bulk payment? Bulk payments help businesses streamline their payables. With business expanding, the need to have bulk payments in place will become inevitable.
Accounts payable is a vital part of a firm’s operation and is responsible for processing the payment to the vendors. In addition, it is responsible for making virtual payments that are not associated with payroll. Making the vendor payment is the last step in the procure-to-pay cycle and is fundamental to accounts payable management. Vendor payment helps to streamline the payment of external suppliers or vendors. The more efficient you are in dealing with vendor payments, the healthier your business relationship with vendors and suppliers will be. Wondering what the meaning of vendor payment is or how it works to ensure smooth functioning? Read on to learn more.
What is Vendor Payment?
The process of making payment to a vendor or a supplier with whom your company has a professional relationship is called vendor payment. It is also classified as an account payable or invoice to pay. Managing vendor payments in a timely and systematic manner help to build a positive connection with the supplier by ensuring continued services or supplies. Therefore, it helps in maintaining the smooth workflow of your company. Smooth operations, continued supply of goods or services, and reputation management are the main reasons behind making vendor payments on time. Therefore, the vendor payment portal administration is essential in case your company is involved in the below-listed transactions:
Timely vendor payment meaning and significance can be learnt better by scrolling through the imperatives below:
Timely vendor payments cultivate a positive rapport between the company and vendors. Building healthy relationships is important in business, so vendor payments must be systematic and prompt. That is why the vendor payment portal plays a vital part
Keep your company clear of overdue payment penalties and interests by having an effective vendor payment method. In the longer run, your business will operate smoothly by making timely vendor payments
Vendor payment portals and management is a multidisciplinary business practice, as various departments function across the company. Keeping track of everything is not only stressful but also a very time-consuming task. If faced with any complication, it may create a hindrance to the overall growth of your company
Vendor bill tracking systems and management are the two paramount aspects of any business and company, regardless of the scale. In addition, the tracking and timely distribution of vendor payment invoices help you better serve your customers.
Step-by-Step Vendor Payment Process
The vendor payments can be processed by the account payable team of every business, be it small, medium, or large-scale business, using the EnKash platform. Therefore, to make smooth, timely, and hassle-free vendor payments, you must follow the numerous steps listed below:
Step 1: The first and foremost step is to log in on the EnKash platform and complete KYC. Use your registered mobile number or email address and password to log in.
If you haven’t already, complete the Know Your Customer (KYC) process. This might involve providing basic business information.
Step 2: Navigate to the “Vendor Payments” section within the “Olympus” module. This is where you’ll manage all aspects of vendor payments.
You have two options for adding invoices:
Manual Upload: Click the designated button to upload scanned copies of your vendor invoices.
Tally Integration (if applicable): If you use Tally accounting software and it’s integrated with EnKash, you can directly fetch invoices from your Tally account. This eliminates the need for manual uploads, saving time and reducing errors.
Step 3: Implement a maker-checker approval workflow for vendor payments.
Maker: This role is responsible for initiating the payment process by adding invoices.
Checker: This role acts as a second layer of control, reviewing the payment details before final approval and disbursement.
If you require approval workflows, navigate to the relevant settings and define the roles for maker and checker. You might need to designate specific employees within your organization for these roles.
Step 4: Once you’ve added invoices through upload or fetching, you’ll see a list of all outstanding vendor payments.
Review the list to ensure all details are accurate, including vendor name, invoice amount, and due date.
Select the invoices you want to pay. You can choose individual invoices for specific vendors or opt for bulk payments to settle multiple invoices at once.
Step 5: Once you’ve selected the invoices and chosen your preferred payment method, review the details one last time and click on the “Pay Now” button to initiate the payment process.
Challenges of Manual Vendor Payment Management
Traditionally, businesses relied heavily on manual spreadsheets for vendor payment processing, leading to:
Time-Consuming Processes: Manual data entry, verification, and approval workflows are tedious and consume a lot of employee energy and time.
Prone to Errors: Manual calculations and data handling increases the risk of inaccuracies and inconsistencies.
Limited Visibility and Tracking: Real-time tracking of cash flow and expenditure becomes difficult with manual systems.
Process of vendor payments
The vendor payments can be processed by the account payable team of every business, be it small, medium, or large-scale business. However, to make smooth, timely, and hassle-free vendor payments, you must follow the numerous steps listed below:
Step 1: The first and foremost step is to collect the invoice from the vendor if they have yet to share that with you.
Step 2: After receiving the invoice, you need to verify the accuracy of the invoice. Make sure to check the approval of the vendor’s authorized signatory.
Step 3: Make the journal entry by accounting for the invoice on the ERP or the accounting system. Also, understand the basic details required for making payment.
Step 4: Make sure to deposit TDS with the government within the due date specified by the Income Tax Rules. With the purchase register, conduct reconciliation of GSTR-2A and GSTR-2B at regular intervals. Also, follow up with vendors to know whether they have uploaded the invoices.
Step 5: To make the invoice payment, take the approval of the authorized signatory of your business concern.
Step 6: Make the vendor payment and record it in the books of account using the payment voucher. Pay using the preferred mode. You can pay via any method, be it UPI, bank transfers, e-wallets, or any other mode. Also, collect the receipt and record the transaction in the books of account as successful.
Some steps can be automated using the cloud-based vendor payment system. In addition, an automated vendor bill tracking system helps to ensure a smooth and hassle-free experience for the users.
Solutions to effectively manage vendor payments
Before Artificial Intelligence (AI) entered the realm, companies heavily used spreadsheets for all the vendor payment details and calculations. However, companies are embracing AI with open arms as technology has advanced. Not only does it make the job easy, but it also saves time and effort in providing accurate results. Considering the benefits artificial intelligence-based solutions and data analysis offer, they are used to optimize the commercial procedure of account transactions.
Benefits of tech-based solutions for making vendor payments
It helps in automating the approvals within the timelines
Digital vendor payments ensure audit-ready data by maintaining the digital trail
It helps to simplify the bill payment process with less manual intervention
The automated vendor payment option offers a smooth tracking of cash flow in the organization.
Due to the numerous benefits automated vendor payment-making solutions offer, it is essential to choose the best solutions that provide scalable features for the growth and profit of the organizations.
How Can EnKash Help?
At EnKash, we recognize the challenges businesses face in managing vendor payments effectively and that’s why we offer a suite of advanced features that ensure efficiency, accuracy, and transparency throughout the payment process. Let’s explore the key features that make EnKash the go-to solution for streamlined vendor payment management:
Automated Approvals
Establish structured approval workflows according to your company’s preferences. This matrix allows businesses to define specific approval hierarchies (maker-checkers) based on roles and responsibilities within the company.
Vendor KYC
Before onboarding vendors and suppliers onto the platform, robust KYC (Know Your Customer) protocols are employed to collect and verify essential information. This ensures seamless transactions and reduces potential risks associated with unreliable vendors.
Bank Account Validation
EnKash utilizes the penny-drop method to validate bank account details provided by vendors. This proactive approach prevents payment errors and ensures that transactions are processed accurately, saving businesses time and resources.
Multi-Branch Payments
Managing vendor payments across multiple branches is simplified with our multi-branch payment feature. A centralized dashboard provides real-time updates on approvals and notifications, ensuring transparency and efficiency across the organization.
Bulk Payouts
Efficiently process bulk payments with EnKash’s bulk payout feature and enable organizations to initiate multiple payments with a single click.
Automated Reminders
Get reminders and ensure that all vendor payments are processed on time and without errors, enhancing financial discipline and vendor relationship management.
Seamless Integration
EnKash seamlessly integrates with existing ERP systems and banking partners, facilitating smooth vendor payments. This integration eliminates data silos and enhances operational synergy within the organization.
Conclusion
Prioritizing timely and efficient vendor payments is essential for any successful business. By leveraging EnKash’s vendor payment solutions, you can automate tasks, optimize financial management, and cultivate strong relationships with your vendors, ultimately contributing to the overall growth and success of your organization.
Whether you are an individual or a company, expenses are a part of life that you cannot avoid. While expenses are inevitable, there are chances that the repercussions of not managing expenses well could be more profound and long-lasting on businesses because of the sheer volume and the impact it creates. What you require is a smart business expense management software.
Let’s start by looking at the definition of some terms, define why we need to manage expenses, and how expense management solutions help. Then as a next step, we will look closer at the reasons that small and medium-sized enterprises should consider investing in expense management solutions.
What is the meaning of expenses?
An expense has been defined as a cost incurred. Expenses come in different forms. They can be a one-time expense or recurring. Expenses can range from manufacturing, operating, financial, prepaid, and extraordinary, to accrued expenses. You also have emergency expenses that you cannot anticipate but make a provision based on past data.
In accounting terms, expenses have been divided into four categories—fixed, recurring, non-recurring, and emergency.
What does expense management mean?
According to Wikipedia, expense management is the method by which a business processes, pays, and audits all expenses. This could include employee-related expenses, travel & entertainment, and other expenses. Expense management also involves planning for expenses, ensuring that the right checks are in place to ensure they are legitimate, approving processes, and making the payment or reimbursing the expense to the one who made the payment.
What is an expense management system?
On a small scale, expense management can be managed (barely) with the help of a few basic tools like a spreadsheet, calculator, ledger, vouchers, and even handwritten notes. However, expense management automation becomes crucial when it comes to managing the expenses of a business. Managing expenses is vital not only for the business to run but also to ensure that it meets audit and compliance requirements.
An expense management system is software that enables you to record, track, and make expense payments with ease. Not only that, paperless expense management or expense management automation, ensures that the process is automated and requires minimal manual intervention. No matter the size of your business, you need expense management software to ensure smooth operations. Today we even have expense management software for small businesses that is effective and affordable.
5 benefits of expense management software
Many small and medium-sized businesses often feel that investing in expense management software is a good-to-have factor but not a must-have. And it is also true that SMBs are the ones that are most affected by the lack of expense management. Businesses see a serious blip in their operations when faced with random expenses for which they have to locate sources of finance.
5 Benefits of Expense Management Software
Helps bring down the cost of finance
The cost of financing sudden expenses can seem trivial to begin with but over time the cost of finance can add up substantially. Not only that but also the cost of finance would also include late payment penalties that you would incur due to late payments.
It would also include the loss of bargaining power due to delayed payments. Often suppliers and vendors give preferential treatment to those customers who pay on time for both rates as well as the quality of supplies or services.
Ensures better cash flow management
Cash flow management or managing working capital to run the business is a task that finance managers both fear and are loathe to ignore. When expense management takes a hit, it is most likely that cash flow takes a hit too.
Any unplanned expenses or rogue spending is likely to put your budget off balance and this, in turn, can cause your working capital to be affected. With expense management automation, you can look at empirical evidence to plan funds for those times when your expenses are at a peak.
Raises an alert where expenses are out of control
Expense management software ensures that not only are you avoiding repetitive manual processes but also getting an overview of the expense management trends within your company. Keeping tabs on expenses will ensure that they do not get out of control. You will even discover that some expenses can be avoided like a service that you only use yearly but are paying a monthly subscription. Often something as simple as changing the subscription plan can make a huge difference.
Reduces manual efforts of all concerned
Automation of finance functions like expense management will reduce your paperwork and the manual efforts that your teams put into it. Imagine, if your solution offered the means to scan or take a picture of a bill and automatically upload it onto the system.
The whole process of checking, approving, and reimbursing the business expense would involve a few clicks instead of the lengthy manual process. Typically, a manual process would involve waiting for the receipts to be sent to you, fetching them, checking them, making entries, sending them for approval, filing the paperwork, and making the payment. Any deviations would add additional steps to the process and further increase the manual efforts involved.
Better auditory and compliance management
Monthly, quarterly, and yearly closing of books are essential for the finance department. Doing this not only ensures that they are keeping track of various financial aspects but also helps with audits and compliance. Preparing for audits can take a lot of time and effort due to the sheer volume of records and supporting documents that have to be produced.
However, with the automation of expense management, the records are digitized which automatically cuts down the efforts. But that’s not all, you also have hierarchies, approvals, and records of all exceptions that took place in expense management. A trail of all the approvals and justifications needs to be produced during the auditing process. With automation, all these records are available at the click of a button. The same goes for compliance; records are created automatically in real-time and any exceptions are recorded which makes the entire process easier.
Why is Expense Management Automation critical for SMBs?
Even as we acknowledge that automating functions like expense management is essential, it is also important to see why it is even more so in the case of SMBs.
Limited resources: Whether it is in terms of money, people hours, or time, resources are a constant issue with SMBs, and investing in affordable expense management is the best way forward. Expense management automation ensures that there are savings on the number of hours spent, easier closing of accounts, and better fund management.
One person with multiple roles: In smaller companies, there’s a chance that a single person is carrying out multiple roles and while this is a good thing, it can result in missing details. An end-to-end spend management platform will ensure that the burden of managing multiple responsibilities becomes easier.
Need for better insights: Planning, forecasting, and budgeting are key to the consistent financial success of any business. And when we consider smaller businesses that have access to limited customers, this could make the difference between continued operations and closure. An expense management software will not only automate many of the mundane tasks but also ensure you have the insights to plan better. Insights into expenses also enable you to put controls in place to make sure there is no rogue spending.
Finance documentation: Getting a line of credit or other finance facilities for SMBs is not easy. It becomes even more difficult if the company in question does not document its finances well. An expense management will ensure that records are created in real-time with minimal errors, if any. This can not only ease the audit and month closing but also ensure that you get the funding you require.
Conclusion and the way forward
Expense management software in today’s world is no longer optional but a factor that can decide the success or failure of your business. At EnKash, our team talks to numerous first-generation entrepreneurs and our endeavor is always to offer solutions that suit their needs and their budgets.
Our exceptional portfolio of spend management and cards platform covers the whole range of support that an SMB or startup may require. Our corporate credit cards not only offer a line of credit but also come with the means to issue child cards to your employees or teams to ease the spending process.
Our DIY dashboard ensures that you have complete control of the cards in terms of how much is spent, what it is spent on, and the amounts spent. It also ensures accountability and security with the feature that enables you to disable or cancel a card in case of theft or employee separation. With the option to create hierarchies and approval workflows as per your requirements, our solutions cover all your needs.
To know more, visit: www.enkash.com. You can also click below on Signup Now and we will reach out to you soon.
In a world where online is no longer a good to have but a must-have option, e-payments rule the roost. Today, you will rarely see people, especially the younger generation carrying a lot of cash. In fact, many businesses stand to lose their market share if they are not in a position to offer the option of e-payments.
Cheques, demand drafts, pay orders, and other such payment instruments seem to have lost their usefulness in today’s world. The younger generation may not even know such an option exists.
What are Electronic Payments (E-payment)?
Electronic payments, or e-payments, refer to the payment transactions made by users with the help of electronic systems or the Internet. Such payments permit individuals and entities to remit money or make financial payments without either the need for hard cash or the traditional ways of settling accounts such as checks and demand drafts. E-payments take place over the Internet using gadgets like mobile devices, personal computers, or tablets.
Key Points:
Digital transaction: It includes the digital transfer of funds between two or more parties.
No physical currency: There is no need for cash to be carried or the use of traditional banking services like cheques.
Some of the well-known online payment modes include credit, debit, and virtual cards, internet banking, e-wallets, direct debit, standing instructions, UPI payments, etc.
Why are E-payments Important?
In this age of high-speed, technology-driven environment, e-wallets are essential for all people and businesses. The importance of e-payments goes beyond providing people with easier ways to transact business. Electronic payments are important for the following reasons: They are secure, efficient, and global.
Key Points:
Faster Transactions: E-payments facilitate the transfer of funds without delays thus enhancing the pace of business.
Global Reach: Businesses can easily serve international clients, no matter where the payments are made.
Security: E-payments are better than cash because improved cash handling controls the risk of loss during a cash transfer.
Cost-Effective: Less or no paperwork, less or no handling charges, and less or no high costs associated with operating a traditional payment system.
Customer Convenience: Customers have also been satisfied with the ability to make payments at any time and anywhere.
Features of an Electronic Payment System
There are several features that a good electronic payment must possess for it to function smoothly, securely, and effectively. Below is a list of the most critical features that one should look at when finding an electronic payment system:
Security
Ways to ensure secure e-payments include:
High-end Data Encryption: Transmitting sensitive banking information should be shielded against intercepting third parties using top payment systems that use high-end data encryption.
Two-Step Authentication: This is an additional step for the user’s protection where two different credentials are provided by the user at separate instances (for example bulk SMS security codes and normal passwords) thus minimizing the chances of unauthorized access.
Fraud Prevention Services: Such useful technologies as real-time transaction monitoring are able to prevent or mitigate a fraudulent effort to a great extent minimizing losses to both merchants and customers.
User Interface
User Friendly: An ideal payment system should have a simple, user-friendly interface. This allows the implementation of the system by both the customers and the business itself comfortably.
Fast Checkout: Be it for a business or consumer, the mechanism should work effectively and efficiently, minimizing the time needed for each transaction.
Integration
The payment system must not replace the existing business processes but rather work in conjunction with the existing systems such as the accounting package, CRM, inventory system, etc. This decreases the degree of operational interruptions due to re-training of the staff and excessive changes in the processes.
Real-Time Processing
Immediate Confirmation: Real-time processing ensures that businesses and consumers get immediate confirmation of successful payments, which helps businesses to track funds more accurately and streamline operations.
Cash Flow Management: Similarly, processing transactions in real-time through automated systems helps businesses manage their cash flows by ensuring payments are made on time and minimizing the disturbance of delays that are found in traditional payment systems.
Scalability
For Increased Transactional Workload: If a business expands and handles more transactions than before, the existing payment system must be able to process the same volume of transactions without delays and inefficiencies. A scalable system guarantees user satisfaction in the long run with much less frequent upgrades to the system.
Ability to Expand: Whether entering other regions or assimilating new transaction types, a multi-channel electronic payment system can always keep up with a particular business’s changing stages.
Multi-Currency Support
International Transactions: For companies with clients or suppliers from other countries, paying or getting paid in different currencies is extremely important. With a system, that has multi-currency support a company can operate without any fears of global operations concerning currency change and its associated costs.
Automatic Conversion: Some payment systems also offer built-in currency conversion features at good rates making it more convenient for those who want to have transactions with foreign nations.
Mobile Optimization: 24*7 Payment Processing: With the increased usage of mobile phones/electronic gadgets, even if a person goes on a trip far away from his or her country, any electronic payment system should be mobile-friendly, allowing users to make or receive payments anytime, anywhere.
Responsive Design: Mobile-optimized systems automatically adjust to fit different screen sizes.
5 Benefits of E-Payment
Faster collections
One of the significant e-payment advantages is the speed it offers for collections. How do e-payment options ensure quicker and more efficient collections? It’s simple. When you embed an online payment link onto the bill or invoice, it spurs the receiver to take action. In most cases, the delay in payment is because the customer or buyer has to switch from one device to another and in most cases go through a long process to make the payment. With the e-payment option, most of the actions take very little time, including entering the OTP, to make the payment.
Safe and secure
Imagine you had to make a huge payment to your utility provider or your supplier. If you had to carry the cash to make payments, it would make you vulnerable to losing it or getting robbed. Or if you had to write a check, get it signed, or sign it yourself, it would take time. What is more, errors like wrong dates, mismatched amounts, or incorrect signatures cause payment failures. But with online payments, not only do you have security in the virtual sense but also in the physical and timeline sense.
Action-oriented
With the more conventional methods of payment, the chance of not paying on time or missing out on time rebates becomes a possibility due to the longer process. It is a daunting process to get a physical payment instrument or cash ready but electronic payments are not like that. You have the option to check for the availability of funds, click on a link to authorize the payment, or get the authorization and proceed to make the payment without moving from the place you are working from. Online payments are more action-oriented, spur you on to the next steps, and help you close the loop.
Fully trackable
When you make cash payments or use drafts to make the payment, it becomes a longer process to track the expense. You either need a bank entry to be updated when the check is encashed or get a receipt for the cash payment. Among the many benefits of e payments, the ease of online payment tracking will be the most important. The payment request, the checking and authorization, the approval to pay, the payment received, and the reflection of the amount deducted from your account, takes place automatically.
Customer-centric
While electronic payment options offer many advantages, one key benefit is enhancing customer orientation. Imagine that you had a business where you dealt with many stakeholders like vendors, suppliers, customers, shareholders, employees, etc. but did not have provisions to receive or make e-payments. The sheer amount of paperwork would make it difficult for you to meet the requirements of external and internal customers.
E-payments are here to stay. Here’s what you need to do next
As a business owner in today’s competitive environment, you need to make sure that you reinforce the e-payment or online payment system that you have. You could consider a complete spend management platform like the one that EnKash offers. Our platform offers an AI-powered dashboard to help you keep track of expenses. Additionally, we also offer corporate credit cards, purpose-built cards, prepaid cards, and an easy credit line of up to INR 1 cr. Talk to customer support to learn more.
What are Common Types of Electronic Payments in Business Finance?
Various types of e-payment systems are as follows:
Credit/Debit Cards: This is one of the most widely used e-payment methods in both private and business-oriented transactions. They allow funds to be drawn directly from a bank account or a line of credit.
Bank Transfers: These include wire transfers, ACH payments, and direct bank transfers. These facilitate payments made from one bank account to any other bank account.
E-Wallets: PayPal, Apple Pay, and Google Pay are examples of e-wallets that let individuals load money into their accounts and make fast transactions using their mobile devices.
UPI (Unified Payments Interface): A smartphone-based payment system allowing the transfer of money between two banks in real-time especially in India.
Cryptocurrency: A decentralized digital currency that is gaining traction in business finance for its potential to offer international transactions with low fees.
Direct Debit: It is a payment system allowing the payee to withdraw the money directly from the bank account of the payer at specified time intervals with the permission of the payer
Pros and Cons of Different Types of Electronic Payments
Various types of electronic payment systems are tailored towards meeting different needs and they all have their advantages and disadvantages. Below are some of the economic evaluations of the advantages and disadvantages of the most common electronic payments in business finance:
1. Credit/Debit Cards
Advantages:
Global Usage: Credit and debit cards are universally accepted by various businesses whether physically or through online transactions therefore making it easy for both the customers and the businesses to access services.
Instant Payments: Advances in technology ensure that payments are done almost instantaneously.
Incentives and Rewards: Many credit cards offer rewards, cashback, or points for usage, making them attractive to consumers who want to earn benefits from their spending.
World Wide Applicability: Payment cards can be used anywhere to transact both locally and abroad. It is therefore more suited for companies with customers or suppliers in other countries.
Disadvantages:
Service Charges: Most businesses pay additional service charges whenever they accept cards for payment, especially for credit cards which lowers the profit margins.
Fraud: Card information is at risk of being compromised even when the best practices such as encryption, are implemented to guard transaction online data.
High-interest Rates: For credit cards, if the balance is not paid off in full, high-interest rates can accumulate, leading to debt for consumers
2. Bank Transfers
Advantages:
Dependable and Secure: One of the major merits of bank transfers is the security it offers. This makes it suitable for use by businesses that transact a lot of money or those that look at ensuring the safety of every transaction.
Minimal Transaction Charges: Specifically ranked in unrelenting support of bank remittance, within the country, outflows using bankers reporting and instruments are less expensive than credit card remittances.
Widely Available: Almost every business does bank transfers as long as the sender and recipient have a bank account since it requires no extra effort.
Ideal for High-value Transactions: For obvious reasons such commercial transactions involve more risk and therefore legal providers do recognize bank transfers to facilitate within such thresholds.
Disadvantages:
Slower Transactions: Bank transfers are typically slower, especially for international payments, as they may require several days to process.
Additional Paperwork: Businesses may need to provide additional documentation when making or receiving transfers, which can be time-consuming.
Limited for Small Transactions: Bank transfers may not be practical for smaller, everyday payments due to the fees involved and the time it takes to process them.
3. E-Wallets (Digital Wallets)
Advantages:
Simple and Fast Transactions: With e-wallets, this is no longer an issue since payments can be made in a matter of seconds, sometimes with a press of a button making them useful to consumers and businesses who constantly make small payments.
Economization of Space: E-wallets enable users to integrate various payment options such as credit cards, debit cards, and bank accounts into one tool which enhances the speed and ease of making payments.
Cost-Efficient Transactions: Most e-wallets have very low or no charges at all for carrying out transactions particularly local remittances making these technologies affordable.
Disadvantages of E-Wallets (Digital Wallets)
Security Issues: E-Wallets may undergo some level of security, but they remain susceptible to cyber threats such as phishing and hacking. If a user’s data is hacked, then they can suffer monetary loss.
Technology Constraints: E-wallets are technology-dependent – they work only with a stable internet connection and compatible devices. This can be a drawback in countries with weak connectivity or for people who do not possess the requisite technology such as smartphones.
Limited Availability: With the rising use of e-wallets, not all merchants accept digital transactions as some of them are area-based like in the rural or less ever-advancing technology regions restricting their usage.
4. Unified Payments Interface (UPI)
Advantages:
Instantaneous Transfers: With UPI, transfers occur instantaneously in real-time, hence providing businesses with easy and quick access to cash which is critical in managing cash flow.
No Transaction Costs: UPI payments are commonly free of charge to both businesses and customers, excluding the normal transaction costs of other payment types.
Always on: UPI functions every day including weekends and public holidays enabling payments to be made and received at any time by both businesses and consumers.
Easy to use: using UPI is a simple task since it requires only a mobile device with an internet connection to carry out the transactions.
Disadvantages:
Geographical limitation: UPI is restricted to India and as such may not be used for foreign businesses and those with customers from other countries.
Requires Smartphone and Internet: Consumers must also possess a mobile phone and have access to the internet which may not be the case for every consumer.
Transaction Limits: UPI payment facilities impose transaction limitations on payments made which can be quite disturbing for business entities that make larger payments.
5. Cryptocurrency
Advantages:
Fast and Borderless: Payments through Cryptocurrencies like Bitcoin and Ethereum can easily allow for cross-border transactions without the need for any banks thus making the transactions very fast.
Cross Border Payments At Low Cost: As opposed to the normal banking system, when making payments internationally through crypto-currencies, there are significantly fewer charges and therefore cheaper.
Clarity and Safety: All transactions made are subject to the rules of the blockchain and thus cannot be altered. This is very safe and transparent, discouraging any criminal activities.
Disadvantages:
Unstable Currency Fluctuations: The values of cryptocurrencies are subject to extreme variations and so pose risks for organizations that depend on the stability of currencies.
Limited Popularity: The use of cryptocurrencies has increased but most businesses still do not accept it, especially those in heavily regulated regions.
Legal and Regulatory Uncertainty: Countries have varying regulations regarding the legitimacy of cryptocurrencies and many are still in the process of devising ways to manage their activities which creates risks for people doing business.
FAQs
How can I ensure the security of my electronic payments?
To ensure the security of online payment processing, the following considerations should be taken into account by businesses: choose services with advanced encryption, activate the two-step authentication, constantly upgrade the security system, and train employees on the protection of information from schemes including phishing and other fraudulent activities.
Are electronic payments cheaper than traditional payment methods?
There are ways of paying like UPI and bank transfers that incur little or no costs while some like credit cards and international wire transfers attract high charges. It depends on the method of payment and the number of transactions whether it is cost effective or not.
What types of businesses benefit most from electronic payments?
E-commerce, service-based businesses, and startups that deal with frequent transactions or international customers benefit greatly from electronic payments due to the speed and efficiency they offer.
Can electronic payments be automated for recurring billing?
Of course, many e-billing services provide subscription management and automated billing for businesses needing regular payments.
Do electronic payments work for both online and offline businesses?
Yes, electronic payments apply to both types of businesses; online as well as physical ones. For physical businesses, they can accept card payments or mobile wallets such as Apple Pay via a card reader, while for online businesses, a payment gateway can be used to carry out the transactions.
Prevent business expense fraud through corporate cards. Expense fraud is one of the biggest pain points those industries face every day, every quarter, and every year. Around 48% of companies in India lack a system to detect business travel expense and expense management frauds as they do it manually, according to a report generated by an expense management company in India.
But there is no pain from now onwards because the virtual credit card is designed to prevent duplicate payments. Also, it allows you to monitor all direct and indirect expenses related to the business are charged. Additionally, corporate business cards are the one-stop solution to do seamless transactions without sharing your personal information across the platforms.
We will take more in-depth about the EnKash expense management software and how to apply for business credit card. But before that, let’s have a look at what the survey says about business expense fraud in India.
Statistics of Expense Fraud Faced by Businesses
The survey was conducted in India between July and September 2018 and found that nearly 55% of the companies stated their inability to retrieve past expense data as a key bottleneck in auditing and managing T&E expenses. Around 82% of companies covered in the survey are either partially or entirely lacking in making the whole T&E process automated despite it being the second-largest operational expense after payroll.
According to the ACFE Global Fraud Study, 5% of a typical organization’s annual revenue is lost due to fraud and not having any smart expense management tool. T&E is just one kind of expense fraud that a business can bear. There are many kinds of expense frauds that trouble businesses- big or small.
The Association of Certified Fraud Examiners has distinguished expense fraud into four categories
Mischaracterized Expenses
Claiming personal expenses under the garb of company expenses is the easiest yet the toughest business expense fraud to catch. It is almost impossible to identify an expense based solely on the submitted receipt so the chances of the claim getting denied is almost nil.
Fictitious Expenses
Employees get crafty with design skills and software to counterfeit expense receipts and submit them for reimbursement.
Overstated Expenses
Employees balloon up the expenses incurred on the business trip and get reimbursed for more than what they paid.
Multiple Reimbursements
Employees end up submitting the same receipt, again and again, to reclaim the amount, thus getting duplicate payments.
All these frauds are punishable offenses globally. There is no one-stop solution to 100% safeguard your company from being a victim of expense fraud. There are a few steps you can take to ensure that business expense fraud happens in the least and if it does, it is caught.
3 Best Ways To Deal With Business Expense Fraud And Duplicate Payment
Set stringent policies in place
Start by setting stringent policies in place for all kinds of expense reimbursements. An expense receipt should be submitted within 30-60 days, all purchases over a certain amount need to be furnished with an authentic purchase receipt, all spends should be properly categorized under entertainment, travel, meals, offenses, and so on.
Random audits
Maintain the fear of prosecution by randomly auditing the expenses of any employee and ensuring that they fall under the company guidelines. If not, do not shy away from punishing the act as that will set an example for fellow employees and they’ll think twice before indulging in expense fraud themselves.
Provide your employees with the correct tools
Eliminate paper receipts to claim expenses as they are unreliable and easy to commit fraud. Enable your employees with the right set of tools and systems so they can follow policies easily. These methods are used widely, but they go only so far in decreasing the chances of business expense fraud.
Adopt EnKash expense management solutions
One of the best ways to manage expense fraud is by investing in virtual credit cards, also known as corporate cards, Purchase Card, or P-Card.
Corporate cards are a robust tool to handle all kinds of business expenses. Get a host of corporate cards, which can be controlled & managed by one of its kind platforms, for each kind of business expense you can imagine.
When expenses are routed through this corporate business card & expense approval system combinations, they are easy to track, reconcile, and report. These cards can help you manage all direct and indirect expenses related to the business. You can preload the virtual credit card or credit cards, depending on the expense that needs to be done.
The credit cards come with a flexible billing cycle so you can choose when to pay the bill, depending on your cash flow. There is no waitlist as you can get quickly onboarded with e-KYC upon furnishing authentic identity proofs. The future of Safe Digital Expense Management is here.
Benefits of using a corporate business card
The EnKash expense approval system is preloaded cards available in the form of virtual cards. These can be used digitally or offline as per convenience. There are many benefits of using expense management software and here are some of them:
Also, EnKash cards can be given to employees, teams, branches, or departments, as and when needed, as they can be generated from a digital platform.
Corporate business cards can be customized via a platform with a pre-set expense limit, predefined merchants where the card can be used, the number of times the card can be swiped, and many more alterations.
You can set custom end-usage and usage limits to eliminate the possibility of expense fraud entirely when using business travel expenses.
You can activate or deactivate the purchase cards for ATM/ POS/ Online usage and restrict by merchant and usage category too.
The beauty of using these corporate cards & platforms is that you can view the expenses in real time. This makes tracking expenses super easy and efficient.
You can monitor any expense as it happens. And if it looks suspicious, you can block the corporate card right away and take appropriate action.
This kind of spend management suite also ensures adherence to budgets and company spend policies.
Corporate business cards come with in-built approvals, so you save precious time in purchasing as time is money.
Corporate expense cards and virtual cards are some of the safest bets to eliminate causes of expense fraud. Apart from this, maintaining employee faith is also instrumental in ensuring that they do not engage in such fraudulent activities. Invest in a strong spend management tool like EnKash to uplift your employees’ morale and take your business to newer heights. Must Apply for a business credit card today to leverage your company with rewards and benefits.
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;
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.
With time things change, and this is the law of nature. The most significant changes have been noticed in the Economy. In the pre-historic period, the mode of payment was a barter system, then coins came. Later on, people saw the currency, and in the modern-day, the rise of virtual payment changed the complete scenario and people are frequently applying for a business credit card as well. Digital Payment took the place of currency, and in the next generation, some other mode will appear. Concerning such drastic changes in the mode of transactions, EnKash introduces you to the virtual Purchase card. It is emerging as the best corporate card to give a quick solution for managing and monitoring all your business expenses from one dashboard.
What is Digital Payment?
Most of the SMEs and vendors think about digital payment, and in practice, they are in a dilemma to use this payment mode. Small enterprises give more value to physical currency than others because their belief in physical currency and lack of information about virtual currency made them do so. Digital Payment is the advanced form of payment mode where the transaction is done against the value from the account of one person to another. The applicable devices for this payment mode are computers, smartphones, tablets, POS, and digital communication platforms.
Digital Payments In India – The History & Trends
India is the fastest-growing economy in the world, and with time, India has also witnessed many changes and now following the trend of digital payments in India. Many Fintech companies are offering virtual currency features such as GPay, PayTm, and others. The net emerging firm in the same line is EnKash which is offering corporate cards for seamless and secure payment for B2B. Corporate cards for long have been an important instrument in business payments.
With more and more businesses pushing towards utilizing cards for their business payments, there is an upward swing in acceptance of purchase cards as a means of procuring goods and doing business payments However one needs to understand the digital journey of cards and the socio-business impact it has created in the entire ecosystem. Let us see how the overall card industry has evolved.
The Inception Story and more (1950s to 1970s)
It started more than 7 decades ago when businessman Frank McNamara realized that he had forgotten his wallet while dining out at a restaurant. He thought of a charge card as a payment alternative in case anyone is stuck in a similar situation. This instance led to the birth of the world’s first credit card in the form of – The Diners Club International charge card (cardboard format). This led to specific restaurants, hotels, and even department stores accepting these cards allowing users to buy things without having cash at the moment.
Even travel firms were also enrolled in the Diners Club Card to facilitate travelers to purchase tickets from anywhere around the world. In essence, the Diner Club provided the facility to shop at several stores using the same card. Customers paid based on the monthly statements they received, while businesses paid a service charge to the card issuer. The card phenomenon became a hit, and more thousands of people adopted it in the first year of business.
By the 1960s, the Diners Club had more than 1.3 million members to its card program. More innovations came in the form of the first magnetic strip credit card, which replaced the cardboard format. After this, the cardboard versions became plastic format.
Banks and other companies noticed the success and started launching their version of the cards. In the mid-1960s, BankAmericard (now VISA – Visa International Service Association) launched its first card known as the Travel & entertainment (T&E) card, which as the name suggested, was primarily used to pay for travel and entertainment expenses
The decade also saw the formation of the Interbank Card Association (now MasterCard) which came together to form the first national credit card system.
The 1970s saw an increase in acceptance, popularity, and usage of the credit card – all combined to give rise to the intricate business payment systems we see today – including banks, card issuers, card networks, and processors. The 70s also saw the advent of plastic cards, and cards with magnetic strips to curtail the increasing card fraud.
The strip would contain the required financial details of the user that would help in the instant and secure transfer of money across banks. It was in this decade that we saw the introduction of corporate credit cards, though it took a few decades before it came into prominence. Corporate cards had features more suitable for businesses as against personal use.
Have a look at the best credit card for travel to India to manage your business travel expenses.
The Progression Phase (1980s to 1990s)
The 1980s recession also fueled the growth of credit cards. The decade also saw the birth of the concept of co-branding credit cards and the advent of loyalty-based reward programs. Many airlines partnered with banks to incentivize their frequent flyers for every trip by giving them points they can collect and redeem later. Many offers and schemes like cashback were also introduced to lure more and more people to take part in the card program
The digital journey of cards continued in the 1990s. In India, many banks started issuing debit cards, to give the user the ease and convenience to withdraw money at any given time, from an ATM. These debit cards started getting known as ATM Cards.
The Digital Age (2000 to 2010)
The new millennium saw more users have magnetic strip-based debit and credit cards than cash. The decade also saw technological advancements made to curtail fraud and make the ecosystem more secure. The innovation phase came again in the form of chip cards in 2003. Since then chip-based cards have taken over as a dominant form of payment using better processing power leading to a more secure and seamless payment mechanism.
Travel became a big thing in the decade years of 2000. Talking specifically about India – with the launch of national and international portals like IRCTC (Indian Railways), travel booking sites (MakeMyTrip), and low-cost airlines (Indigo, SpiceJet, etc) users started using more online services and started using cards other than just internet banking for digital payments.
Best Travel Credit Card India – A Step Towards Secure Digital Payment
A travel Credit Card is best for one who is a frequent flyer as the Airline Companies and associated partners offer cashback, air mile traveling points, and other perks. Best Travel Credit Card India is listed below.
Citi Premiermiles Credit Card
In the Citi travel credit card, the flyer gets a lot of perks, and the best part is the redemption of the points on every airline. The points never expire, and to get a good quantity of points, the flyer needs to spend more on the airlines. For instance, if a person spends Rs 100 on the airline, he/she will get 10 points. Likewise, the proportion will increase, and once the points reach the good limit, the flyer can redeem the same. The Annual fee of the Citi PremierMiles Credit Card is Rs 3,000, and the renewal charge is also the same amount. It is one of the best credit cards for travel in India options.
Sbi Air India Signature Credit Card
It’s a joint venture of two leading firms; one (SBI) is a giant in the banking sector, and another (Air India) is the leader in the airline sector. The perks and benefits of airlines are applicable for Air India flights only. A person who spends Rs. 20 lakh yearly on Air India, and then uses this digital payment in India card, will get a reward of Rs 1 lakh. Moreover, this best credit card for travel in India also gives a complimentary priority pass membership feature. The annual charge of the SBI Air India Signature Card is Rs 4,999, and the renewal charge is the same amount.
Axis Bank Vistara Travel Credit Card
This card is applicable for the flyer who frequently chooses Vistara Airlines for traveling. Upon spending on the airlines, this card gives 2% club Vistara points that can be redeemed. The annual fee of this card is Rs 3,000, and the renewal amount is the same. Other best travel credit cards in India are SBI Card Elite, HDFC Regalia Credit Card, MakeMyTrip ICICI Bank Signature Credit Card, and IndusInd Bank Legend Credit Card.
With e-commerce companies mushrooming, payment between merchants, platforms and the user became an area of improvement. Online merchants were looking for easy ways of transaction and accepting card payments online. This gave rise to online payment systems and companies. Online payments since then have become increasingly streamlined, for both users and merchants.
The 2000s also saw the rise of the EMV (Europay, MasterCard, Visa) network – which became the global standard for simple, convenient, and secure payments using the EMV payments network infrastructure and bank cards. The rise was further strengthened with the introduction of NFC (Near Field Communication) cards. The technology enabled technology. – the complementary technologies delivered more secure payments for the merchants as well as the users
The increased importance of B2B payments (2010 onwards)
The global rapid rise of smartphones, along with technological advancements in financial products, pushed to a more customer and merchant-friendly, simplified payment process. Banks & payment aggregators realised the importance and reach of mobiles, and came up with innovations to suit the device.
Later in this decade, there was a string of innovations around POS machines – making it easier for merchants to collect non-cash payments. Business-to-business (B2B) payments also gained more importance and acceptance as more and more businesses moved to the digital route of payments and incurring expenses. This led to the birth of a lot of B2B financial technology (Fintechs) that helped accelerate the digital business payments trend.
More and more banks also realized the importance of up-in their game and started working on issuing offerings specifically for corporates to make business payments more seamless. Fintechs like EnKash have since inception partnered with many national and international banks, as well as payment networks to provide innovative solutions for corporates with Travel, Fuel, Expenses, and Commercial Credit Cards
With more emphasis given to the merchant/business side of the transaction, there has been continuous evolution towards technology-enabled software and tools that accelerate the payment process and take care of any gaps that have earlier existed.
New-gen businesses increasingly demand feature-laden platforms and have since then provided an opportunity for the usage of purchase cards and other forms of cards against business transactions through digital payment. These platforms and software need to be easily integrated with various accounting tools, e-comm platforms, and banks to give a comprehensive solution to the enterprise.
There has also been an increasing importance given to Purchasing cards (P-cards) for the Procure-To-Pay process. More and more businesses are using it and more and more banks are issuing them.
EnKash Purchasing cards are commercial or corporate cards that companies can use to make B2B payments. The P-Card streamlines payment and purchasing procedures, reduces the administrative burden traditionally associated with small-dollar value purchases, and allows for quicker receipt of goods.
EnKash Virtual Card offers more accountability through consistent and timely reconciliation processes and electronic management controls by contributing to the best digital payments in India. offers more accountability through consistent and timely reconciliation processes and electronic management controls.
In Summary
Card-led payments have come a long way since the start. No matter what era, what products or services, or whatever banks/ organizations – the objective has always been to make payments more seamless, secure, and simple using the best travel credit card in India. What started from a B2C-led solution has slowly but steadily entered into the B2B solution, with more and more banks and fintech acknowledging the importance of this part of the payment ecosystem.
Instruments like T&E cards and purchase cards have been at the forefront to make lives simple for the corporate world, with newer and more evolved features and benefits passed on to the corporates towards accepting digital payment.
As an SME or an entrepreneur, if facing difficulty while applying for a business credit card, then EnKash is there for you. The firm gives all the assistance to the business owners so that they can perform the business smoothly.
Payments are one of the most crucial aspects of any business. With a streamlined payment structure, the business could benefit a lot. While digitization in consumer payments is more widely accepted in India, the same is not the case for commercial payments. There is plenty of opportunity for a revolution in B2B payments.
A Closer Look at Business Payments Stats
In a recent report, Credit Suisse estimated that digital payments in India would reach $1 trillion in FY23 with mobile payments accounting for $190 billion, the estimate for 2018 is $10 billion (Credit Suisse Equity Research, “The WhatsApp Moment in Payments”, February 5, 2018).
The report states that “digital payments in India are soaring on the back of global tech giants entering the market as aggregators for retail transactions”. In the same vein, another report estimates that e-commerce transactions will grow to $64 billion in 2020 from $38.5 billion in 2017 (India Brand Equity Foundation, Report on E-commerce, April 2018). Finally, McKinsey estimates that net new payment revenues in India will increase by 13% on an annual basis (McKinsey, “Global Payments Map 2017”).
While these figures show a promising picture for the future of digital payments, let’s first understand in depth what B2B payments are.
B2B Payments – At a Glance
B2B payments are transactions processed between two businesses for exchanged products or services. B2B payments tend to be for much higher sums and are often split across months or quarters. Simply put, B2B payments are payments made between companies.
B2B payments are either received at the point of sale or an invoice is sent to the buyer at a later date. Most B2B businesses send invoices monthly and require payment in 30 days. The method and terms of payment vary from business to business.
The transaction can involve anything- right from office supplies to manufacturing parts and units. Services like accounting tools, email tools, etc also come under B2B transactions.
Due to the current pandemic situation and the restrictions and reforms put in place by the government, there has been a rapid growth in B2B Payment solutions, in both consumer and commercial payments. Although, offline methods of payments are still the go-to method for most businesses.
Types of Payment Methods (Traditional) followed by Businesses
Cash
Cash is still used in some old-school businesses to settle bills, although it is gradually becoming obsolete. Paying your suppliers with a suitcase filled with notes seems odd in this age of digital transactions. Ever since demonetization, cash is not the preferred method of payment anymore.
Cheques
Cheque payments are one of the types of payment methods that are widely used by most businesses. A Cheque is a document that orders a bank to pay a particular amount of money from a person’s or company’s account to another individual’s or company’s account in whose name the cheque has been made or issued. The person who issues the cheque has a bank account for carrying out transactions.
Demand Drafts
Demand draft is a prepaid mechanism, where you pay the bank and get a demand draft for the amount you paid to the bank. The bank provides the demand draft with the details of whom the amount has to be paid.
The payee can take the demand draft, and give it to his bank and get the money deposited to their bank account. In cheques, as there is a disadvantage of bouncing, organizations stick to demand draft for business payments.
Bank Transfers
The payee includes his bank account number and IFSC code in the invoice and the payer either transfers the money from his bank with a transfer challan or just pays through online banking with NEFT or IMPS or RTGS. Online banking transactions happen in real-time which makes them faster, more efficient, and instantaneous.
Payment Gateways
An online payment gateway (PG) is a tunnel that connects your bank account to the platform where you need to transfer your money. Payment Gateway is software that authorizes you to conduct an online transaction through different payment modes like net banking, credit card, debit card, UPI, or the many online wallets that are available these days.
Payment Gateway is the finest traditional B2B payment solution that securely transfers your money from the bank account to the merchant’s payment portal.
If Traditional B2B Payment Solution Fails? What Next!
Due to the inefficiency of these existing payment methods, businesses are on the lookout for a smarter yet convenient mode of making B2B payments. There has been a massive increase in B2B payments solutions in the market to meet the increasing demands of businesses.
Commercial payments are made simpler and more sophisticated by these payment platforms like EnKash, which provides a one-stop solution for all your commercial expenses. From an intuitive spend management platform to a variety of commercial expense cards that ease the payments process, EnKash has all the tools you need to make your business payments quicker and more cost-effective.
Benefits of a commercial payment platform
Speed
Compliance
Cost-Effective
Paperless
Improved Cash Flow
More Secure
High ROI
Fraud Detection
Remote Payments
Enhanced Visibility
Time-Saving
Error Free
Convenience
Simpler Reporting
Easy Integration
Customizable
Reliable Customer Service
To make B2B payments more robust, buyers and sellers must keep in mind the best practices to follow before choosing a payments platform.
For Sellers
Send an invoice as soon as possible
Send follow up reminders when the payment deadline is near
Offer early payment discount and charge overdue payment penalties
Use commercial cards for payments if you still need time for reconciling the cost
Inform the vendor if you miss a payment deadline
Negotiate with your vendor for more favorable terms of B2B payments.
Try to pay via electronic platforms instead of traditional manual payments modes
Didn’t you see the Power of EnKash so far? Let’s have a look now!
Final Thought
Business payments are not what they were a decade ago. Today, transactions are much more complicated which requires smarter solutions. Hence, it is crucial to choose a payments platform that works the best for your business. EnKash is a commercial payments platform that offers not just commercial cards but also a spend management platform, ready-to-plugin APIs, accounting tools, and the works. Upgrade your business experience with EnKash!
Businesses- big or small, need a steady account receivable and payable flow to function. A business’ bottom line may be green at the end of the quarter, but if the cash flow is not maintained meticulously, a lot of decisions might get affected. Sooner or later, these will trickle down to the revenue statements of the company.
Maintaining an efficient cash flow is no piece of cake. It requires a strong strategy, planned accounts payable, and collections decisions. And most importantly, a robust commercial expenses platform that can provide visibility into the financial structure. These kinds of business accounting requirements cannot be met by traditional banks or legacy financial management systems.
To save the day, FinTech emerged from the digitization wave. FinTech enables payment gateways to work in tandem with banks to provide more sophisticated and intuitive account receivable and payable solutions.
With FinTech, the digitization and finance industry came together to completely revolutionize the face of the business accounting and payments industry in India. Now even start-ups, small and medium-sized businesses, vendors, and small brick-and-mortar retail establishments have embraced FinTech in some form.
What’s The Key Innovation Of Fintech Towards Balancing Of Accounts?
One helpful product of the FinTech revolution is automation in payment processing. From B2C to B2B and even P2P payments, people are now getting comfortable with online payments.
Automation has truly leveled up the commercial finances industry. Businesses earlier used to make payments in cash or cheques, although now they are almost obsolete.
Most of the businesses have turned to one of the following digital payment methods:
Bank Transfers (NEFT/IMPS/RTGS)
Payment Gateways
Corporate Cards
These payment methods increase transaction throughput in multitudes. While bank transfers have been around for quite some time, payment gateways are relatively new in the market. Payment gateway providers partner with business accounting and payment aggregators to allow B2B and B2C payments.
Corporate cards are the newest kids on the block with their flashy new functionalities that have made them the most popular choice. With their convenience, ease of use, and accessibility, corporate cards have been climbing the charts for being the most favoured tool for commercial expenses.
The shift in B2B payments towards accounts receivable process and automated payment facilities is due to a variety of benefits. Let’s take a closer look at these benefits that make business owners seriously consider switching to an automated corporate payments platform.
5 Quick Benefits Of Corporate Cards And An Automated Business Accounting Tool
Collect Payments Faster
With an automated payment platform, you can generate purchase orders and invoices with a touch of a button. Automated payment platforms have easy-to-use templates for POs and invoices, thus making it quicker to generate them. The faster you invoice your clients, the more your chances of receiving payments.
Traditional methods of invoicing took days to generate and send to the clients, who took their own sweet time to process these invoices. With an automated platform, you can also send timely reminders to clear payments. Faster payments mean an increased cash flow and accounts receivable process, which in turn can be used to purchase supplies for business.
Extend Payment Credit
With the EnKash automated payment system, you can have a higher level of visibility of your accounts payable. Many times, it happens that businesses make their payments much before the due date. While this is a good practice, it can harm your balancing of accounts.
Making payments well in advance can reduce your business’ cash flow without it being necessary. This cash could’ve been used for some emergency purpose or to buy some other office supplies on the fly. When payments are made before the due date, the credit period available for payments is not used wisely to increase the revenue.
This scenario is handled well by an automated payment platform to monitor business accounting. EnKash has an in-built functionality of generating payment reminders a day or two before the due date.
This way, you do not miss any payment nor do you pay before the deadline; in turn, increasing your cash flow movement towards revenue-generating streams.
Convenience For Customers
When you provide your consumers with an automated platform, you are not only providing them with a tool but also with a bonus of convenience.
Digital payment platforms offer ease of payment by providing a bird’s eye view of the entire biosphere of your business’s finances. You can send e-invoices to your consumers with a digital payment link that directs to a digital payment method to pay the bills. This streamlined way of accounts receivable process can boost your consumers’ faith in you while also making you look like a futuristic business that’s here to stay.
Increased Security
Automation prevents expense fraud in the best manner possible. Employees need to be empowered to make decisions related to balancing of accounts and purchases so that they can make expenses on the fly but do not have to spend from their own pockets.
Corporate expense cards come to your rescue in this scenario as they provide flexibility and efficiency in corporate purchases. Corporate cards can be controlled centrally by pre-deciding their parameters. They can be customized as per authorized vendors, types of purchases, and the maximum number of swipes.
Businesses can also generate virtual cards on the fly, which can be only used for digital payments. These cards are usually employed for one-off purchases with a maximum cap of expense. Thus, corporate expense cards are one of the most powerful tools in your account receivable and payable process, along with the business finance arsenal.
Enhanced Visibility
With a digital B2B payments platform, you can have centralized control yet decentralized spending ability. The platform offers a clear picture of your business finances- your Accounts Payable, Accounts Receivable, Cashflow, Working Capital, and many more business payment features.
This bird’s eye view of your business finances can help you make informed decisions regarding upcoming purchases and payments.
The kind of advantages that a digital automated platform offers for SMBs are massive. Especially, a platform like EnKash can truly enrich your B2B payments experience with its host of functionalities. EnKash also offers a huge variety of corporate cards that can empower you to make purchases on the go so that you never think twice before making payments. Experience true financial freedom with EnKash!
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:
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.
Automation is the new normal and digital B2B payments are here to stay. With the digital wave encompassing the world in its grasp, no industry can afford to lag in terms of automated operability. No matter what kind of business- big or small, automation helps unlock greater insights into the business model. Thus, allowing scope for further enhancement to optimize workflow and make it the most efficient. FinTech is the leading source of change with its sophisticated B2B payment solution that makes commercial payments much easier.
While many businesses still function with legacy tools, many small and medium-sized businesses are looking to upgrade to newer technologies early on in the life cycle so that they can stay the latest in the industry with higher throughput than their contemporaries.
With consumer trends shifting from cash to plastic to digital platforms, automating your business payments can benefit you in multiple ways. Let’s take a look at some of the benefits that you can enjoy by automating your Accounts Payable and Accounts Receivable by investing in digital B2B payments methods.
8 Quick Benefits Of Using EnKash Digital Payment System
Time-Saving
Automation saves time. Most of the AP processes take days because of cumbersome middle processes like generating quotations, purchase orders, invoices, getting approvals from the various departments, getting bank guarantees and sanctions.
To top it off, cheque payments take days, sometimes even weeks, to clear the transaction. The same process is repeated in AR, where the client takes the same amount of time to process your payments. With an automated B2B payments solution, a lot of time can be saved by simply getting approvals digitally in a matter of seconds. These platforms also come with the functionality of digital B2B payments. Using the EnKash digital payment system, you can make and receive payments from a single platform with complete visibility.
No Manual Errors
With an automated B2B payments platform, you not only save a lot of time in processes but also in correcting mistakes that are made when payments are handled manually. Paperwork is seldom immune to errors. With a digital b2b payments platform, you bypass human intervention, which not only just speeds up the process but also makes it fail-proof.
Eco-Friendly
Sustainability is the mantra of the world that’s inching towards eco-friendly practices day by day. No matter what the nature of the business, leaving behind a large paper trail does not look good on your ethical chart. Reducing carbon footprint is one of the key goals of industries worldwide, and Business-to-business payment automation helps you achieve that.
By automating your AR and AP, a lot of redundant manual paperwork is completely skipped as everything happens digitally.
Compliance
For a business to grow, compliance is key. Staying compliant with the ever-changing legislation and laws of RBI is crucial. It is necessary to regularly audit and goes over your business books with a fine-tooth comb to ensure no loopholes are being exploited and money goes where it is supposed to and comes from where it is supposed to.
Auditing a digital database is much easier than auditing a 1000-page bookbinder that is prone to manual calculation errors and incorrect data entry. To get out of such difficulties, EnKash B2B digital payment system or business-to-business commercial payments platform comes studded with state-of-the-art compliance capabilities that can alert the user when things seem out of line.
Customizable
One of the advantages of going for an automated B2B payments platform is that it can be altered to suit your every business needs. The EnKash software can be tweaked to include tailor-made solutions for all your commercial payment woes.
Using the EnKash digital b2b payments solution, you can add and remove functionalities on a need-be basis through the lifecycle of your usage. So that you always stay up-to-date with additions in the field of digitization.
Cost-Effective
Investing in an automated payments platform like EnKash digital payment system may seem expensive at first. But you will reap its benefits for years to come.
For a business that is in either the inception or initial growth stage, such expenses might seem unnecessary. But it is always better to embrace digitization early on in the business lifecycle rather than incorporating it after you have become comfortable with legacy solutions.
These digital b2b payment solutions come with no added cost and are extremely easy to use with their plug & play feature.
Cash Flow Monitoring
Visibility is necessary for the financial chain of events. To understand how much working capital is available in the
An automated AR and AP system allows easy visibility in the finances. So, you have all the information on a single screen that answers all your questions about all incoming, outgoing, and balance payments.
Keeping track of AR and AP puts you in a powerful position to make important business decisions. And using the state-of-the-art EnKash expense and spend management tools is the right solution to never let your business run out of cash.
Remote Working
In this new normal way of working, the post-pandemic hit us all. Remote working has been gaining massive popularity nowadays. Executive decisions are being made sitting at home. From sales to marketing, and from purchases to payments, everything is being handled by people placed at remote locations.
In such a scenario, legacy payment methods would fail. A digital AR and AP platform can help process payments faster and make collections much easier.
If an employee can work from home from a single touch-point which gives them access to centralized data and get sanctions digitally, it boosts morale and builds faith in the company’s work culture. Remote working is all the rage now.
Enabling your employees to make executive decisions from anywhere in the world through the EnKash digital payment system makes your business smarter, more efficient, and dependable.
How Can You Opt For B2B Payment Solution To Increase Productivity?
Make your commercial payments smarter and quicker with EnKash! EnKash is a corporate cards and payments platform that can completely revolutionize the way you pay! From expense cards to purchase cards, from digitized AR & AP to integrated accounting software, EnKash is a one-stop solution for all your commercial payment needs.
Predict cash flows and make insightful business decisions with EnKash. You can cut your business expenses by 60% with EnKash.
Do not believe us?
Call us right away for a free demo and sit back as EnKash makes life easier for you!
