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Tag: Payable and Expenses

Business Accounting Software: To Improve Efficiency

Post author By Surbhi Mehtani
Post date September 26, 2022
1 Comment on Business Accounting Software: To Improve Efficiency

Accounting is a key to the success of any business that gives ultimate success in a business. And if you do not have business accounting software, you can’t imagine how much loss you are going to face towards the success of your business.

In the present day, many firms are there to assist entrepreneurs because most of them do not go with accounting software. This article is for the SMEs and entrepreneurs who need to know what happens when accounting fails and the list of best accounting software in India.

When starting a new business, it is important to have a fixed vision in mind. From figuring out expansion plans to devising a scalable strategy, every move needs to be planned. Moreover, if the business plan covers accounting software, then it is an advantage for a business.

The accounting software price in India is nominal and entrepreneurs can easily afford the same. Every business begins with a plan of growing; ideally to have multiple branches spread across the country, and in due time, become a global brand. With such massive corporations come massive scalability issues. One major setback could be accountings and finance.

Working capital is what keeps the wheels of the company moving. A steady cash flow, complemented with profits, can take your business to newer heights. While it is ambitious to keep growing and expanding the boundaries of your business, it is also essential to identify and pre-empt the issues that may arise from that growth.

When your business is spread across different cities and time zones, problems may arise in handling expenses but that can be covered up via expense management software.. To move money easily between different branches, you might end up creating multiple bank accounts.

While it may seem wise at the moment, having more than one account for your business can lead to more problems than solutions. Let’s shed some light on the challenges that a business finance team can face upon having separate accounts for multiple branches.

Challenges Faced by Business Finance Teams

Lack of Visibility

When your business has multiple bank accounts, it gets tough for the finance team of the head office to report actual numbers because the data is spread across multiple locations that do not communicate in real-time. Visibility of cash flow is crucial to make an important executive decision regarding upcoming payments and purchases.

When you do not know where exactly your business stands in terms of working capital, you cannot think two steps ahead to grab an opportunity before it is lost forever.

Monitoring Finances

With multiple bank accounts for one business, it gets hard to keep track of where and how money is being spent as a lack of expense approval system may result in the failure of a business.

This kind of loophole in finances might allow maverick spending habits and inculcate an environment of expense fraud. It is always better to curb the possibility of fraud than to deal with it after it has happened. This could be possible only when the business owners pick one software from the list of top 10 accounting software in India.

Foreign Exchange

When your business is spread across the globe, you’d need to deal with multiple currencies to stay current. Doing so would require real-time currency conversion, local language support, and dealing with transaction fees- all of which can become too stressful to handle manually.

At this crucial point, accounting software is the best option for you as it manages the business account that enables you to go with foreign exchange smoothly.

Multiple Legislations

Multiple countries mean multiple laws and legislations which you need to know to conduct business. Each country has its own set of tax brackets, charges, and other requirements which allows your business to stay compliant with its norms.

Legacy systems cannot be of much help in this scenario. To overcome the various laws of different countries, you need to apply a smart technique, i.e., Business Accounting Software. It will work like an expense approval system to track all your payouts at a place.

Lack of Real-Time Transaction Reports

To maintain a current cash flow summary and detailed reports about the financial health of your business, it is pivotal to have information on finances in all branches. Having offices in different time zones can hinder data reconciliation, which in turn affects productivity and efficiency.

Insurgency

It is never ideal to display your company’s books out in the open. While transparency is highly sought after in this new-age working environment, finances can be a bit tricky to deal with.

If a rogue employee has access and information regarding the business’s working capital, cash flow, and bottom line, they can leak such sensitive information to competitors.

This also might lead to insurgency among the company employees because of influence, power dynamics, and lack of faith. This scenario could lead to real trouble in security and compliance of business finances.

No doubt, Insurgency is a big threat in a company, and to handle the same, you must go with top accounting software in India. The software not only protects your business but also gives a growth shape.

How To Handle Multiple Account Issues In A Business?

Having multiple branches does not necessarily mean that you need to have multiple bank accounts for all your branches. With expense management software and integrated accounting tool like EnKash, you can achieve centralized control over your finances while enabling decentralized spending.

It’s a win-win situation for you as the business is not under any direct threat of expense fraud while your employees feel empowered to make independent executive decisions regarding purchases and payments. Moreover, you also got the expense approval system control in your hand that is very important to run any business.

Another brownie point that a smart accounting software earns is that each branch can have visibility of their branch’s AR, AP and cash flow whereas the head office has complete visibility of AR, AP, cash flow, working capital, and bottom line of not just individual branches but also of the entire business ecosystem- from a single platform!

EnKash also offers another brilliant solution as an alternative to separate branch accounts- corporate cards! With a huge variety of corporate expense cards, you can empower your company’s branches to make independent financial decisions while your cash flow is controlled centrally by the head office. Have a glimpse at India’s first Corporate Card for SMEs and Entrepreneurs to manage the expenses on a single dashboard.

Corporate Cards

Corporate cards are one of the business accounting software that can be issued on an employee basis, team basis, or division basis. They can be prepaid cards with a max cap or they can be virtual cards with a one-off spend capacity.

These cards can be issued on the fly and can be used across all merchants. You can also pre-decide the authorised merchants, nature of the expense and also allot a flexible credit cycle for your credit cards. While the spending occurs at the branch level, the control is always regained at the head office level.

Corporate Cards are the finest way to get hold of an expense approval system that gives you the power to handle the money flow without any fear. The head finance division has all the control- they can cancel or block cards if they notice any suspicious spend pattern, if the usage policy is being breached and if any other issue arises that needs to be looked into.

These cards have a superlative level of security because in case of stolen or missing cards they can be blocked at any time from the head office right from the accounting software.

Top 10 Accounting Softwares In India

In the modern-day, technology has overridden almost everything and everyone is following the same to win the race. In a business, there are many obstacles such as security breaches, data leaks, and many more.

To remove such obstacles, you must try a smart tool, i.e., expense management software. The software not only secures your business but will also enhance the same. So, let’s have a glimpse of the top accounting software in India.

Tally.ERP9
Zoho Books
MargERP 9+
QuickBooks India
ProfitBooks
Business Accounting Software
myBooks
Logic
Saral
Vyapar

The above-listed accounting software will help you to enhance your business. On the off chance, if you fail to judge the right software for your business then go with EnKash. With EnKash, you can create a road map for your business’s success easily and efficiently.

With EnKash, you can create a road map for your business’s success easily and efficiently. If you want to boost your business finances and increase your process efficiency by 50% while decreasing costs by 10%.

Let EnKash work its 8-Step Magic for your business with its intelligent integrated accounting platform that works seamlessly with your existing accounting software and the corporate cards for flexible payment solutions. Also, you can manage and track all your payouts with the best accounting software in India, incorporating EnKash.

Tags Payable and Expenses, Business accounting, Integrated Accounting, Integrated accounting system

Self-Service Spend Management Platform – Visibility with Control

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

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

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

Quick Reasons To Join Spend Management Platforms

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

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

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

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

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

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

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

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

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

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

One window to track all your expenses!

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

Differences Between Expense Management Software And Spend Management Platforms

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

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

Uses Of Spend Management Platforms

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

Spend Management Software To Make Your Expense Tracking Easy

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

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

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

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

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

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

From A Single Spend Management Platform

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

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

Why EnKash Expense Management Software?

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

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

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

What’s Your Take?

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

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

Cards

9 types of corporate credit cards to manage expenses

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

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

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

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

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

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

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

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

9 Different Types of Corporate Credit Cards

Purchase Cards (P-Cards)

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

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

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

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

Travel & Entertainment (T&E) Cards

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

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

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

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

EMI Cards

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

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

E-commerce Seller Cards

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

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

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

Meal Cards

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

Fuel Cards

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

Payroll Cards

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

Gift Cards

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

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

Multi-Currency Forex Card

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

The flexibility with corporate credit card

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

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

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

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

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

Payables

Top 5 Reasons to Adopt B2B Payment Automation

Post author By Surbhi Mehtani
Post date September 23, 2022
3 Comments on Top 5 Reasons to Adopt B2B Payment Automation

Digital is the new normal. This mantra of B2B payment automation has been ingrained in our post-pandemic world which is a big change in terms of how we used to function. The pandemic played an important role in familiarizing us with the world of digitalization and how dependency on manual or traditional processes is not an ideal way to survive in this evolved economy. Technology is slowly but surely changing the world as we know it and its Midas touch has been felt by businesses, big and small, worldwide.

The digital payment revolution has been on the top of the list of key FinTech players in the country who are rapidly evolving with the changing consumer demands. The sociocultural landscape in India has changed drastically over the past few decades and consumers are now hungry for newness. Gone are the days when people used to stick to the old ways of doing things purely out of comfort. Comfort zones are being escaped, barriers are being crossed and the appetite for innovation has increased substantially.

A snapshot of the digital payments ecosystem in India

KPMG Analysis in 2019 — KPMG Secondary Research, KPMG in India’s Analysis 2019

Automation has now diversified the B2B payment automation and payments infrastructure in India. Digital payments transaction value in India between 2019 and 2023 is expected to grow at a CAGR of 20.2 percent. By 2025, it is forecasted that the volume and value of digital transactions in India will reach INR 167 billion and INR 238 trillion respectively.

Digital Transactions in India — Volume of Digital transactions in India

New technologies are simplifying the way we look at finance. FinTech is making things simpler to understand and easier to execute. B2B payments remain a market with a huge untapped potential for growth.

Why is Automation Required in B2B Payments?

Lower Risk
Digital transactions happen in a secure environment through proper gateways. These gateways have multiple layers of security checks which almost nullify the chance of any fraud.

Faster TAT
Digital payments are processed and disbursed faster than non-digital modes of payments because they bypass human interference and paper checkpoints.

Business Today, June 2019 | PwC analysis of RBI and NPCI India

Convenient & Accessible

Transacting huge amounts of money from anywhere in the world is the biggest plus that digital payments can provide to any user. The payment platforms can be made accessible to anyone with proper authorization which makes a business scalable and flexible.

Traceable Transactions

Maintaining a trail of digital transactions is much easier when you have B2B payment automation, as compared to traditional bookkeeping methods. This helps in easily accessing a specific transaction in real-time and tracing the payment status.

Saves Processing Costs

The traditional non-digital payment methods are laden with soft costs and processing fees of paper checks. A digital platform can help eliminate these costs and can be customized according to the business needs. EnKash is an all-in-one payment processing platform that can cut your business expenses by 60%.

While these are routine advantages that any business can enjoy upon adapting a digital payments platform, there are added advantages of involving FinTech as a backbone of finance in your business. FinTech offers SaaS-based payment solutions that work on a microscopic level to elevate your payment experience fundamentally.

5 reasons why FinTech is a must for B2B businesses

1. Blockchain Payments

Blockchain is a relatively new technology that is used for secure storage of data. Blockchain-enabled payments are highly secure and have inbuilt features like transparency, immutability, traceability, and auditability. Blockchain provides superlative security in exchange for money and sensitive information to thwart attacks and threats. Blockchain payments allow real-time verification of transactions while superseding the need for intermediaries like banks.

2. Commercial and Virtual Cards

Improved cash flow management, enhanced visibility, increased efficiency, and enhanced security are just a few of the benefits that businesses can enjoy by leveraging the power of commercial and virtual cards. These digital payment solutions offer centralized management, expense tracking, fraud protection, and customizable features, making them essential tools for streamlining operations, reducing costs, and improving overall financial performance.

3. Automation

FinTech is essentially the automation of payments. The amount of time that is wasted on issuing checks, PO, invoices, bank guarantees, and other documentation mounts up to a big number. This can be made time and cost-effective with the help of an automated payments platform that houses the digital onboarding of clients and suppliers, salary and reimbursement deductions, tax filings and rebates, and much more. Digitizing and automating your business’ Accounts Payables and Receivables can make your business a truly futuristic business.

4. Cloud Banking

Cloud computing has time and again proven why it is one of the best technologies to emerge in this decade. Cloud banking will drastically reduce the costs of transactions as it does not need any dedicated hardware to function. The cloud banking resources are scalable and integrate easily with existing platforms to work seamlessly.

5. Customizable Payment Platforms

Not all businesses are the same. A payment platform that provides the best results for one business might be totally wrong for you. This is where FinTech steps in with its diverse portfolio of feature-rich payment platforms and modes of payments that can be customized to craft a tailor-made solution for your business’ pain points. An intuitive and responsive platform for processing payments is much better than old-school methods that hinder the growth of your business.

As it is evident from this list of benefits, it comes as no surprise that more and more businesses are hopping on the FinTech trend to enable better B2B payments. EnKash aims to be a one-stop solution for all your business commerce needs so you don’t have to look any further.

From commercial cards to an all-inclusive payment platform, EnKash has all your business needs covered. With EnKash, you don’t have to work hard. Our payments platform will do it all for you! To find out if EnKash is what your business needs, book a free demo with us and we promise to deliver!

Tags B2B banking, B2B Payments, B2B Payment solution, B2B Payments India, B2B Finance, Payable and Expenses

How SMBs can Boost Their Cash Flow with a Digital Payments Interface

Post author By Surbhi Mehtani
Post date September 23, 2022
3 Comments on How SMBs can Boost Their Cash Flow with a Digital Payments Interface

Often what emerges as a small start-up ends up taking the whole world by storm, and this is the case with digital payment. However, most businesses are not actually an overnight success as they seem. It takes years of meticulous planning, dedicated execution, and sheer hard work that goes behind the scenes. But the successful SMBs is the one who goes with time and follows the latest trend, i.e., Digital Payment as the best B2B payment solution.

This article is for SMBs who want to enhance their business by managing cash flow through Digital Payment.

Small and Medium-sized Businesses (SMBs) have been getting much more recognition in the past few years. The government, too, is providing a huge platform for them that can act as a launchpad if used rightly so. The cashless economy in India is the demand of time that enables businesses to run smoothly. Also, digital payments in India help vendors and suppliers handle the cash flow efficiently.

Statistics Of India’s Digital Payments

SMBs in India currently contribute to over 29% of the country’s GDP. There are over 70 million SMBs spread across India. While SMBs might have limited resources to expend, being technologically enabled gives them a huge boost. Incorporating digitalization in the business’ infrastructure at an early stage can help catapult the company to the top of the charts in a short span of time.

India Digital Payments Impact on SMBs

Digital payments are at the forefront of the change that the business economy is seeing nowadays. Digital payments in India have a very positive impact on business sales and revenue.

In the latest finding of digital payments in India, it was stated that 57% of SMBs believe that customers spend more when they use cards versus cash. Meanwhile, 45% of SMBs boosted their sales after they started to accept digital payments. These findings are rooted in the fact that digital payments are approximately 7x faster than traditional non-digital payment methods.

The findings in the ‘Indian MSME Impact Report’ clearly state that 75% of MSMEs in India agreed that digital payment in India is a necessity to solve daily challenges. The report also suggests that

35% of MSMEs shifted to digital payments due to ease of transaction
9% used online platforms for the availability of data synchronization and privacy features
11% opted for it due to customer preference

The below figure shows various FinTech offerings which deliver different benefits to SMBs.

Benefits of digital payments — A study done by Instamojo in 2019

FinTech has completely changed the face of the digital payments ecosphere by introducing a B2B payment solution that caters mainly to SMBs. With multiple SaaS offerings and solutions, the benefits that SMBs can enjoy are unmatched.

Let’s take a brief look at the nature and advantages that a digital payments platform can offer SMBs.

8 Benefits Of Adding EnKash India Digital Payments To Your Business

Increase in Process Efficiency

One of the biggest advantages of digital payments is that of time. Time is money, and hence, time saved is money earned. Digital payments work on a fundamental level of the business accounts and restructures the entire process to make it the most optimal. Many redundancies and errors are discarded, leaving the business with a robust framework of digital payments that is essentially flawless.

Empowers Women Entrepreneurs

Being a women entrepreneur comes with its own set of challenges. To make matters easier, digitization lends a helping hand. Women are often tied up with multiple responsibilities at home, family and work, which might make it harder for them to step out for bank and accounting work.

In such scenarios, a digital payment platform works wonders for women. It enables them to run a successful business from the comfort of their homes and also empowers them to happily give attention to family. Moreover, they can also go for smooth, reliable, and secure vendor payments through the digital platform.

Cost-Effective

While a payment platform might feel like a huge investment in the early stage of the business life-cycle, it comes with its own set of rewards that can be reaped over the years to come. It truly is a gift that keeps on giving! Traditional non-digital mode of payments has sneaky hidden costs that mount up substantially at the end of every fiscal year. A digital payment method gives better returns in the longer run.

Easier GST and Tax Filings

SMBs that employ digital B2B payment portals enjoy benefits such as automated GST filings based on pre-set norms and government tax brackets. The hassle of advance tax and income tax filings can also be minimized with the use of a digital portal that comes in handy on making tax payments that are done on an accrual basis.

Customized Payment Cycles

Each consumer has a different payment behavior. Non-digital payment methods have less scope for customizing payment plans for different sets of customers. Also, record-keeping and maintaining paper trail of all transactions is a tedious job. A digital payment platform also helps in maintaining a robust database that can be accessed easily at any time.

Assured Compliance

It’s always better to be safe than sorry. A digital platform is a handy tool when it comes to keeping a stern eye on the fast-changing laws and acts of the Indian legislature. Its automatic updating facility allows the business to stay current with the changing times.

Fraud Detection and Mitigation

It is super easy to catch the suspicious movement of money online through bank accounts via a digital portal, which might not be the case in pen and paper accounts. The digital payments system has an inbuilt irregular activity tracker which alerts the owner in case funds are being transferred without his or her knowledge.

Eco-Friendly

A business that wants to stick around for long needs to be a sustainable, eco-friendly business. A digital payments platform has a very minimal scope of paper receipts and bookkeeping. A green business is a successful business!

This exhaustive list of advantages has made it crystal clear that there is more to digital payments than what meets the eye. If incorporated and executed correctly, it can help save a huge amount of time and money. Eliminating manual tasks can help place employees in better-suited positions where they can be redirected to revenue-driven tasks and, in turn help boost the cash flow of the business.

EnKash has taken the digitization of payments to a whole another level with its commercial cards that can be used exclusively for corporate payments and expenses. This card mainly helps SMBs by offering interest-free credits to make all kinds of commercial expenses with just a swipe.

It also has a seamless all-in-one transactions platform that has already earned itself a huge client base. One of the leading FinTech start-ups of India, EnKash has simplified payments and satisfied its customers by putting their businesses on the map for the world to see!

Tags How to generate payment link, Receive payments online, How to send payment link, Payable and Expenses, Payment options, Accepting payments online

Enhance your Productivity with Vendor Payment Automation

Post author By Surbhi Mehtani
Post date September 23, 2022
6 Comments on Enhance your Productivity with Vendor Payment Automation

It is rightly said that one must have a supplier relationship of continuous improvement to create an agile process of procuring to pay process flow and in turn, boost business growth and productivity. Vendor payment automation will help streamline this process.

Automate accounts payable & receivable with EnKash

As companies expand, it creates their unique workflow with operations at each phase. With growth as a constant target, it becomes difficult for organizations to do everything in-house. Hence, the concept of outsourcing products and services played a key role for companies to strike a balance by reducing the workload on their internal teams and by effectively managing both the accounts payable and receivable workflows.

Now, it is not simple to work with third-party service providers since it involves challenges such as;

Risk assessment: When an organization depends upon third-party vendors to run the business operation, a certain amount of security concern is inevitable. To mitigate such risk factors, certain policies should be followed in daily transactions. This can empower high-risk collaborations with a strong framework covering the financial, legal, and brand value of the company.
Price negotiations: Vendor pricing should match with the allocated budget of the company. Hence, billing frequency, types of payment methods should be transparent and properly communicated. Both parties should review and agree to the terms of the contract.
Visibility issue: Data and transactional clarity improves trust in a business relationship. Hence, a centralized data storage solution can improve resource allocation and the overall efficiency of the vendor.
Cost optimization: The aim of organizations is to control the overall vendor costs while improving vendor performance.
Long-term relationship: Most importantly, companies focus on establishing a valuable partnership with the vendor company.
Variations in vendor selection criteria: It can cause disputes that can harm vendor relationships in the long run.

Criticalities of vendor management and vendor payment

Here, it is essential to understand the concept of vendor management and the vendor payment process. Vendor management involves structuring, sustaining, and establishing mutually-beneficial supplier relationships. While making payments to vendors is part of a company’s accounts payable workflow and it is the most crucial and final step in the purchase-to-pay cycle. The payment cycle includes the following:

Receiving payable details
Verifying the accuracy
Generating the invoice
Getting the approval
Making the payment

Mishandling any one step of this cycle may lead to distrust and loss of brand value. Thus, prompt and systematic management of this vendor payment automation can ensure a fruitful relationship with the vendor company supplying products and services for a smooth business workflow.

In fact, vendor management being a multidisciplinary business practice involves several teams across business functions within the company. Monitoring all of that on a daily basis is not only stressful but also time-consuming and may create a hindrance to the overall growth of an enterprise. Hence, organizations are relying upon implementing strategies to handle the entire process of vendor management efficiently which also includes effective management of vendor accounts payable cycle.

As one focuses on the best practices for business it is pertinent to mention that vendor management and vendor payment automation are the two most critical aspects of any business, big or small. The tracking and timely disbursal of vendor payment invoices carve a part of the success story of the company.

Enhance your Productivity with Vendor Payment Automation — Benefits of Vendor Payment Automation

Make a difference with the strategic vendor payment process

According to secondary research, one in twelve businesses do not monitor their payment processes and forty-seven percent of companies pay one in ten invoices late.

Schedule vendor payment
Automate the accounts payable process
Regular updates of account for accuracy
Electronic types of payment methods
Optimize the finances with a real-time overview

Transition with innovative solutions

Earlier organizations use to depend upon spreadsheets for calculating vendor payment details, but currently, companies are embracing artificial intelligence (AI) considering the benefits it can bring to a business. As a solution to vendor management and vendor payment, AI-based automation solutions and data analysis are widely implemented by companies to optimize the business process of accounts payable and receivable workflow and finance operations related to types of payment methods.

A company can truly ease the complexities associated with vendor payments and enhance organizational productivity with the digital effort. Let’s understand the benefits that a company can enjoy by implementing AI-based vendor payment management solutions.

Automation of the approval process
Digitalization of data makes it audit-ready
Automation of payment initiations
Smooth tracking of transactions
Effortless and error-free vendor management
Enhance real-time reporting capabilities
Create unique payment cards for each vendor

Power of innovation

A company must choose a solution with scalable features that can continue to ensure workflow automation while the company is growing. Integrated solutions are another aspect that ensures the non-duplication of invoices and payment entries in the accounts payable cycle. The focus is on simplifying complex financial operations with real-time dashboards and automation of vendor payments.

Aiming towards success!

Hence, it will not be incorrect to conclude that globalization has diminished geographical boundaries and brought companies and vendors around the world together. This has created an ecosystem of its kind nurturing best practices to ensure the deliverance of maximum value to the organization while managing vendor payments efficiently. Thus, Enkash is taking a step towards sustainability through effective management of vendor payments.

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

Tags Vendor payments, Payment reconciliation, Vendor payment journal entry, Vendor payment portal, Online payment of GST, Payable and Expenses, Vendor payment, Vendor reconciliation

Cards

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

Post author By Surbhi Mehtani
Post date September 23, 2022

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

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

10 reasons why EnKash is the right platform for you

Ensemble of EnKash Business Card Variants to Pick

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

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

Mode of payment — Mode of Payment

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

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

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

3. Enhance your Vendor Payments with a Single Click

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

Enjoy the freedom of Unlimited Virtual Cards Within Minutes

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

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

Enchanting & Flexible Card Payment Options

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

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

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

Enroll with Quick e-KYC Verification

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

Ensure Complete Control of Corporate Cards Management

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

End-To-End Expense Management

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

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

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

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

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

Unlocking the Potential of Digital Payments

Post author By Surbhi Mehtani
Post date September 23, 2022
34 Comments on Unlocking the Potential of Digital Payments

People have mostly discarded paper-based transactions in favor of digital ones, whether sending money via peer-to-peer mobile apps, paying bills via electronic bill-pay systems, or receiving payments via direct deposit. However, large and small businesses have been significantly slower to adopt digital payment methods.

According to some new findings, nearly half of all business-to-business (B2B) payments are still handled by paper checks.

However, several fast-growing B2B payment trends suggest that we will soon reach the tipping point and that B2B payments will be largely digital in the future.

Five themes hastening the transition to electronic business-to-business payments

1. Faster payments are desired and expected by both the stakeholders of businesses- buyers and suppliers

It can take many days, if not weeks, for paper cheques to show up through mail. Moreover, companies that have seen the advantages of receiving payments through the much faster digital B2B payment options—are no longer willing to elongate the payment cycles. The increasing number of suppliers will demand to get paid faster as they gain experience with faster “real-time” digital payment options.

Furthermore, many corporate payers today are glancing through more efficient payment systems that can help them make their business payments easier. They want to ensure that their suppliers are paid on time, and B2B digital payment systems give them enhanced transparency and transactional information.

Benefits of adopting digital payments — Benefits of Digital Payments

2. B2B digital payment options are growing significantly

The only viable payment method was paper cheques, which took five to seven business days to clear. However, new B2B digital payment alternatives are rapidly emerging- Real-time payment alternatives that initiate, clear, and settle payments in minutes or even seconds are becoming more popular.

According to recent research, two-thirds of businesses want to shift to real-time digital payments over the next two years.

Another popular option is B2B virtual cards, which allow companies to pay their suppliers more swiftly and effectively while saving money. They’re built to prevent fraud, so they’re far safer than regular commercial credit card transactions.

According to research by one of the top firms, the market for virtual cards is predicted to expand from $197 billion to $338 billion in just two years.

3. Technology that enables businesses to outsource their accounting operations

Businesses may substantially improve their payment procedures and outsource many accounts payable (AP) tasks with today’s technology.

Integrated payables systems, for example, enable businesses to compile a single file with all of the suppliers who need to be paid and the amount owed to them. The integrated payables firm is then in charge of organizing payments with each supplier and selecting the most cost-effective payment method for them, whether it’s digital, virtual card, or even a physical cheque.

Integrated well-designed payables lessen the need for a company’s staff to oversee and review supplier payments, allowing organizations to eliminate manual processing and, in some cases, headcount.

Furthermore, they give businesses additional clarity in payment transactions because buyers can make notations indicating what the payment is for a while, also ensuring that suppliers are receiving payments on time.

4. Early-payment incentives are becoming increasingly prevalent

Because suppliers want to get paid quickly, many have begun offering early-payment discounts to their corporate clients. An early-payment discount is appealing because it is immediately recognized, unlike a refund obtained after the payment transaction.

If a company agrees to pay a supplier sooner rather than later—say, within 10 days rather than 30 or 60 days—they will receive a discount, such as 1% to 2% off their total payment.

The early-payment discount trend is helping to move enterprises toward digital payments because rapid payment timeframes are considerably less practical when a business issues paper cheques.

5. The price of B2B payments is decreasing

The good news is that as the world moves toward digital and more options become available, costs are falling—and are likely to continue to reduce. Paper cheques are costly and time-consuming to issue for purchasers. They can also be more time-consuming due to the physical processes required, which necessitate additional human work and effort.

Digital payment solutions can drastically reduce the average cost per supplier payment. Virtual cards also offer the added benefits of earning substantial rebates to businesses that use these cards frequently to pay off their suppliers.

B2B payments will be more integrated in the future

Keeping up with today’s B2B payment trends ensures that your organization stays competitive in how it pays suppliers while maximizing your potential to make your operations more efficient and effective while reducing costs.

Integrated payables solutions give businesses the best of both worlds by allowing them to offer their suppliers fast, simple, and multiple payment methods. The opportunity to outsource will enable businesses to focus on their core services while also benefiting from the importance of providing flexibility to their suppliers and the possibility of reimbursements.

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

Tags How to generate payment link, Receive payments online, How to send payment link, Payable and Expenses, Payment options, Accepting payments online

How SEO and SEM Can Transform Your Business?

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

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

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

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

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

Advantages of Digital Marketing Over Traditional Marketing

Digital Marketing vs Traditional Marketing

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

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

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

What exactly are SEO and SEM?

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

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

There are three categories for SEO optimization:

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

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

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

Search Engine Marketing

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

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

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

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

Benefits of Search Engine Marketing

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

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

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

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

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

Learn About Different Modes of Payment in India

Post author By Surbhi Mehtani
Post date September 23, 2022
14 Comments on Learn About Different Modes of Payment in India

India, a country with a population of 138 crores, is growing by leaps and bounds in the digital sector. This transformation of payment modes in India has also resulted in the way we do business, and the banking sector has evolved gradually. While the conventional style of sending money to someone is still prevalent in a few villages and towns, digital banking has taken the nation by storm. From shopping on websites to paying for small mom & pop shops, from e-wallets to UPI payments, the options are varied, and many include RTGS/NEFT/UPI.

That being said, sending or transferring money is not as straightforward as it sounds. There are various limitations added to these payment modes. That is why you need to understand what is e-payment and why is it critical for today’s businesses.

While these may seem cumbersome for some, these security measures were put in for a reason. What we find an inconvenience could be a security benefit when it comes to preventing misuse. Let’s discuss what those limitations could be and what are the different modes of payment/banking available in India.

To learn more about managing digital payments and other expenses, you can watch the video below,.

Payment Methods in India

There are 4 major payment modes in India for transferring money, and depending on the regulatory body, these could be:

1. NEFT
2. RTGS
3. IMPS
4. UPI

Both NEFT and RTGS are regulated by the Reserve Bank of India, while IMPS and UPI payments are monitored by NPCI. Let us get to know more about them in detail below.

NEFT

Short for National Electronic Funds Transfer, the NEFT form is one of the oldest and most common modes of funds transfer in the country. NEFT payments are done in batches and can only be done between banks that offer NEFT services.

One of the best things about this service is that it can be done via both online and offline sources, i.e., through digital banking, and with the help of cash, cheque or demand draft in a bank branch. There is no set limit for the amount to transfer in this mode; however, a fee is levied on each transaction. The transaction fee varies according to the amount to be transacted.

How much time does NEFT take?

The time taken for NEFT transaction of money varies from bank to bank. However, the minimum transaction time via NEFT is 15 minutes, and the maximum goes to 2 hours. But it’s best to transfer the money during the working days before 7:45 p.m.

RTGS

RTGS stands for Real-Time Gross Settlements; as the name suggests, this mode of transfer is done in real-time and is optimized for high-volume transfers. The minimum amount for an RTGS transaction is 2 lacs, while the cap for per day transaction is 10 lacs. If you plan on transferring more than 2 lacs to a recipient, RTGS is the only solution.

Available in both offline and online modes, RTGS can be accessed 24*7, any time of the year. As per RBI guidelines, there is no charge associated with RTGS transfer if done online; however, for offline charges, banks may charge some fees.

IMPS

Short for Immediate Payment Services, IMPS is an online-only mode of payment that is done in real-time and is available 24/7. The minimum transfer amount for an IMPS transaction is Re. 1, while the maximum amount is currently at 5 lacs per transaction.

The charges for IMPS transactions vary from bank to bank. The best thing about IMPS is that you do not need to add beneficiaries to start transactions, and it can be done without the need to add account numbers.

Difference between NEFT, RTGS and IMPS

The prime difference between the three modes of payment services is the amount of money transferred and the time taken during the process. In NEFT mode, there is no minimum transaction limit, but the upper cap is Rs 10 lakh, and the time consumed during the process is a maximum of 2 hours.

However, in RTGS payment mode, the minimum amount that can be transferred is Rs 2 lakh, and that can go up to Rs.10 lakh. Moreover, in the RTGS payment process, the real-time in transferring the fund is 30 minutes.

In IMPS mode, the maximum transaction limit is Rs 5 lakh, and it can be done instantly. So, these were the basic difference between the NEFT, RTGS, and IMPS.

UPI

Short for Unified Payments Interface, UPI is the fastest-growing digital payment mode currently in India. Payments/Fund transfers can be done to another recipient through phone numbers, unique QR codes, virtual payment addresses or Aadhar numbers. There is no need to enter the recipient account number to make a transaction.

UPI payments are made in real-time, can start with a minimum of Re.1 and has a cap of Rs 1 lac per day. You’ll need to link your bank account with your phone number/Aadhar number to start using the UPI mode of transaction. Currently, there are no charges or fees associated with using UPI.

Digital Payment Advantages And Disadvantages

In any mode of the financial banking system, whether it’s online or offline, there are certain sets of pros and cons, and you must become familiar with them because you are putting your hard-earned money into the bank.

Advantages of Digital Payment Services

Fast and Simple
Minimum Transaction Cost
No Geographical Bar in the transaction

Disadvantages of Digital Payment Services

High risk of forgery
Untraceable
Security Concerns

Bottom Line

While all 4 modes are equally helpful for transferring funds, they also have their own set of pros and cons. For quick day-to-day payments, UPI is the best service available. If your transfer amount falls between 1-5 lacs, IMPS is the quickest and best solution.

If you’re not tech-savvy and prefer the old-school method of sending money through a bank, NEFT should be your go-to mode if the amount transferred is less than 2 lacs. For anything above 2 lacs, RTGS is highly recommended. These payment modes not only make transactions and funds transfer easier but also help in bringing a change in the financial banking process of the nation.

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

Tags Receive payments online, How to send payment link, Payable and Expenses, Payment options, Accepting payments online, How to generate payment link

How To Track Business Expenses In 6 Easy Steps?

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

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

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

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

Convert all paper-based processes to digital

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

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

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

Track business payments on the go with employee spending cards

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

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

Streamline purchase expenses

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

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

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

Automate the filing and processing of receipts

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

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

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

Integrate your accounting software with your spending

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

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

Integrate business expense tracking and spend control software

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

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

How to Track Your Business Expenses

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

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

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

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

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

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

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

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

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