{"id":7090,"date":"2023-09-20T12:14:05","date_gmt":"2023-09-20T12:14:05","guid":{"rendered":"https:\/\/www.enkash.com\/resources\/?p=7090"},"modified":"2023-10-09T07:47:37","modified_gmt":"2023-10-09T07:47:37","slug":"honeycomb-creative-onboards-enkash-as-a-trusted-partner-for-streamlining-department-wise-payment-processes","status":"publish","type":"post","link":"https:\/\/www.enkash.com\/resources\/blog\/honeycomb-creative-onboards-enkash-as-a-trusted-partner-for-streamlining-department-wise-payment-processes","title":{"rendered":"Honeycomb Creative onboards EnKash as a Trusted Partner for streamlining department-wise payment processes"},"content":{"rendered":"<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u201cIn integrated marketing communications, agencies need to allocate budgets for different verticals, which was one of our main challenges. To overcome this, we undertook EnKash\u2019s services. Through Olympus\u2019 virtual cards, we were able to manage our budget allocation for various departments, streamline approvals seamlessly, and control our short-term working capital efficiently. This enabled us to gain real-time visibility of all our department-wise expenses to our finance department.\u201d\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><i><span style=\"font-weight: 400;\">Noufel Anamala, Founder, Honeycomb Creative\u00a0<\/span><\/i><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Transparency is what makes businesses run longer as there is trust that comes along. This trait of business is vital in areas that involve finance. A Bangalore-based, integrated marketing communication agency, Honeycomb Creatives caters to corporates across different verticals such as lifestyle, IT, pharmaceutical, healthcare, education, manufacturing, and automotive.\u00a0<\/span><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Honeycombs-Process-Before-Adopting-EnKash-Olympus\"><\/span><b>Honeycomb\u2019s Process Before Adopting EnKash Olympus<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">It was becoming difficult for Honeycomb Creative to keep track of their department-wise payments. Their business process was centralized, enabling only one individual to handle everything. To overcome these challenges, they onboarded EnKash to decentralize, automate, and streamline its processes with the help of Olympus &#8211; A full-stack platform designed by EnKash.\u00a0<\/span><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Challenges-faced-by-Honeycomb\"><\/span><b>Challenges faced by Honeycomb:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Budget management: Allocating separate budgets while dealing across separate verticals. In each department, multiple cards were used for expenses\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Delayed approval: The turnaround time for approvals from different department heads took longer than expected, keeping vendor payment and other work on hold<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Short-term working capital management: Challenge in managing their daily business operations<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"How-EnKash-Olympus-benefitted-Honeycomb-Creative\"><\/span><b>How EnKash Olympus benefitted Honeycomb Creative\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Olympus is an industry-first 360-degree platform designed for managing business payables, receivables, reconciliation, audit, and analytics for startups and small and medium businesses. Honeycomb Creative used Olympus to streamline its financial processes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After implementing EnKash Olympus, Honeycomb decentralized its finances, resulting in a smooth and streamlined process.<\/span><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"sc-name%E2%80%9Dhoneycomb-case-study%E2%80%9Dsc\"><\/span>[sc name=&#8221;honeycomb-case-study&#8221;][\/sc]<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Solutions-by-Olympus\"><\/span><b>Solutions by Olympus:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Virtual cards allocation: With the help of Olympus, the company allocated virtual cards to each of the verticals, enabling seamless and separate budget management and monitoring<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Single dashboard: All the departments can access the single dashboard to see and manage their finances, enabling better department management<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Budget management: Olympus allows customized report generation, making the budgeting exercise efficient while following transparency<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Efficiency in business processes: After adopting EnKash Olympus, Honeycomb reported a 30% efficiency in their business processes, making it seamless and less time-consuming<\/span><\/li>\n<\/ul>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Impact-generated\"><\/span><b>Impact generated:\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Better control over budget by Honeycomb Creative\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">30% enhancement in the process efficiency\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improved visibility of department-wise budget allocation with a single dashboard\u00a0<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment via credit card for short-term working management issue<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Improved vertical budget and department management<\/span><\/li>\n<li style=\"font-weight: 400; text-align: left;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Greater efficiency and 100% accuracy<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u201cIn integrated marketing communications, agencies need to allocate budgets for different verticals, which was one of [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":7091,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[622],"tags":[],"class_list":["post-7090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Honeycomb Creative onboards EnKash as a Trusted Partner for streamlining department-wise payment processes | EnKash<\/title>\n<meta name=\"description\" content=\"Honeycomb Creative onboards EnKash as a Trusted Partner for streamlining department-wise payment processes\" 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Proud owner of an ever-growing collection of saved Instagram reels.","sameAs":["https:\/\/www.enkash.com\/"]}]}},"_links":{"self":[{"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/posts\/7090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/comments?post=7090"}],"version-history":[{"count":0,"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/posts\/7090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/media\/7091"}],"wp:attachment":[{"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/media?parent=7090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/categories?post=7090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.enkash.com\/resources\/wp-json\/wp\/v2\/tags?post=7090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}