7 reasons SMEs should choose neobank Open to manage business finances
I was just going through today’s newspaper and I found this amazing tip by Dave Ramsey, a very popular fintech enthusiast — “Having a plan with money doesn’t just help you right now, it also gives you vision and hope for the end goal” and I couldn’t agree more.
When it comes to managing business finances, one of the first things that come to my mind is Open. Most SMEs spend hours and hours managing everything right from making vendor & salary payouts, managing 2 to 4 current accounts, to managing all their accounting & bookkeeping. Therefore there is a need for them to streamline the financial management of their business. Open is a neobank that helps SMEs manage all their business finances, right from doing business banking to payments to accounting, in one single platform. Until now Open has powered about 5,00,000+ businesses and processed about $14+ Bn transactions annually.
If you’re looking for a neobank for your SME then here are seven reasons why Open is the perfect choice for you:
1. Gives you the best business current account with a lot of features
Mostly, SMEs subscribe to multiple platforms and they end up spending quite a lot of time switching between these platforms to manage finances. There is a growing need to have everything in one place to streamline their business banking.
Well, with Open they can get the perfect business current account and a credit card that comes integrated with banking, accounting, payment gateway, mass payouts, GST bills or invoices, and a lot more features, all of them in one place! This way business owners don’t have to sign up on separate platforms to manage each of these business finance functions.
2. Automate your accounting & bookkeeping activities
Now, accounting and bookkeeping form an essential part of managing your business finances as it has all the details of your cash inflow and outflow. At the same time, they are not an easy process to do manually.
One of the best parts about Open is that it provides you with a platform where all your accounting and bookkeeping activities can be automated. As you go about collecting customer payments (cash inflow) & making payouts to your vendors & salary payouts to employees (cash outflow) — your accounting is done automatically (without you even knowing it), which is amazing!
3. Lets you track your expenses
If you run a business and you don’t know where your money is going, you won’t be able to recognize negative spending behaviors that you can easily change to make your money work for you.
With Open, you can easily track all your expenses and on top of that, it can also help you identify serious problems in how you manage your money. Open gives a credit card that comes integrated with your business current account. As for team expenses, you can manage them easily using physical & virtual cards -just set limits, load cards directly from your current account, and hand them out to your teammates.
For example, virtual cards can be used by your team members to run Google ads or Facebook ad campaigns, and physical cards can be used by your sales team. They come integrated with Whatsapp to simplify expense filing and reimbursements.
4. Most secure payment gateway
While running a business, you always strive for the safest and most professional way to deal with financial transactions online. You also have to make sure that all customer information is protected.
Open lets you accept payments via cards, net banking, UPI, NEFT, RTGS, or IMPS, which I find is very safe and secure. You can use Open’s payment gateway APIs to integrate with your website or SDKs for integration with mobile apps if you have one. They offer a seamless checkout experience for your customers.
5. Invoicing with inbuilt payment links
Most businesses that don’t have an online store, card terminal, or other payment systems, share payment links to collect customer payments.
Well, Open lets you create GST compliant invoices that have inbuilt payment links — so your customers can just click & make payments right away. You can share these invoices with payment links with your customers via email or mobile. Upon receiving this email, your client would be able to settle your payment in just two steps! All they need to do is — click on the link & pay using the payment mode of their choice (NEFT, IMPS, RTGS, UPI, Cards).
6. Simplifies Mass Payouts
Making payouts is very common and almost a regular task for most SMEs. It’s almost impossible to pay off each and every person individually. It eats up precious time that you could otherwise spend running your business.
Therefore Open enables you to make mass payouts by just opening a business current account. You can process multiple payouts at the same time by uploading a CSV or Excel file. To top it Open lets you make payouts without any beneficiary addition.
7. Connect & manage all your current accounts in one place
While running a business, we tend to have multiple current accounts, and therefore it is a very tedious process to switch between multiple accounts to manage business finances.
But luckily Open has got a solution for this! With Open you can connect & manage your existing current accounts (60+ bank accounts possible) in one place, thus making it easier for you to view bank statements & balances on a unified dashboard.
Before I go, I would like to conclude by saying that having proper business banking & financial management system is important for SME owners like me. I am really thankful for having Open for giving me time to focus on growing my business. If you are looking to manage your business finances seamlessly, then you should definitely try out Open!