How to automate expense management for your business?

Are you a small business owner like me, who manages your business finances all by yourself?

One of the most cumbersome tasks that small business owners have to carry out is allocating funds to their employees & reconciling the related expenses. The allocation of funds for business-related errands is made up of processes like approvals, reimbursements, and reconciliation.

This entire process consumes a lot of time and distracts you from your core business activities. Also, small business owners cannot afford a full-time CA to overcome these challenges. This is where the Open’s expense management module will help you.

Open’s expense management system will help you in managing your finances with easy approval & reconciliation. Let me explain to you with a use case on how Open’s expense management feature will help you with tracking & controlling expenses.

Suppose you have a sales team of five field agents spread in various cities — you will have to allocate money for their expenses like accommodation, food, conveyance, etc. Each one of them will give you a bundle of receipts of their expenses by the end of the month. And now you will have to spend a lot of time & effort to approve, reimburse, and reconcile them.

Open’s expense cards help you in easy allocation and reconciliation of employee expenses.

Managing expenses with Open

Once you register on Open’s business banking platform, you can assign expense cards to your team members. The integrated WhatsApp feature of Open lets you upload receipts in real-time. Whenever the employee makes a payment using the card, he/she will receive an automated WhatsApp message to upload a snap of the receipt. You will have the receipts uploaded in real-time that’ll help you track the expenses of your employees. You’ll also be able to deactivate or cancel the card as per your requirement.

The other exceptional feature from Open is the virtual cards. You can create & assign virtual cards to your team members who are working remotely. It can be used for making online or international payments/subscriptions. Open provides the platform to create, assign & manage virtual cards as and when required.

Each payment done by the Open’s virtual card or expense card is automatically recorded on to Open’s banking platform. Reconciliation can be automated this way using Open’s platform.

With the least human intervention, Open’s expense management system provides a multi-level approval flow. Paying advance cash or reimbursements will become easier for you once you switch to Open.

Open’s expense management system will provide you with greater spend visibility. You will be informed even about the smallest expenses made by your team members in real-time.

These expense cards are powered by and used everywhere VISA cards are accepted.

The most comprehensive expense management solution

Automated accounting & bookkeeping processes will not only save you time but will also require less human intervention, and therefore less human errors. With a dashboard for viewing all your expense details, Open’s expense management system provides you with a comprehensive solution for real-time, accurate, and a complete overview of business & team expenses that saves you time and money.

Sign up for an Open account today to enjoy a seamless business banking experience!