Why do you need the Business Account from Open?

Businesses need to optimise their finance operations right from inception. As an entrepreneur, the biggest challenge that I faced was to efficiently manage my business finances end to end.

For effective revenue generation, every business needs to streamline its core activities. One such vital activity is managing the books of accounts. Now, having multiple current accounts for business is quite common for first-time entrepreneurs like me. Little did I realise that managing these accounts would make my job even harder. Most of my time went monitoring the business cash flow from multiple current accounts, and reconciling payments from each of them, keeping track of expenses and so on.

Exploring several applications & signing up on a few of them wasn’t much of a solution. I had to find a better way to manage finances and grow my business. This led me to deep research where I discovered this breakthrough solution — Open.

Open Business Account: A Professional Approach to Managing Business Finances

Opting for the Open’s business account has brought in a tremendous change in my business. With the most effortless sign-up and KYC process, I was able to access the dashboard & their expense cards in just a matter of minutes.

Open’s all-in-one dashboard gives business owners a bird’s eye view into their business’s cash flow and helps them monitor the movement of every single penny of their account. It has a comprehensive approach to solve business banking and finance-related challenges by focusing on four major areas-

1. Banking

Open gives you a business account when you complete your sign up. This business account is similar to a current account, but it comes with features that no current account has. If you are yet to open a current account for your business, you can apply for Open’s business account.

While you use Open’s business account for payments and collections, you can also link your multiple other bank current accounts and view the cash position on a single dashboard. This helps you understand and get complete control of your business’ income and expenses.

You can send and receive payments using different modes, including UPI, NEFT, RTGS, IMPS. Not limited to this, a user on Open gets access to a virtual account that can be assigned to your employees and have complete control and insights over your business expenses. Furthermore, auto-generated invoices and payment reminders for payment collection are icing on the cake amongst the Open features.

2. Accounting

Open’s business account allows you to easily account for all your business income and expenses without scratching your head.

The thing I liked the most about Open’s solutions was the corporate cards that it offers. These corporate cards could be physical or virtual business cards, depending on your requirements. These cards can also be used as prepaid debit or credit cards.

I have assigned a few physical corporate cards to my sales team, who travel frequently and incur many business expenses related to food, stay, and meetings. I have also assigned virtual cards to the digital team members to pay for various business-related subscriptions like AWS, Facebook Ads, etc.

For all the cards that you assign to your team members, be it physical or virtual, you can set a spending limit and never worry about employees overspending in any case.

Employees just need to upload invoices using the WhatsApp prompts for easy and instant expense monitoring and reconciliation.

In addition to this, one can even sync their Tally application with Open to monitor account payables and receivables. Moreover, the auto-reminder feature is quite helpful in maintaining cash flow while sending or receiving payments.

3. Taxation

Every business needs to pay taxes. A failure to comply with the tax norms could result in a legal and financial penalty.

Before I signed up on Open, I used to sign up on various government portals to pay taxes such as GST, TDS, etc. The government websites were usually slow and consumed much of my time.

With Open you can keep up to date with any dues. You can pay your taxes in a few clicks. The good thing about it is that all of the payments are automatically reconciled.

4. Payroll

As we all know, irrespective of the size of an organisation, salary processing plays a huge role. However, it is also one of the most tedious activities that must be carried out every month. Open payroll has helped me simplify and automate tasks like attendance and leave management, payslip generation, HR report generation and whatnot. This feature is a real boon to make all your payroll operations hassle-free.

Not limited to these features, the Open dashboard offers you multiple features to explore, simplify and manage your business finances. For instance, you can sign up and explore the Open payment gateway. Whether you are a B2B or a B2C service/ product provider, Open’s payment gateway is an ultimate go-to solution for your selling management if you are present online. The Open payment gateway helps you optimise all your payment options from a single dashboard.

Open — The best way to manage your business finances

Open helped me realise that there are much better ways to manage your books than following the traditional approach full of human errors. Sign-up on Open today and manage your ‘end to end’ finances the intelligent way.