Managing Business Expenses and Disbursements Made Easy with Openfloat by Pesapal
11 April 2023
Managing business expenses and disbursements can be a daunting task for business owners globally, in any market. With so many payments happening daily, it can be difficult to keep track of everything. The challenges that business owners face include tracking business financial records, petty cash management, disbursement of funds, and budgeting.
- Tracking Business Financial Records: Keeping track of expenses is a crucial aspect of financial management for businesses. However, it can be hard to track all expenses, particularly if they are made in cash or if there are multiple payment methods involved. This can lead to inaccuracies in financial records, which can affect business operations.
- Petty Cash Management: Petty cash management can also be challenging for businesses, particularly those that handle cash transactions regularly. Employees may not always provide accurate records of their expenses resulting in financial discrepancies that may affect cash flow.
- Disbursement of Funds: Disbursement of funds when there are multiple payment methods involved needs proper recording and tracking. For example, if a business needs to make payments to international suppliers or clients, it may need to use different payment methods, such as wire transfers or credit cards. This could lead to delays or complications, which can affect revenue flow and operational processes.
- Budgeting: Budgeting is an essential aspect of financial management for businesses, but it can be challenging to create and maintain an accurate budget. This is particularly true for businesses with fluctuating revenue streams or those that have seasonal sales. Creating an accurate budget can help businesses plan their expenses and manage their cash flow effectively.
To address these challenges, businesses need to adopt effective financial management strategies and tools. This is where we introduce Openfloat, an expenses management solution by Pesapal - the leading payment services company with local know-how in building payments and business tools for Africa.
What is Openfloat?
Openfloat is an app and web-based programme that enables businesses to manage their expenses and disbursements seamlessly. It allows businesses to keep track of their financial payments in real-time, ensuring that they have accurate and timely reporting. Let's delve deeper into how Openfloat can help businesses manage their expenses and disbursements effectively.
The platform acts as a comprehensive financial management solution that addresses many of the challenges faced by businesses in managing expenses and disbursements. With OpenFloat, businesses can easily manage their corporate spend, track expenses, and make travel arrangements for their team, all on one platform.
Openfloat integrates with Pesapal, enabling businesses to receive payments from their customers and facilitating payments to their suppliers and employees.
For instance, one of the challenges highlighted above that businesses face is tracking employee expenses when they undertake specific work assignments. With Openfloat, businesses can easily track expenses in real-time, reducing the risk of inaccuracies in financial records and improving cash flow management.
How Does Openfloat Work?
Openfloat gives one single, user-friendly platform to manage your expenses and disbursements. Here's how it works:
- Sign up: To start using Openfloat, you need to create an account by providing some basic information. Once registered, users can log in to the platform and start managing their finances.
- Input expenses and disbursements: Once logged in, you can input your expenses and disbursements into the platform. Openfloat automatically categorizes the expenses and disbursements and generates reports based on the data entered. This feature provides your business with a clear picture of where your money is going and how much you are spending in different categories.
- Make disbursements: One of the best things about Openfloat is that it allows your business to make disbursements directly therefore easily paying your suppliers, employees, and other vendors without having to leave the platform. This feature makes the process of paying invoices and bills much faster, efficient and transparent because there’s a digital record.
- Withdraw funds: Another great feature of Openfloat is that it allows you to withdraw funds from your Pesapal merchant account directly to your Openfloat account, providing you with same-day settlement. This means that you can access your funds faster therefore manage your finances more efficiently.
- Receive email receipts: Finally, once a payment is made, businesses receive an email notification confirming payment receipt and providing details of all services paid for. This feature ensures that businesses have a clear record of their payment transactions, enabling them to track their expenses accurately and efficiently.
- Simplified Disbursements: business owners can disburse different transactions all at once from a single file. This means that they can easily upload a file containing all the transactions that need to be processed and the platform will automatically process each transaction individually. This saves time and reduces the risk of errors that can occur when manually processing each transaction.
Benefits of Using Openfloat
Openfloat provides numerous benefits for businesses. Some of the key advantages include:
- Simplified auditing: One of the significant benefits of using Openfloat is that auditing becomes much more manageable, thanks to the platform's detailed transaction records. Every transaction made on the platform must leave a comment, providing a clear description of the transaction. This feature ensures that businesses have a comprehensive record of all their financial activities, making it easy to identify any discrepancies or errors. By having a clear picture of all their financial transactions, businesses can easily generate reports and comply with audit requirements, ensuring that their financial records are accurate and up to date.
- Enhanced Financial Management: Openfloat allows businesses to track their expenses and disbursements in real-time, which ensures accurate and timely reporting. This feature helps businesses make informed financial decisions.
- Time Saving: By allowing businesses to manage their expenses and disbursements in one place, Openfloat saves time and reduces the need for manual data entry.
- Improved Efficiency: Through streamlining the process of paying invoices and bills, Openfloat helps businesses become more efficient and effective.
- Enhanced Security: Openfloat is built with your security in mind. It ensures that your financial information is safe by using cutting-edge security protocols. This protects your information from unauthorized access and hacking attempts. With Openfloat, you can have confidence that your financial data is secure.
The ability to make disbursements directly, same day settlements, and petty cash management helps businesses stay on top of their expenses. So, if you are a business owner looking for a solution to manage your finances efficiently, sign up on OpenFloat today!
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