Payments Blog

Optimizing Payroll Processes: A Guide to Using Openfloat for Easy Payments

Manual payroll management processes are prone to errors and can be difficult to scale as your business grows. Digitization, especially using platforms like Openfloat, presents an avenue to streamline these challenges and create a smoother experience.  

 What is Openfloat?   

It’s a business solution that digitizes petty cash, payroll, and corporate bills payments. It is a low-cost, consolidated digital solution for managing expense payouts across multiple channels and recipients, including bank transfers and mobile money (phone number, paybill, and till number).  

Openfloat allows you to customize expense processes with the following features: 

• Digitized disbursements 
• Saved recurring transactions 
• Categorized real-time reports 

This drives greater productivity for a business. It is available as a cloud-based software and mobile app that helps businesses digitize their payroll processes and other expenses. It offers a comprehensive range of features, including bulk payments, adding attachments to payments, creating users with specific roles that have varying permissions, and a 24-hour support team from Pesapal Ltd.   

How Openfloat Can Help You Optimize Your Payroll Management 

Openfloat can help you optimize your payroll processes in the following ways: 

1. Easy payments at any time of the day: Make payments at any time of day with ease. Openfloat disburses funds speedily 24/7. It gets your money flowing and frees up your time to focus on other important priorities. 

1. Improved accuracy: Openfloat is a reliable addition to your accounting system and procedures. You can save recurring transactions on your dashboard to improve accuracy and reconciliation with our easy-to-use reports. 

1. Increased visibility and control: You can create roles with specific permissions for different users on your Openfloat account. This gives you visibility and control over the payroll spend. 

Tips for Optimizing Your Payroll Processes with Openfloat  

1. Categorize and Group Payments:  

Before disbursing salaries or managing any other payroll expenses, you can categorize and group payments on Openfloat. This helps in ensuring that the expenses are recorded under the right ledger and can be tracked efficiently.  

2. Expedited Approval Processes:  

If your business requires multiple layers of authorization before making a payment, take advantage of Openfloat's maker-checker option to manage approvals. It optimizes approval procedures and sends notifications to the concerned approvers to avoid any delays. Depending on your business’ structure, approval rights can be given up to 4 approvers, specifying limits for each approver. 

3. Adopt a Unified Settlement System:  

Forget bank settlement delays. Use Openfloat's settlement features to settle funds directly from your Pesapal account. These features include:  

i). Prompt settlement – done within an hour,

ii) Any day and same-day settlement - withdrawals done before 2pm, received by 6pm. 

With these settlement options, cash flow can be managed efficiently.  

 4. Access Real-time Reports for Audits:  

Stay audit-ready by accessing real-time expenditure reports for reconciliation directly from the Openfloat dashboard. With Openfloat’s reporting capabilities, auditing becomes much more manageable. These features include receipts and detailed statements, ensuring that you have all the required documentation at your fingertips.  

 5. Utilize the Openfloat Multi-account Feature for Business Subdivisions:  

For businesses that run multiple branches, franchises, or even departments; create separate accounts within Openfloat. The account switching capability ensures smooth transitions between accounts, enabling a consolidated yet compartmentalized view of expenses.  

 Despite the challenges of payroll management, businesses can overcome them with digital solutions like Openfloat. From simplifying manual processes to ensuring prompt payments, Openfloat will transform your payroll processing. Try it today for an optimized payroll experience.