When businesses expand, while there are many benefits, there also are several challenges. These challenges range from keeping track of bills to managing them via a centralised system. In India, where businesses are subject to complex tax laws and regulations, a centralized system can be remarkably helpful.
Tracking bills for multiple offices is one of the biggest challenges businesses face. With each office having its own bills, it can be difficult to get an accurate picture of the company’s overall financial situation. This can make it hard to plan and make strategic decisions.
Another challenge is the sheer volume of bills that need to be managed. With multiple offices, there can be a huge number of bills and invoices to process each month, and this can be time-consuming for the accounts team. It’s not uncommon for bills to get lost or overlooked in the chaos, leading to late payments and missed opportunities to negotiate better deals.
A centralized system can help businesses to overcome these challenges by providing a single, unified view of all their bills and expenses. This makes it easier to get an accurate picture of the company’s financial situation and identify areas where cost savings can be made. A centralized system can also help to streamline the billing and payment process, reducing the risk of late payments and missed opportunities. EnKash’s Bill Pay product allows businesses to make multiple and bulk utility bill payments with a single sign-on on its platform. It also allows bill payments across various branches/ offices at one go.
With EnKash, businesses can manage branches in both centralized and decentralized ways. The product offers businesses to add billers, get reminders and initiate a single payment for all office bills with a single click. Additionally, the platform provides multiple users with a customized approval matrix with different layers, including Maker, Checker, and Approver, enabling businesses to manage their spending more effectively and in a transparent way. This will additionally ensure that all the bills and expenses are properly accounted for and comply with the relevant tax laws.
In conclusion, through a centralized system, businesses can now be abreast with the bills of multiple locations and manage them through a platform. Furthermore, this provides the businesses with real-time visibility and transparency.