Know How Yes Bank Connected Banking Helps to Manage Business Finances Efficiently

Mr. Sharma, the owner of a supermarket in Delhi, faced several common business payment challenges when he initially started his business. These issues included:

• A tiresome, slow, and error-prone manual reconciliation process.
• The need to log into various banking portals to check balances for different current accounts.
• The struggle to chase customers for timely payments, find UTRs (Unique Transaction Reference) among lengthy spreadsheets, and reconcile receivables.
• The risk of missing payments to vendors due to a growing vendor base, inadequate record-keeping, and strained relationships with vendors.

The good news is that Yes Bank Connected Banking has effectively resolved all these business payment problems. But how does it work? Let's explore:

What is Yes Bank Connected Banking?

Yes Bank Connected Banking allows users to connect their current accounts with business payment platforms like OPEN. Additionally, OPEN enables the linkage of Yes Bank's current accounts with accounting software such as Zoho Books and Tally.

How Did Yes Bank Connected Banking Assist Mr. Sharma?

Thanks to Yes Bank Connected Banking and OPEN payment platform, Mr. Sharma experienced several benefits:

Timely Payments and Receivables

• Mr. Sharma linked his Yes Bank current account with OPEN, enabling him to pay his vendors directly through his account.
• OPEN simplified the process of creating bills and invoices, making it just a few clicks away.
• Bills and invoices created within OPEN were easily accessible on OPEN's dashboard from his accounting platform.

Effortless Reconciliation

• Yes Bank Connected Banking, in collaboration with OPEN, seamlessly integrated with Mr. Sharma's accounting software.
• This integration proved to be a game-changer as every payment and collection made through OPEN was automatically matched with the corresponding entries in his current account's e-statements.
• Furthermore, payment and collection records in OPEN were instantly synchronized with his accounting tool.

Enhanced Cashflow Visibility

• With Yes Bank's current account linked to OPEN, Mr. Sharma gained a comprehensive view of every business payout and collection.
• This enhanced visibility allowed him to monitor the flow of money in and out of his business, providing insights into cash flow and business profitability.
• This newfound clarity empowered him to make better financial decisions, including allocating funds for business growth.

Streamlined Account Management with a Unified Dashboard

By leveraging Yes Bank Connect and OPEN, Mr. Sharma seamlessly consolidated all his current accounts into a single, easily accessible dashboard.

Advantages:

• Simplified Access: Mr. Sharma connected his three Yes Bank Current Accounts to OPEN, granting him effortless access to account balances without the hassle of managing multiple passwords.
• Direct Payments: Through this integration, he gained the ability to execute direct payments directly from his linked bank accounts.
• Furthermore, the OPEN platform empowered Mr. Sharma to efficiently process bulk payments to his vendors, eliminating the need for separate transactions and intricate Excel spreadsheets to track beneficiary details. This solution enabled him to pay multiple vendors simultaneously and eliminated the inconvenience of entering OTPs for each payout.

OPEN also offers a range of specialized tools tailored for businesses, empowering them to:

• Streamlined Spend Management: Effortlessly monitor employee and business expenses through automated receipt collection and approvals.
• Hassle-Free GST Filing: Say goodbye to the complexities of GST calculations, as OPEN handles both inbound and outbound supplies. It provides a GSTR-1 ready for filing, facilitates the download of GSTR-2A for transaction verification, and enables the direct filing of GSTR-3B—all conveniently accessible from the OPEN platform.
• Effortless E-Invoicing: Simplify invoice creation using the OPEN platform and seamlessly generate e-invoices with ease.
• Comprehensive Payroll Management: Efficiently oversee employee reimbursements, leave management and payroll processing directly from the OPEN platform.

Yes Bank's connected banking offers even more benefits that Mr. Sharma has enjoyed. If you're interested in discovering the full details and reaping the benefits of Yes Bank Connected Banking, you can learn more by reading the complete blog provided here.