This is a guest post by PayU.
Managing finance operations is no cakewalk. And no matter which stage your organization is in, the finance team is always on its feet to ensure smooth money management. Undoubtedly, there has been a lot of movement in the tech industry related to financial operations, and complex processes have been broken down to provide ease of doing business. But there’s still a lot of room for improvement.
Often when things are going well for a business, they might think of scaling up the existing processes to ensure a positive workflow. If you are a finance manager looking to upscale the finance operations for your business, we have five quick tips for you. Read on!
ProTip 1: Manage all your accounts and balance right from your accounting platform
One of the practices that most prolific finance professionals do is unify all their processes in a single platform. This makes it easy for businesses to manage accounting, disbursals, and vendor management so they can save on hundreds of hours of labor and overhead costs.
An integration like PayU with Zoho Books gives you the convenience of managing your accounts right from your Zoho Books dashboard.
ProTip 2: Keep in close sync with all your vendors by sharing real-time updates
After you’ve joined the experts in unifying your account and finance processes in one place, the next important thing is to not keep them hanging or waiting to hear back. Share real-time updates like the success or failure of payment credits so that they know that there’s some momentum and their money is spent in the right direction.
ProTip 3: Offer a plethora of payment options to your customers to choose from
Over the years of being in the fintech ecosystem, one thing we’ve realized is that there’s no “one-size-fits-all” concept when it comes to digital payment options. Some of your vendors might prefer debit cards over credit cards while some might look for the convenience of UPI. It is suggested to offer as many avenues as possible for people to make a payment. Not only does this offer convenience to your existing customers, but it also gives them a sigh of relief that you are flexible and not rigid in terms of operations.
ProTip 4: Give alternatives like EMI and more for better conversion
When offering a list of payment options, don’t forget some of the most lucrative ones like EMI. These payment options are easy to use and allow your vendors the flexibility to make payments at their convenience. Secondly, this also keeps you away from multiple queries that might arise due to rigidity in the payment options.
ProTip 5: Look for a robust support system
Now that you understand how to build a working payment stack to enhance your business efforts, the next step is to leverage these efforts a little more. Having 24/7 support might seem like just another add-on, but when we talk about payments, it plays an important role—it keeps your businesses at ease while building credibility in the relationship!
Best of all, all of these functionalities are available at your fingertips within the Zoho Books ecosystem.
Check out the integration between PayU and Zoho Books and make finance operations and payments a simplified and hassle-free process for your business!
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