How Solo Expenses has put online expense software at the cutting edge of modern banking23 November, 2018 12:01 pm
Solo Expenses has been pioneering technology for small business expense tracking for almost two decades – and has now taken a major new step for small firms by working with a bank to create the first-ever app to roll up expenses management and the bank…
Solo Expenses has taken a ground-breaking step in the world of online expenses management software by forming a link with Yes Bank, India’s fourth-largest private sector bank.
That’s led to the development of an app that expense logs expense claims with the bank which holds them until authorised for payment, at which point funds are released back to the claimant.
The creation of a payment gateway in this form was released in August this year, and signals positive action in the way banks are having to change the way they do business. Online capability and familiarity mean that banking has to evolve, and it’s doing so by recognising the value and power of technology, with Yes Bank in the vanguard.
Solo Expenses and Yes Bank have used a BHIM UPI interface behind the business expense tracker app.
BHIM stands for Bharat Interface for Money. It has been around for almost two years, having been launched by India’s Prime Minister Narendra Modi at the end of December 2016. Developed by the National Payments Corporation of India, it facilitates direct bank payments using a system called UPI, or Unified Payments Interface.
Cutting through the complexity
All that sounds a bit complicated, but it doesn’t need to be. The complexity has been dealt with in planning and development, and incorporated into the Solo Expenses ‘free for life’ business expense tracker app.
As far as the user is concerned, claiming the expense could hardly be simpler – or cheaper – once you’ve registered. Let’s take the example of buying a coffee.
Claiming for a coffee
Order a couple of coffees for you and a client. Pay through the app. Scan the UPI QR code at the counter (assuming the vendor is registered with UPI) and photograph the receipt. Follow the on-screen prompt, and your claim is logged with the bank. There’s an on-line video demo here. Once the spend is approved, the bank will pop the money back into your account. And that’s it. Your expense claim is logged and awaiting authorisation before you’ve taken your first sip.
What’s more, having the app on your phone, with all of its hidden power, isn’t expensive. In fact, having the app available for a single employee for a month will cost less than the price of a cup of coffee in our example – and some elements will remain free for as long as you’re registered with us.
For us, this ground-breaking work with Yes Bank is another step on a journey of development and enhancement for the expense management app that began life in 2003 as the first such product produced for sole traders. The next steps will include broadening the BHIM UPI system to more of India’s millions of small firms.
For you, it ought to be checking out the benefits of becoming a Solo Expenses customer. Businesses in 98 countries already are. Discover what you’re missing here.