How To Set Up Openfloat for Your Business

Openfloat by Pesapal is a business solution that digitizes payments, payroll and corporate bills. Whether you're a small business owner or managing a larger organization, Openfloat offers customizable options to keep your finances in check and support growth. 

Benefits of using Openfloat for your business 

With Openfloat, you gain access to real-time financial insights, expense tracking, and budgeting tools that enable efficient fund management. The platform provides customizable alerts, powerful reporting features and detailed transaction histories making it a comprehensive financial solution for your business. 

Setting up your Openfloat Account 

Here are the steps you need to follow when setting up your account; 

Step 1: Registering for an Openfloat account 

Visit the Openfloat website https://www.openfloat.africa/sign-up and click “Sign Up.” Enter your personal details, including your name, business name, email address, and password. 

Step 2: Verifying Your Account 

After signing up, check your email for a verification link. Clicking the link verifies your account, giving you access to your Openfloat dashboard. 

Step 3: Initial Setup 

Once logged in, familiarize yourself with Openfloat’s dashboard. This main control centre displays your cash flow, expenses, and important financial metrics. 

Step 4: Customizing Your Profile 

Update your business profile with essential details, like your business name and logo, to personalize your account. 

Step 6: Topping up your Openfloat account 

Top up your Openfloat account directly from M-Pesa, bank account and your Pesapal business dashboard. Once done, you can take control your business spend and make informed decisions. 

This will allow you to check on; 

Cash flow management 

Track cash flow in real-time to see where your money is coming from and where it’s going. The dashboard’s makes cash flow tracking easy for you to interact with. 

Managing daily and recurring expenses 

Simplify the complex task of managing daily and recurring expenses with Openfloat. By automating the tracking, categorization, and reporting of expenses, you free up time and reduces the risk of errors. Real-time insights into spending patterns empower you to make informed financial decisions, optimize your budget, and achieve their financial goals. 

Expense tracking 

By accurately tracking expenses, you can gain valuable insights into their spending habits, identify areas for potential savings, and make informed financial decisions. Effective expense tracking promotes financial accountability, improves budgeting accuracy, and ultimately leads to better financial health. 

Maker Checker controls 

Allow users with different permissions to initiate and approve transactions within the Openfloat platform. By requiring two individuals to review and approve transactions independently, it significantly reduces the risk of errors, fraud, and unauthorized activity. This process promotes transparency, strengthens financial controls, and enhances overall organizational governance. 

Step 7: Generating financial reports 

Generate/download receipts, statements and reports based on your specific requirements. Options include revenue reports, expense summaries, and cash flow analyses. You can easily export and share the reports with stakeholders or save for your own records. 

Maintaining Security in Openfloat 

To maintain security in Openfloat, start by enabling two-factor authentication in your account settings for added protection. Additionally, make it a habit to routinely update your password and review your account security settings. These proactive steps help ensure your data stays safe. 

Setting up Openfloat is a smart move for businesses seeking a modern solution to financial management. With tools for tracking cash flow, managing expenses, and generating reports, Openfloat simplifies your payouts and corporate spend management, letting you focus on growth. 

Talk to us today to learn more about how you can have real-time control on your petty cash management, corporate bill payments, vendor pay-outs and more!