On October 31, 2023, the Reserve Bank of India (RBI) issued a master circular on the import of goods and services titled <a href="https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12561&amp;Mode=0">Regulation of Payment Aggregator – Cross Border</a>.&nbsp;&nbsp;

According to the circular, the RBI will regulate all Indian entities facilitating online cross-border payments for the import and export of permissible goods and services. Moreover, these entities will be collectively termed Payment Aggregators Cross Border (PA-CB).

The circular comprises guidelines to streamline the existing cross-border payment framework in India. Previously, cross-border transactions were carried out through Online Payment Gateway Service Providers (<a href="https://www.skydo.com/blog/online-payment-gateway-service-provider-opgsp?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">OPGSPs</a>) as per a circular issued by RBI in 2015.

OPGSPs operate by partnering with an Authorised Dealer (Category I) Bank (AD Bank) and notifying the RBI. According to RBI guidelines, no formal license is needed to function as an OPGSP.

Hence, RBI has issued a circular to establish a concise and clear framework for cross-border payments. RBI will now oversee all cross-border payments in India related to the import and export of goods. The circular applies to PA-CB, PAs, authorised banks and OPGSPs.&nbsp;The PA-CB circular also denotes that there can’t be any new OPGSP.

This blog discusses the key provisions related to the latest RBI circular on the import of goods and services, RBI guidelines for payment gateway, and OPGSP guidelines.

Master Circular on Import of Goods and Services: RBI Bank Guidelines

The following are the key guidelines mentioned in the circular.

The following entities need to adhere to RBI guidelines/instructions provided in the circular.

Here are the key developments included in the new PACB circular.

Categories of Authorisation as per PA-CB Activity&nbsp;

Based on the cross-border payment activity undertaken by the PA-CBs, they can seek authorisation for one of the following three categories.

PA-CB, facilitating cross-border payments for Indian exporters, has to open an Export Collection Account (ECA) with an AD bank.&nbsp;

ECAs can be opened in either Indian currency or foreign currency. In the case of the latter, various ECAs have to be opened for different currencies.

The PA-CBs will credit all export proceeds in the respective ECAs. Additionally, export PA-CBs need to follow the below guidelines:

Similar to export PA-CBs, import PA-CBs have to open an Import Collection Account (ICA) with an AD bank.&nbsp;

They will collect the payment from importers in an escrow account managed by the payment aggregator. It will then be transferred to ICA and will eventually be transferred to the bank account of the foreign merchants.

These entities are allowed to directly onboard foreign merchants, e-commerce marketplaces, or other overseas entities that offer payment aggregation services.&nbsp;

Here are the guidelines Import PA-CBs need to follow.

Those PA-CB who engage in both import and export activities have to comply with the requirements for both Import PA-CB and Export PA-CB.

They also need to ensure that the maximum value per unit of exported or imported goods or services should be ₹25,00,000.

Non-banks who want to provide PA-CB services will have to seek authorisation from RBI. However, before seeking RBI authorisation, it is necessary to register with the Financial Intelligence Unit-India (FIU-IND).&nbsp;

However, RBI has issued the following net-worth criteria for non-banks providing PA-CB services.

The accounts of existing non-bank PA-CB who are unable to meet the net worth requirement will be closed by banks by 31 July 2024.

Snapshot Comparison Between OPGSP Circular (2015) and PA-CB Circular (2023)&nbsp;

Here are the key differences between the OPGSP Circular (2015) and the PA-CB Circular (2023)

Here is the process of seeking approval from RBI for existing or new PA-CBs.

Step 1: Draft the application through Form A, which includes the following parts.

Step 3: The RBI will process the application.

(RBI may raise queries related to various aspects such as shareholding, product processes, etc.)&nbsp;

Step 4: In principle approval from RBI.

Step 5: Filing of system Audit Report

(RBI may raise queries related to SAR audit observations)&nbsp;

Step 6: Final authorisation(state additional conditions that must be complied with)&nbsp;

The evolving cross-border payments environment and the emergence of several OPGSPs and other fintech entities encouraged RBI to issue the circular. Its main purpose is to ensure seamless and more transparent cross-border payment transactions.

Even though regulatory authorities are constantly working on making cross-border payment transactions seamless, transparent, secure, and quicker, businesses often face difficulties in receiving timely payments.&nbsp;

Skydo aims to simplify the cross-border payment landscape for businesses by automating various tasks and helping businesses open foreign bank accounts. <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> to streamline your invoicing and financial management activities!

Q1. RBI’s master circular on the import of goods and services and cross-border payments applies to which entities?

Ans. AD banks, PAs, and PA-CBs involved in the online processing/settlement of cross-border payment transactions related to the import and export of goods and services have to comply with the guidelines mentioned in the circular.

Q2. What are various compliances according to RBI payment aggregator guidelines for cross-border payments?

Ans. All PA-CBs have to follow the guidelines provided in the circular dated October 31, 2023. Additionally, they also have to follow the various guidelines for payment aggregators mentioned under a circular issued by RBI on March 17, 2020.&nbsp;The circular includes guidelines related to customer grievance redressal and compliance with Baseline Technology Guidelines to ensure fraud prevention and risk management.

Q3. How can PA-CB seek authorisation for facilitating cross-border payment transactions?

Ans. AD banks do not need to seek authorisation to facilitate cross-border payment transactions. However, a non-bank PA-CB can seek authorisation from RBI by sending the application to the Department of Payment and Settlement Systems (DPSS), RBI, Central Office (CO), by April 30, 2024. PA-CB entities must fulfil the minimum net worth criteria before applying to RBI.

 Know more about RBI's circular that mandates payment aggregators to seek authorization for facilitating cross-border transactions by April 30, 2024.

BI’s PACB Circular: Key OPGSP Updates of 2024 to Note 

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Disclaimer: Please note that the information provided is accurate as of September 2023.

Startups and small businesses need solutions for their working capital requirements and liquidity issues to remain afloat. Cash flow challenges top the list of issues before and after the business captures ground and starts generating income.&nbsp;

An ideal solution to dissolve cash flow issues and liquidity crunches in managing day-to-day business expenses is Business Credit Cards. Such international credit cards come in a multitude of types and reward systems to suit the specific needs of business owners.&nbsp;

Business credit cards save you from the hassle of arranging credit and loans each time the need arises. You also get access to various perks and cashback and the chance to set up a good credit history.&nbsp;&nbsp;

Here’s a list of the top credit cards with no annual fees to meet your startup expenses while providing you with the ease and convenience of credit access at any time at low-interest rates.&nbsp;

This credit card with no annual fee comes in the rare category of ‘spend more to earn more rewards’ cards. You can earn 2x reward points on purchases of up to $50,000 annually. If you are a small business owner or a startup founder, the card fits your business spending perfectly.&nbsp;

#2: <a href="https://creditcards.chase.com/business-credit-cards/ink/cash">Ink Business Cash Credit Card</a>

This credit card stands at the top on the leaderboards for the Best Overall Startup Credit Card. Enjoy zero introductory APR and a $750 welcome bonus on your purchases. The card is suitable for startup owners who seek to make large purchases and finance them periodically.

#3: <a href="https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/">Bank of America Business Advantage Travel Rewards World Mastercard Credit Card</a>

Business Advantage Travel Rewards World Mastercard Credit Card has a handsome introductory APR and robust earnings. It can be the best global credit card choice in the ‘Best of Travel’ category. Business owners can earn up to a 3X reward rate on business purchases at zero annual fees.&nbsp;

#4: <a href="https://www.usbank.com/business-banking/business-credit-cards/business-triple-cash-back-credit-card.html">U.S. Bank Business Triple Cash Rewards Visa Business Card</a>

This business card has varied cashback rewards across multiple business spending categories.&nbsp;

#5: <a href="https://www.sbicard.com/en/personal/credit-cards/business/sbi-card-prime-business.page">SBI prime business credit card</a>

SBI Prime Business Credit Card takes care of your countless monthly expenses along with multiple perks and rewards.

Considerations When Choosing a Global Credit Card

Startup and small business owners must consider a few pointers before choosing a global credit card for meeting their everyday startup expenses.&nbsp;

A travel credit card will do you no good if your business operations are domestic and require in-house expenditure. Choose a credit card that matches your specific business needs and spending patterns.&nbsp;

Credit cards offer different reward structures and types to cater to various businesses. For instance, the Ink Business Cash Credit Card provides a cashback structure, while the Bank of America Travel Rewards Credit Card caters to your travel and dining expenses. Evaluate reward categories to match common business expenses.&nbsp;

Factor in <a href="https://www.skydo.com/blog/seamlessly-accept-international-payments-in-india?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">international payments</a> and global acceptance while choosing a card. A global credit card is a must, especially for founders who have to travel frequently overseas and deal with international clients.&nbsp;

Look for <a href="https://www.skydo.com/blog/hidden-fees-in-bank-rates?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">hidden charges</a> while selecting a card for your business needs. Understand the annual fee structure, transaction fees, and interest rates and select the most economical and cost-efficient one.&nbsp;

Check out the perks like travel insurance, purchase protection, and extended warranties with international credit cards in India. Additionally, if your business is a part of the bank ecosystem, you get additional perks and benefits.&nbsp;

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You're the founder of a thriving business, juggling multiple responsibilities day in and day out. Your inbox is a never-ending stream of emails, your calendar resembles a colorful puzzle with every hour blocked off, and your to-do list grows faster than you can check things off. You're constantly bombarded with urgent demands and exciting opportunities that seem impossible to pass up.

As a business owner, you're well-acquainted with the exhilarating rollercoaster that <a href="https://www.skydo.com/blog/the-entrepreneurs-guide-to-product-market-fit?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">entrepreneurship</a> can be. It's a world where every task appears to be of utmost importance, where time is a precious and finite resource, and where the line between urgent and essential is often blurred. Amidst the chaos and excitement, the struggle to manage your time effectively can become all too real.

Many founders, like you, find themselves in this very predicament. As visionaries, innovators, and risk-takers, you thrive on the excitement of chasing new opportunities. Yet, in the quest for growth, the critical skill of time management is considered in passing. As a result, you tend to feel constantly overbooked, unable to prioritise, and, at times, overwhelmed by the weight of your ambitions.

But here's the good news: Effective time management techniques are a skill that can be cultivated, and it's the key to not only surviving but thriving in the world of entrepreneurship.

Executives who wield their schedules with precision can seize opportunities. However, mastering this art requires more than just a well-organised calendar; it's about aligning actions with priorities, allocating resources judiciously, and adapting to the ever-shifting currents of the market.

Time management can grant you those extra hours you always wish to have while managing your business. There are many strategies to plan your schedule and optimise time utilisation. Read on to learn some of them.



Employee appraisals, technical issues, customer service concerns, and hundreds of other tasks require your attention each day. Amidst all the hullabaloo, how should you sort and prioritise your tasks?&nbsp;

Figuring out what tasks to work on and in the right order is a skill. One simple way is to anchor your daily objectives and targets to the long-term business objectives. By doing so, you never lose focus of your goals and can easily break them down into actionable tasks and milestones.&nbsp;

The Eisenhower Matrix can be a handy tool to divide your tasks based on their importance and urgency and overcome our natural tendency to focus on unimportant tasks.&nbsp; Reschedule, delegate, and outsource tasks based on their importance. The matrix can help you differentiate between important and urgent tasks for better time management. 



Important tasks form the core of the business and its objectives. However, urgent tasks might demand immediate attention and can often relate to someone else’s goals. 

A survey found that<a href="https://hubstaff.com/time-tracking/guide"> 40% of employees</a> don’t track time spent reading/replying to emails. Businesses incur losses worth $52,500 per employee annually for the untracked time spent on timesheets to bill clients.

Similarly, most businesses never track the time spent in meetings, discussions, record-keeping, paperwork, etc., and costs thousands of dollars. You can prevent this leakage easily through time-tracking tools.&nbsp;

A few of the popular<a href="https://zapier.com/blog/best-time-tracking-apps/"> time-tracking tools</a> that you can opt for are Toggl Track, HourStack, Timely, TrackingTime, RescueTIme, etc.&nbsp;

Time-tracking tools help improve employee productivity and identify workflow issues to reorganise tasks and recognise top performers.&nbsp;&nbsp;

Pro Tip: Time tracking doesn’t mean micromanaging tasks.&nbsp;

Time-saving tools help make data-driven decisions and avoid disruptive check-ins to save your team’s valuable time. At the same time, these tools help to boost accountability, manage workloads, and preserve valuable revenue.&nbsp;

You can monitor your employees’ daily activities and time spent on tasks, capture their performance with data-driven insights, and identify time-wasting activities or distractions.&nbsp;

Knowing how well each employee performs, you can precisely determine the resources required for each project. You can move underutilised employees to other projects and automate manual tasks to save time and effort.&nbsp;&nbsp;&nbsp;

Beyond tools, there are some great books on time management to read. There’s Cal Newport’s Deep Work, Tim Ferriss’s The 4-Hour Workweek, Brian Tracy’s Eat That Frog!, and so many more!

The Pomodoro technique is a well-known time management method that business owners can use or practice in their organisation to improve productivity and efficiency.&nbsp;

The technique involves working for a stretch of 25 minutes followed by a five-minute break. The cycle continues four times, to be followed by a longer break lasting between 15 and 30 minutes.&nbsp;

Each work interval is a Pomodoro. This technique helps to build an effective relationship with time. The result is better productivity, lesser effort, routed actions, improved workflows, and the ability to manage multiple tasks effectively.&nbsp;

You can use the Pomodoro technique to set up your daily and weekly processes and efficient team settings. Slowly and steadily, by experimenting with multiple variations of the technique, you and your employees can find your optimal work-to-rest ratio.&nbsp;

To make it work for you, here are some top Pomodoro timer/productivity apps to consider.&nbsp;

<a href="https://todoist.com/productivity-methods/pomodoro-technique">Read the full article on Todoist</a> to dive deeper into the Pomodoro Technique and discover additional tips and insights to supercharge your productivity.

You may be a jack of all trades. But, you must refrain from handling every facet of your business yourself. Delegating and outsourcing tasks leaves you with more productive time to spend on the core activities of your business.&nbsp;

Delegating involves assigning tasks to a team member or an employee within your organisation. <a href="https://www.skydo.com/blog/when-to-hire-vs-when-to-outsource?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Outsourcing</a>, on the contrary, means hiring an external, third-party provider/agency to handle the tasks on your behalf.&nbsp;

Both methods bring efficiency, time-saving, quality improvement, and productivity to your work processes. However, delegating still allows considerable control over the tasks, unlike outsourcing, where you lose reins over how a task is being performed.&nbsp;

However, not all tasks can be delegated or outsourced. How can you recognise which one to delegate or outsource? Delegating tasks is helpful when you have a lot on your plate already or have a basic overview of how to get it done. Give clear-cut instructions and deadlines in that case or the other person to perform the task efficiently.&nbsp;

Outsourcing is an expensive affair and must be done with caution. Refrain from outsourcing tasks connected to your business’s core strength. Measure the cost against the benefits of outsourcing the tasks and whether you can afford an in-house full-time team to handle the tasks.&nbsp;

Finding reliable outsourcing partners or freelancers is a crucial step for the success of your outsourcing. Look for partners or freelancers with a good background, up-to-date technology, and skills who are keenly interested in handling the tasks on your behalf and delivering optimum results.&nbsp;

With proper delegation and outsourcing of tasks, you can ease the bumps in workflows, achieve better time management, and empower employees through task delegation.&nbsp;

5. Effective Email and Communication Management

Communication is an important part of your work setup, but handling emails at all times can be distracting. On average, employees spend<a href="https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/the-social-economy"> 28% of their workweek</a> reading and replying to emails. Employees are constantly overwhelmed by emails. But you can fix that using some proven email management tactics.&nbsp;

Allocate email time in your employee calendars. Using email filters and folders for your organisation is a healthy practice. Create separate labels, folders, and categories, and convert your organisation’s group email accounts into shared inboxes.&nbsp;

Follow the rule ‘Touch it once.’ This will help in reducing interruptions caused by constant email checking. Beyond email management, Implement concise and effective communication strategies, define channels, and use tools so that communication assists in smoother workflows rather than becoming a time-consuming task.&nbsp;

Time blocking is a fine management technique where you divide your day into blocks of time, each dedicated to a specific task. Instead of randomly picking up tasks, booking slots in your daily schedule for performing different tasks will sort out half of your woes.&nbsp;

However, the catch here is to allocate tasks based on their priority and complexity. Build a concrete outline and stick to it. Balance focused work, meetings, and breaks, and at the end of each day, review the tasks undone and note down the time you spent on ad-hoc tasks.&nbsp;

Conduct weekly reviews to check whether your schedule gives you the productivity and much-needed breaks you need to deliver efficiently. Time blocking will help you eliminate the ritual of constantly choosing tasks to focus on. You already know what task comes next, and your mind would be already prepared for that.&nbsp;&nbsp;

Overcoming Challenges and Staying Consistent

Some common challenges with time management tips include low motivation, procrastination, overbooking, lack of organisation, etc. One of the biggest themes behind these challenges is finding the balance between productivity and well-being.&nbsp;

There can be two ways to overcome the barriers.&nbsp;

Concentrate on one task at a time, follow the schedule while keeping it flexible, take enough breaks to feel rejuvenated, and celebrate achievements and milestones more frequently. By doing so, you will stay motivated and focused and make the best use of your time.&nbsp;

Task prioritisation, frequent breaks, communication management, using time-saving tools, delegation and outsourcing, and time blocking are some of the effective time management techniques you can adopt in your day-to-day schedule as a business owner.&nbsp;

Task prioritisation is based on the simple principle, ‘where your attention goes, your time goes.’ It won’t pay you to do a task well that never needed to be done in the first place.&nbsp;

Once you align your goals and manage your time well, you will see a positive impact on business growth and work-life balance. However, at the end of each day, it is your customisations and adjustments that will work wonders for effective time management.&nbsp;&nbsp;

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A business focusing solely on profit and loss statements and ignoring cash flow is like “driving along, watching only the speedometer, when in fact we were running out of gas", says Michael Dell, Founder and CEO of Dell Technologies.

High profits do not necessarily translate to a sustainable business unless it has enough cash flow. Without liquidity, businesses cannot buy new inventory. This impacts production, and ultimately, sales enhancement tumbles. Companies with huge profits and decreasing cash flow run out of business, sooner or later. Hence, cash flow serves as a better indicator of a company's financial stability.

Does that mean you should focus more on cash flow?&nbsp;

The role of cash flow and profits is different yet complementary in scaling a business. Optimised cash flow facilitates liquidity and helps businesses manage daily operations with ease. It also boosts investor confidence, allowing businesses to raise capital easily. Profits, on the other hand, are essential to achieve the long-term objectives of the business and get a higher valuation. Thus, both are necessary for sustainable and strategic development.

But how do you manage both simultaneously?

Skydo acts as a catalyst to scale your business. It is a comprehensive payment solution that helps you manage cash flow by receiving international payments quickly.&nbsp;

The Power of a Comprehensive Payment Solution

A robust and comprehensive digital payment solution helps small businesses generate more revenue. Here are some of the significant ways it can help your business.

Thus, a digital payment solution like Skydo increases profits and enhances cash flow.

Challenges of Manual Payment Processing and Collection

According to a study on <a href="http://images.globalclient.visa.com/Web/InovantElqVisaCheckout/%7B5083339b-3d90-4b30-b06e-32a06192d7d5%7D_Digital_Transformation_of_SMBs.pdf">'Digital Transformation of Small and Medium Businesses' by Visa</a>, online payment processing is cheaper as compared to manual payments as it requires less effort.&nbsp;

In a comprehensive payment solution, the process of collecting, storing and securing checks and cash becomes redundant. Considering both labour costs and payment processing fees, digital payments cost 57% less than manual payment processing and collection. From a mitigating fraud risk perspective, businesses can save up to 50% by integrating a comprehensive payment solution.

Other significant challenges that accompany manual payment processing are cash counting and reconciliation, and maintaining cash registers. These manual processes leave room for error and pose compliance and business risks.

Moreover, manual payments are three times more time-consuming than digital payments. While you can process $100,000 in 189 hours through a digital payment method, manually processing the same amount requires 542 hours.

Skydo payment solution provides seamless payment processing and acts as a catalyst for enhancing business productivity by making cash flow more efficient.

Let's understand the key features and benefits of Skydo’s payment solution and how it streamlines cross-border payment processing.

1. Virtual International accounts for easy client payments

Cross-border payment systems are extremely complex due to several payment compliances and anti-money laundering regulations. The payment goes through several stages of approval before it is finally reflected in your bank account.

However, payments made through local bank accounts are much more convenient for your customers.&nbsp;

Skydo helps businesses open international and multi-currency accounts based on where your client conducts your business. The client can directly transfer the payment to the local bank account, which is later transferred by the business to its Indian bank account. It makes businesses get timely payments and lets you take control in case of any issues.

Learn more: <a href="https://www.skydo.com/blog/seamless-payment-experience-with-international-bank-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Enjoy Seamless Payment Experience by Creating International Bank Accounts in Just 5 Minutes</a>

2. Secure payment gateways and data protection

Payment fraud and data theft are the two biggest concerns for businesses engaged in cross-border payments. 56% of businesses consider payment fraud and 52% of businesses consider data theft as a major threat to a robust <a href="https://www.pymnts.com/news/b2b-payments/2022/56-percent-businesses-are-concerned-about-cross-border-payments-fraud/">cross-border payment system.</a>

Skydo eliminates these concerns by offering secured payment gateways and several layers of security to ensure maximum data protection. Thus, it ensures that businesses do not lose out on revenue.

3. Real-time transaction tracking and reporting

Skydo enables businesses to track payment processing in real-time and take an instant action in case of delays or other issues. It also improves cash flow management.

Maintaining Foreign Inward Remittance Advice (FIRA) is crucial for businesses as proof of inward remittances. The receipts also serve as proof of authentic payments. However, getting FIRA for every payment transaction creates a lot of hassle for businesses in traditional payment systems.

Skydo resolves this issue by auto-generating FIRA receipts for every transaction. You can view and download all the FIRA receipts from the Skydo payment solution dashboard.

Learn more: <a href="https://www.skydo.com/blog/all-you-need-to-know-about-FIRC-a-complete-guide?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">All You Need to Know About FIRC: A Complete Guide</a>

With Skydo, you get seamless access to all the payment data. It allows you to make effective data-driven business decisions by analysing client’s payment patterns. You can also identify opportunities to boost your services and compensations, thus increasing profits.

According to the <a href="https://www.accenture.com/content/dam/accenture/final/industry/banking/document/Accenture-Payments-Gets-Personal.pdf">Accenture Payments Survey 2022,</a> 45% of consumers use bank transfer methods for cross-border payments. However, businesses and individuals are actively seeking alternative payment methods for cross-border transactions. In fact, 29% of the users prefer a digital payment solution for the following reasons.

Skydo tackles all the above issues and offers and streamlines financial operations by offering the following features:

1. Automated invoicing and payment collection for operational efficiency

Skydo provides various customisable invoice templates that you can send to clients.

You can also send automated reminders and track when the client has checked the reminders.

2. Minimising errors and delays in payment processing

Once you save the purpose code for a particular service, Skydo automatically adds the purpose code to the next invoice for the same service. This mitigates the risk of manual errors and facilitates timely payments.

3. Time and resource savings from streamlined financial workflows

Real-time tracking and automated invoicing enable businesses to streamline their financial workflows by reducing the time and resources spent on manual financial operations. Thus, you can focus on core business activities without worrying about delayed payments.

Learn more: <a href="https://www.skydo.com/blog/how-you-can-streamline-international-transactions-for-your-business?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Maximising Payment Efficiency: How You Can Streamline International Transactions for Your Business</a>

The terms “scaling" and “growing” are often used interchangeably. While the two terms may appear to be the same, they have different meanings in a business context.

Growing your business means increasing your revenue. However, that involves increasing your costs as well. For example, an increase of $60,000 in revenue leads to business growth. But, you had to shell out an extra $40,000 in integrating a new technology or hiring a new resource.&nbsp;

Conversely, scaling refers to increasing your revenue without significantly increasing your costs. This generates higher profits for the business. Scaling your business involves leveraging your existing resources to boost revenue.

Scaling involves expanding business operations in different locations and tapping new business avenues by finding gaps in the market.

How do Skydo's payment solutions help scale your business?

Harnessing the revenue boost from optimised payment processes

Scaling a business requires investment, which can be funded through the increased revenue generated from optimised payment processes. Skydo enables businesses to receive faster payments from international clients and reduce payment blockages. Thus, you have continuous liquidity and can efficiently scale your business in the following ways.

Investing saved time and resources into core business activities

Skydo streamlines financial operations by automating invoices and payment tracking. This reduces administrative overheads such as record keeping, data entry, and reconciliation. Hence, companies can utilise their time and resources to focus on core business activities such as sales enhancement and improve sales strategy.

Expanding into new markets and customer segments with improved payment capabilities

Skydo payment solution supports businesses in navigating cross-border payment processing challenges. Thus, you can easily expand your operations without worrying about liquidity crunch. Moreover, Skydo allows businesses to open local bank accounts in 20+ countries. Therefore, businesses can expand their reach in multiple countries.

An efficient payment processing system like Skydo is fundamental for business scalability. It facilitates seamless business operations, augments business efficiency, helps increase revenue, and generates high profits.

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Request a demo</a> with Skydo to check out its unique payment process features and fuel business scalability!

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Professional Tax is governed and levied by the respective state governments' professional tax acts. The amount you owe in taxes varies based on factors such as income, the nature of the profession, and the state in which the individual operates.

Here is everything you need to know about PT as a <a href="https://skydo.com/blog/freelancer-earning-potential-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancer</a>.

If a person is salaried, the employers are responsible for deducting the professional tax amount directly from the salary. However, the government requires professionals such as <a href="https://www.skydo.com/blog/top-5-new-age-freelance-services-going-to-take-off-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancers</a> to pay the P tax directly to their state government. Professional tax meaning is not based on income but rather on the nature of the profession or employment. It is meant to contribute to the state's revenue and development. The professional tax differs from other types of taxes mentioned below.&nbsp;

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Here is the basic structure of professional tax in India.

Calculate your Professional Tax Liability

<a href="https://vakilsearch.com/professional-tax-registration/how-professional-tax-calculated">Professional tax liability</a> depends on a freelancer's state of operations and earnings. However, irrespective of these two factors, the professional tax limit is Rs 2,500 for a month.

Here is the process of how to calculate professional tax on salary or earnings.

To minimise your professional tax burden as a <a href="https://www.skydo.com/blog/top-10-freelancing-truths?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">freelancer,</a> leverage deductions and exemptions available in your location. Here are some deductions and exemptions that freelancers can utilise:&nbsp;

You can use various accounting software or apps, such as <a href="https://khatabook.com/?utm_source=google&amp;utm_medium=search_ads&amp;utm_campaign=brand-gen_kw&amp;gad_source=1&amp;gclid=CjwKCAiA8sauBhB3EiwAruTRJhfwyGzRw85xwgamLcwna0oixY1MjScYAHjtZdAMqNRewwPZ1LRiqxoCVp8QAvD_BwE">Khatabook</a>, <a href="https://open.money/automated-accounting?utm_term=accounting%20automation&amp;utm_campaign=IYD_AP_Automation&amp;utm_source=google&amp;utm_medium=ppc&amp;hsa_acc=9660999868&amp;hsa_cam=20910601824&amp;hsa_grp=163502573492&amp;hsa_ad=689290766627&amp;hsa_src=g&amp;hsa_tgt=kwd-300068243667&amp;hsa_kw=accounting%20automation&amp;hsa_mt=p&amp;hsa_net=adwords&amp;hsa_ver=3&amp;gad_source=1&amp;gclid=CjwKCAiA8sauBhB3EiwAruTRJoBtiurqa_a2MAgb-mcQBj-Ab196-Oe822q4DWHxHHuVZ4XjCLSZORoC_0cQAvD_BwE">Open Money</a>, <a href="https://tallysolutions.com/download/#gref">TallyPrime</a>, etc., to keep track of your expenses. Furthermore, it is wise to regularly reconcile your financial records to ensure accuracy and identify potential deductible expenses.

Certain freelance professions or industries may be subject to specific taxes or regulations beyond professional tax and income tax. For example, online content creators, such as bloggers, YouTubers, and influencers, may need to comply with digital services taxes or regulations specific to online advertising revenue.

Hence, consulting a tax advisor or <a href="https://www.skydo.com/blog/top-online-communities-you-should-join-as-a-freelancer-in-2024?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">researching extensively</a> is important to know your compliance and taxation liabilities. You may also <a href="https://www.skydo.com/blog/how-to-file-gst-monthly-and-quarterly-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">have to register for GST</a> if your annual income from freelancing is above Rs 20 lakh.

Proactively managing your professional tax obligations <a href="https://www.skydo.com/blog/importance-of-fira-for-freelancers?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">as a freelancer</a> can minimise tax burdens and avoid potential penalties or legal issues. Moreover, seeking professional advice from tax consultants or accountants can provide invaluable guidance tailored to your specific circumstances.