If you’re involved in international remittances, getting purpose codes right is crucial. These alphanumeric codes are used to define the reason for a transaction, and using the correct one is key to smooth payments.

A wrong or missing purpose code might lead to:

Rejection of the payment and its return to the source, or

Delays while the bank verifies the transaction’s purpose

To avoid these issues, Skydo is here to ensure your international payments are fast, easy, and compliant. Let’s explore how our autosave purpose code feature supports you in creating a seamless payment experience.

Skydo: Simplifying Purpose Code Allocation

For Indian businesses, handling international payments and invoicing can be both complex and time-consuming. From creating invoices and tracking payments to managing purpose codes, the process can take up a lot of your time.

That is where Skydo comes in. We offer automation features that make these tasks easier, helping you manage cross-border transactions more efficiently.

With Skydo, you can automate invoice generation, payment tracking, and purpose code management, so you can focus more on your business and less on paperwork.

Steps to Autosave Purpose Code in your Invoice with Skydo

If you cater to several foreign clients and send out invoices regularly, manually entering purpose codes in hundreds of invoices over a long period can not only be tedious but very prone to potential human errors.&nbsp;

But with Skydo, you can eliminate the manual effort and mitigate risk because it saves the purpose code in its database and prefills it corresponding to the services offered.

Let’s understand the step-by-step process of creating an invoice on Skydo and how the purpose code feature works:

Realizing Efficiency Gains and Compliance

As we’ve seen, using incorrect or missing purpose codes can cause significant problems for cross-border transactions. Banks may flag these transactions as suspicious, which can lead to delays or even failures in processing payments.

When a transaction is flagged, it can disrupt your business cash flow and create obstacles for smooth operations. This not only affects your current transactions but can also hinder your ability to scale and grow your business.

To avoid the inconvenience of delays and complications with international transactions, Skydo takes care of the purpose code for you. By adding the correct purpose code based on your previous input, Skydo ensures that your inward remittance arrives on time.

This accuracy not only reduces your business risks but also supports rapid growth and scalability. Plus, Skydo’s approach helps you stay compliant with regulatory requirements, minimizing the risk of hefty penalties.

By facilitating accurate purpose codes, Skydo contributes to a smoother global financial ecosystem, making cross-border transactions seamless and efficient.

RBI purpose codes play a key role in a stable financial system, enabling the monitoring of foreign funds and preventing fraud. Accurate use of these codes facilitates smooth international transactions and supports business expansion.

We understand that manually handling these purpose codes can be difficult and prone to mistakes. Skydo’s automated feature makes this task easy and ensures compliance, so you can focus on growing your business.

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join the Skydo payment platform today</a> to experience seamless cross-border transactions and mitigate financial and non-compliance risks!

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Business owners know that a good sale ends only when the client’s money hits their bank account. Along with service delivery, receivable management is equally important to manage a business. For instance, GlobalTech Solutions is a tech-based company that operates in multiple countries and deals with various clients and vendors.

Moreover, time differences and varying banking practices often result in delayed payments, leading to longer accounts receivable cycles that must be effectively managed for the company's financial success.

Transparency is a major concern in today's global market, as tracking payments and reconciling accounts with cross-border transactions becomes increasingly difficult. This lack of clarity can lead to errors and financial losses.

The solution? Accounts Receivable Assistant! With the market expected to grow from <a href="https://www.mordorintelligence.com/industry-reports/accounts-receivable-automation-market">USD 2.72 billion in 2023 to USD 4.76 billion by 2028 at a CAGR of 11.84%</a>, it offers numerous benefits such as time and cost savings, improved efficiency, and better financial management for businesses dealing with high volumes of transactions.

Introducing Skydo - Your End-To-End Solution

Skydo is a standout in the field of accounts receivable management. Skydo streamlines the end-to-end process, providing unmatched efficiency for businesses navigating <a href="https://www.skydo.com/blog/future-of-cross-border-payments-2030-and-beyond?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">cross-border transactions</a> and diverse currencies in the complex financial landscape.

We track and record every transaction, payment, and invoice so you can clearly and accurately understand your financial standing and make informed decisions.

For businesses involved in international transactions, fluctuations in currency can be a major concern. We offer real-time foreign exchange rates with zero margin to help businesses better manage and prepare for the effects of these fluctuations on their receivables. No more unexpected losses due to sudden changes in currency values with Live FX.

Effortlessly <a href="https://www.skydo.com/blog/skydo-dashboard-for-all-your-needs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">keep track of outstanding payments</a> with Skydo. Our platform provides a comprehensive overview of all pending payments, making it easier for businesses to prioritize their collection efforts and maintain a healthy cash flow.&nbsp;

Skydo transforms invoicing by providing real-time monitoring and a holistic view of payment progress. We ensure a seamless transition from invoice creation to <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">Foreign Inward Remittance Advice (FIRA)</a>, eliminating delays and discrepancies for highly efficient accounts receivable management. With a centralized overview of business financial transactions, Skydo significantly enhances overall financial stability.

Skydo offers multiple features to make <a href="https://www.skydo.com/blog/skydo-dashboard-for-all-your-needs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">invoice management</a> easier for businesses.

Managing Outstanding Amounts and Payment Reminders

Efficiently managing payments is crucial for any business, and our platform offers a range of features to help with this process. Our <a href="https://www.skydo.com/blog/receive-timely-payments-with-skydo's-automated-reminder-feature?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">payment reminder</a> tool helps you send reminders to clients, ensuring timely payments and maintaining a healthy cash flow.&nbsp;

Keep track of all past payment reminders with our platform, providing a clear history of communication and follow-ups for each invoice. Plus, it can easily manage and track outstanding amounts so businesses can view their receivables.

You have access to a comprehensive real-time payment tracking system, allowing you to monitor each step in the process for each payment to stay on top of their payment status and maintain a healthy cash flow. This feature lets you easily identify potential issues before they become critical.&nbsp;

Moreover, Skydo comes with detailed business and <a href="https://www.skydo.com/blog/make-data-driven-business-decisions-with-customer-level-revenue-analysis?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">client analytics</a>, providing valuable insights for making informed financial decisions. Never miss a beat with our powerful analytics tools.

Our Clients List feature offers businesses a quick and easy way to access a comprehensive list of their clients and payment history. With just a click on a client's name, users can view detailed information about their financial interactions, providing a holistic view of the client's account.&nbsp;

Our 'View Ledger' feature allows businesses to track invoices and payments over time, giving them a clear understanding of their financial standing. For added transparency and trust-building with clients, we offer the option to share the ledger directly with them.

What Next? Transform the Way You Manage Accounts Receivable With Skydo

Managing receivables is no longer a problem. Irrespective of the number of clients, size of payment, or geography, Skydo offers a seamless, efficient, and transparent solution for businesses of all sizes.

With robust invoice management, proactive <a href="https://www.skydo.com/blog/skydo-dashboard-for-all-your-needs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">tracking of outstanding amounts</a>, and insightful analytics, leverage the power of technology to optimize cash flow and make the right decisions. A holistic approach to client interactions and financial transactions will increase customer trust and efficiency in your business relationships.

Elevate your financial management with <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a> and drive your business towards success.

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Outdated financial systems and processes can create significant inefficiencies and costly business errors. Finance Heads are often forced to spend time firefighting instead of strategising. Unfortunately, the role of the modern Finance Head is about more than just overseeing financial operations; it's about leading businesses through uncharted waters.&nbsp;

Platforms like <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo</a> offer a solution to these deep-rooted problems through their payment platform. This guide explains how you, as a Finance Head, can make your organisation more agile, and efficient, and stay ahead of the curve with Skydo.

As a key strategic partner in driving growth, you navigate the complexities of a globalised business landscape. Despite this expanded role, there are still numerous challenges that come with being at the top of the finance tier in a company.

Ensuring Data Security and Fraud Prevention

Being a modern Finance head comes with its share of challenges but also great influence and strategic importance. To effectively address these challenges, a combination of technology, process optimisation, and forward-thinking is necessary. With the right approach, you can have a major impact on a company's success.

Overcoming Finance Challenges with Skydo: A Comprehensive Solution

Skydo’s payment platform is designed specifically to address the pain points of Finance Heads iterated above. Here's how we help overcome these challenges and achieve company goals.

Navigating Regulatory Compliance with Ease

1. <a href="https://www.skydo.com/blog/automated-firc-simplifying-international-payments-compliance">Auto-generated FIRAs </a>Operating in international markets includes the daunting task of ensuring compliance with local regulations. But with Skydo, this process is simplified thanks to our auto-generated Foreign Inward Remittance Certificates (FIRAs). As soon as the amount reaches the business bank account, the FIRA is available to download to ensure compliance.

Businesses can rest assured that they are always compliant without dealing with manual hassle.

2. Purpose Code according to RBI guidelines

Skydo's purpose code field ensures that every transaction aligns with RBI guidelines, eliminating the risk of non-compliance. This pre-filled field includes the suggested codes relevant to your business, which you can simply select once the invoice is generated. 

Different transactions have different purposes, and the Reserve Bank of India (RBI) mandates specific codes for each, which must be followed to comply with regulations.

Say goodbye to manual invoicing and chasing clients for payments. <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo?Internal%20links%20should%20have%20the%20UTM%20tag%20-%20utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo offers automated invoice creation</a> and timely payment reminders, ensuring a steady cash flow for businesses. This allows you to focus on strategic financial planning without the hassle of administrative tasks.

Gaining a Holistic View of Financial Operations

At Skydo, we understand that every client is unique, and their financial interactions with your business reflect that. Skydo provides a <a href="https://www.skydo.com/blog/make-data-driven-business-decisions-with-customer-level-revenue-analysis?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">client-specific overview</a> to help you gain a deeper understanding of each client's financial footprint.&nbsp;

This insight allows for better relationship management and strategic decision-making to drive success for both your clients and your business.

2. Track international accounts in one place

Businesses operating globally often face the challenge of managing multiple international accounts. Skydo offers a solution that consolidates all international accounts to simplify this process, providing a unified view.&nbsp;

Enhancing Real-time Visibility and Control

1. <a href="https://www.skydo.com/blog/real-time-tracking-of-international-payments?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Real-time payment tracking</a>

Tracking payments in real-time is essential for efficient cash flow management. With our cutting-edge technology, Skydo provides real-time payment tracking, ensuring they are always in the know and can make proactive decisions to drive their business forward.

Financial transparency and accountability are crucial for any business. Thus, Skydo's ledger view is a must-have tool, providing a detailed record of all financial transactions to ensure clarity, accuracy, and informed financial planning.&nbsp;

As finance heads face significant challenges, such as regulatory compliance and real-time data visibility, they can overcome these hurdles with the proper strategy and tools.

Skydo's payment platform is a comprehensive and innovative tool designed for modern finance heads. With features like auto-generated FIRAs and real-time payment tracking, it offers a holistic solution to the challenges faced by top finance officials. With Skydo, you can ensure compliance and efficiency while also utilising real-time data to make strategic decisions.

If you are a CFO or financial leader looking to transform and elevate your financial operations, Take the first step towards a more efficient, strategic approach to financial management with <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Skydo</a> today.

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Economically, the Indian export sector has been scaling remarkable heights. According to the <a href="https://www.niti.gov.in/sites/default/files/2023-07/Export-Preparedness-Index-2022_0.pdf">Economic Preparedness Index Report 2022,</a> despite the monetary slowdown in the past 2-3 years, the total exports in India amounted to a whopping US$ 675 billion in 2021-22. In fact, the total service exports amounted to US$ 250 billion, the highest ever. Service exports rose by 23% from 2020-21.

This export boom is the key driver in making India emerge as the global leader in the <a href="https://www.ey.com/en_in/india-at-100/how-india-is-emerging-as-the-world-s-technology-and-services-hub">technology and services sector</a>.

However, on the business front, Indian exporters have been facing several <a href="https://aiaiindia.com/wp-content/uploads/2020/04/TRADE-CREDIT-ISSUES-AND-CHALLENGES-FACED-BY-INDIAN-EXPORTERS.pdf">trade challenges</a>, especially a lack of trade credits, payment defaults by international clients, and a lack of credit insurance. The result is lengthy payment cycles and excess inventory, creating a negative impact on businesses.

Global organisations have been focused on improving cross-border payment systems for people. In 2021, G20 prepared a <a href="https://www.fsb.org/2022/10/g20-roadmap-for-enhancing-cross-border-payments-consolidated-progress-report-for-2022/">roadmap to optimise cross-border payments</a>. Some of its key features are:

Despite the attempts to enhance international payments, the framework requires a lot of refinement to make it more accessible for exporters.&nbsp;

How can merchants optimise their cash flow or grow their business, then? Here’s how Skydo simplifies and streamlines the process of receiving international payments by eliminating unnecessary delay factors.

Limitations of existing payment channels in India

The existing international payment landscape in India is extremely cumbersome and time-consuming for businesses.&nbsp;

The majority of <a href="https://www.pwc.in/industries/financial-services/fintech/dp/the-evolving-landscape-of-cross-border-payments.html">international remittances</a> take place through the following channels:

The challenges with these traditional payment methods are high transaction fees, currency conversion fees and complex regulatory requirements. Another significant factor that makes these channels unattractive is the excessive timelines to process international payments.&nbsp;

Multiple fintech platforms in India have emerged to provide quick inward remittances and automated invoicing services. However, merchants still encounter the following issues with such payment platforms:

Here are the challenges faced by the most popular payment gateways:

Why is Skydo important, and what does it solve?

Innovative payment platforms such as Skydo are providing <a href="https://www.skydo.com/blog/cut-international-transaction-costs?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">low-cost payment solutions</a> to businesses. Equipped with features like generating automatic FIRA receipts, automated invoicing, flat transaction free, and quick customer support, the Skydo payment platform enhances the payment process for merchants and facilitates business growth.

Skydo's team understands the pain points related to international payments tech exporters and aims to resolve them.

Let's understand in detail how Skydo resolves issues with international payments, making it a one-stop solution.

One of the most significant benefits of the <a href="https://www.skydo.com/blog/a-quick-guide-to-using-the-skydo-platform?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo payment platform</a> is the flat transaction fee for receiving international payments.&nbsp;

You can view the exact transaction fee when you generate an invoice. Thus, Skydo ensures transparency and helps you save unnecessary hidden charges levied by other payment gateways.

2. Seamless payment processing within a few hours

The majority of international payments are delayed because of some issues from the bank's end or manual errors by the remitter. To mitigate this risk, Skydo enables virtual multicurrency accounts.

Your clients can directly transfer the payment to that bank account, which takes only a few hours to process. This way, you no longer need to fret over delayed payments.

Skydo converts the payment received in international currency into INR as per the live foreign exchange rates without levying any additional fee. This means that you get the exact amount in your bank account as per the prevailing currency rate without any deductions.&nbsp;

4. Invoice generation and payment reminders with the auto-generated invoice number

Invoicing is one of the best features of the Skydo payment platform. It helps you save on time and manual efforts by creating automatic invoices. 

Skydo provides customisable professional invoice templates to suit your business requirements. The payment platform automatically adds the invoice number every time you generate an invoice.&nbsp;

Moreover, you can track the real-time status of all your invoices on a single dashboard and send payment reminders to clients through Skydo.

Learn more: <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo">Transforming Your Invoicing Experience With Skydo</a>

5. Compliance with Indian regulations - Automated FIRA

<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">Foreign Inward Remittance Advice (FIRA) certificate</a> provides complete details of all foreign services provided by Indian exporters. It is essential for businesses to maintain all FIRA receipts to reconcile their financial statements and for tax compliance purposes.&nbsp;

Skydo automatically generates FIRA certificates for all transactions, making it easier for you to comply with tax laws.

The intuitive dashboard has been designed to help users easily navigate through Skydo's payment platform. It provides you access to all the details related to your transaction within a few seconds.

Regulatory challenges create a lot of friction while engaging in international trade. Skydo helps businesses tackle such regulatory challenges by making it easier to adhere to RBI guidelines and tax compliances.

1. Skydo's collaboration with Indian and foreign bank accounts

SWIFT payments from an international bank account to your local bank account in India take up to 1-5 days to process. This timeline is dependent on the customer providing accurate details to the bank, such as name and address of the beneficiary, account number of the beneficiary, currency in which payment has to be made, and the address of the beneficiary's bank.

If any of these details are incorrect, the bank will reject the transaction. The buyer will again have to provide correct details and process the payment, leading to an additional 4-5 days.&nbsp;

To avoid this lengthy process and help receive timely payments, Skydo enables businesses to open a local bank account in 20 countries, including the US and the UK. This helps you receive payments within a few hours.

It has collaborated with Indian and foreign banks which allows businesses to open a bank account within 5 minutes. Creating an international bank account has never been easier!

Learn More: <a href="https://www.skydo.com/blog/seamless-payment-experience-with-international-bank-accounts">Enjoy Seamless Payment Experience by Creating International Bank Accounts in Just 5 Minutes</a>

2. Ensuring compliance with Reserve Bank of India (RBI) guidelines

Staying updated with the strict regulatory policies and RBI guidelines can be a hassle for businesses. However, Skydo ensures businesses are compliant with RBI guidelines by automatically adding the purpose code in invoices and generating FIRA certificates. They serve as proof of foreign inward remittances and allow businesses to claim GST refunds on exports.

3. How Skydo streamlines Know Your Customer (KYC) processes

One thing business owners despise the most about payment and banking platforms is the tedious KYC process. With Skydo, the process is simple.&nbsp;

As soon as the users enter the business PAN, the platform automatically extracts relevant details such as the company's name, GSTIN, and CIN from the Ministry of Corporate Affairs database.&nbsp;

Even when the directors upload their PAN, the platform automatically collects information from the uploaded file. Thus, Skydo offers smooth and quick KYC processes.

4. Auto-generated purpose code based on RBI guidelines

As per the RBI guidelines, all invoices related to the export of goods or services must have a purpose code to identify the type of service provided. Without the purpose code, the banks reject the payment received from an overseas account.&nbsp;

There is a long list of different purpose codes that you can find online. Entering the purpose code manually for every transaction is time-consuming and leaves scope for error.&nbsp;

Skydo's payment platform prefills the purpose code in your account post-registration. This code is then automatically available in a drop-down based on the services rendered in that invoice. This ensures that you send accurate invoices and receive payments on time.

Harshal, founder of Mobiprise, and a proud Skydo customer, couldn't contain his enthusiasm when he said, "Compliance with Skydo is not only good but great! It’s been very painful all these years." With Skydo, you too can experience the benefits of hassle-free cross-border payments.

While businesses are keen on expanding their services globally, challenges related to international payments act as restraints. Add to this multiple regulatory processes and banking norms. Consequently, payment gets delayed, making it difficult for merchants to scale their business.&nbsp;

Skydo streamlines the payment process by providing automated invoicing services and charging flat transaction fees. It also has a vast network of Indian and foreign bank accounts, enabling businesses to open a local bank account in the US. This facilitates quick receipt of international payments to your local bank account in India.&nbsp;

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Request a demo</a> today to expand your business internationally with Skydo!

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Embarking on the journey of business expansion is like navigating uncharted waters and seeking new horizons.&nbsp;

Your mission? To captivate your customers with novel services, elevate their experiences, and streamline your operations. To make wise choices, you must access extensive data and advanced analytics. Additionally, if you’re running an export business, comprehending your payment data is essential.

The new Skydo dashboard centralises all your accounts receivable data within a convenient interface. This innovative dashboard presents your data through an intuitively designed, user-friendly layout, offering seamless access to crucial payment insights.&nbsp;

As you set sail towards growth, let Skydo be your compass, guiding you through the intricacies of expansion. Here’s how.

Accepting International Payments With Skydo Made Easy&nbsp;

#1: Complete your onboarding journey with Skydo in 5 minutes

The onboarding process with traditional payment vendors generally takes 4-7 days to complete the onboarding process. However, when you want to expand your business, time is of the essence. That’s why, our onboarding journey is designed to be a breeze, allowing you to get started in just 5 minutes.

Aditya Bhansali, CEO of Endless and a satisfied customer of Skydo said - “Got US and UK bank accounts in minutes. Love the seamless payment experience and automatic tracking”

Here is the step-by-step onboarding process.

Your journey to effortless international transactions starts here!

#2: Track all of your payment summaries, recent transactions, and outstanding

Once you have logged into your account, the dashboard will provide an overview of the recent transactions and invoices. This intuitive interface provides a consolidated summary of the revenue you've generated. No need to sift through spreadsheets or crunch numbers – the information you need is right at your fingertips.

Furthermore, this dashboard keeps you in the loop regarding any outstanding invoices that require attention. You can proactively manage your finances and maintain a healthy cash flow with a clear display of pending payments. Furthermore, you can monitor ongoing settlement processes and view real-time updates on payment activities as they occur.

#3: Invoice creation and auto e-invoicing features

The invoice creation process, coupled with its advanced e-invoicing features, streamlines and simplifies the billing experience for users. Initiating a new invoice triggers a step-by-step journey that ensures accuracy and efficiency.

Upon selecting "Create a new invoice," the interface seamlessly populates your company's details, eliminating manual input. The "Bill To" option intelligently pulls client names from a predefined list or accommodates new client entries, saving time and ensuring client information accuracy.&nbsp;

Clicking "Save and Continue" leads you to a comprehensive itemisation section. You can specify the services you've rendered, supported by fields like service name, SAC code, quantity, rate, and amount. We provide you with a user-friendly provision for discounts and the addition of Skydo fees, offering you flexibility in accounting. Importantly, the invoice is automatically tagged with the appropriate purpose code for taxation.

This feature makes it easy to select the right currency for invoicing without any complications. The e-invoicing process is strengthened with a pre-set selection of local bank accounts for your transactions. Although customisation is an option, it is recommended to choose the preferred account to avoid any extra charges.

Including additional details like notes can improve the clarity of your invoice and make the process more convenient. If you are conducting transactions in a currency other than INR, you can easily add a <a href="https://www.skydo.com/blog/everything-you-need-to-know-about-lut?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Letter of Undertaking (LUT)</a> as well.&nbsp;

In addition to digital invoices, the Skydo payment platform also offers an e-invoicing feature to receive international payments. Once you have finalised the invoice, you can generate an e-invoice which will create the QR code for it. You can either send your invoice to your client or download a draft PDF for review. If needed, you also have the option to remove the invoice.

#4: Sending and tracking payment reminders

Skydo's <a href="https://www.skydo.com/blog/transforming-your-invoicing-experience-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">invoicing feature</a> empowers users to dispatch reminder emails to clients experiencing payment delays effortlessly. The platform goes a step further by allowing a preview of these reminders, ensuring their effectiveness.&nbsp;

Notably, tracking features provide insight into the frequency and dates of sent reminders, facilitating efficient follow-up actions. Additionally, the capability to monitor client engagement through email open tracking offers valuable information on the reminders' impact.&nbsp;

What if Zomato didn't have delivery tracking? Imagine ordering food from Zomato without the ability to track your delivery in real time.&nbsp;

The uncertainty and frustration would be undeniable. Similarly, managing multiple invoices without proper <a href="https://www.skydo.com/blog/real-time-tracking-of-international-payments?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">payment tracking</a> can be equally exasperating for businesses serving clients across borders.

Skydo’s platform is a game-changer for invoicing and payment management. By providing a comprehensive timeline of invoices, from sending to viewing, payment processing, and completion, Skydo ensures that you can effortlessly monitor your financial transactions.&nbsp;&nbsp;

#6: Auto-generated FIRA - One-click download

Handling <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">foreign inward remittance</a> documentation is exemplified by its remarkable feature - the automatic generation of Foreign Inward Remittance Advice (FIRA) paired with a hassle-free one-click download process. This obliviates the need for manual creation and management of documents, presenting a swift and precise solution for all your <a href="https://www.skydo.com/blog/automated-digital-firc-implifying-international-payments-with-skydo?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">FIRAs in a single unified location</a>.

With Skydo's auto-generated FIRA, you can seamlessly integrate with Indian tax regulations and meet the strict requirements set by the Reserve Bank of India (RBI) and other relevant authorities. This can enhance your credibility and reduce the burden of regulatory compliance.

#7: Overall and client-specific revenue analysis

With access to monthly revenue figures, you can gauge your company's financial health. Dive deeper into individual client-level revenue to pinpoint key contributors, empowering your marketing and customer success teams to nurture those relationships strategically. 

Additionally, leverage data on your best-selling services to provide a competitive edge to your sales team. Informed decisions and targeted strategies are now at your fingertips, ensuring smarter resource allocation and maximising growth potential. Elevate your business prowess with data-driven approaches, driving success across all fronts.

The ledger for payment validation is an invaluable tool that effectively resolves discrepancies between you and your clients for pending amounts. When clients dispute the payments, this ledger becomes a potent instrument.&nbsp;

You can address client concerns promptly by providing a comprehensive transaction timeline with dates and corresponding amounts. This approach fosters transparency and strengthens client relations. You can easily share the ledger with your client in just one click to confidently resolve any payment disputes.

Skydo's global payment platform revolutionises international transactions with its Transparent and Flat Fee pricing model. Traditional banks and payment gateways often burden businesses with intricate fee structures, but Skydo prioritizes simplicity. Offering live FX rates devoid of margins, it ensures optimal rates.&nbsp;

A straightforward approach with flat fees eliminates surprises and guarantees transparency. This innovative strategy liberates you from exorbitant charges, potentially saving substantial sums annually.&nbsp;

Tanay Shah, the Founder &amp; CEO at Pardy Studios, has already experienced the benefits firsthand. He shared his satisfaction, saying, "With Skydo, I am saving INR 10,000 per transaction.”

In a world where financial clarity is paramount, Skydo emerges as the ultimate solution. With its promise of unparalleled transparency, managing your financial transactions becomes a stress-free journey.

No more grappling with uncertainties or enduring delays; Skydo empowers you with efficiency and control over your account receivables. By seamlessly uniting advanced business analysis and data insights, potential hurdles are nipped in the bud, ensuring your transactions flow effortlessly.

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Book a demo</a> to harmonise traditional finances with revolutionary technology, allowing your business to transcend borders effortlessly!

A Quick Guide to Using the Skydo Platform Th

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Launching and running an IT export business is fabulous–until you must deal with international payments.

Traditional banking systems are reliable but often fail at the speed and ease required for international transactions. The expected growth rate for B2B cross-border payments will reach <a href="https://fineksus.com/3-facts-to-know-about-to-increase-b2b-cross-border-payments/">$2,515 billion by 2030 at 10.8%</a>.&nbsp;

Therefore, platforms like Skydo aim to accelerate business growth by overcoming conventional barriers to trade.

<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">IT export businesses</a> can grow and scale internationally with Skydo's effortless onboarding, hassle-free international payments, a seamless platform experience, multi-currency accounts, real-time payments, live currency exchange, and transparent pricing models.

Here's how it works and how you can accept international payments hassle-free in just 5 minutes.

Documents Required to Create International Bank Accounts With Skydo

Here’s a list of the documents you must procure before signing up on the Skydo platform.

Create an International Bank Account with Skydo in 5 Minutes

The signup procedure requires no physical document submission. The simplicity of verifying identity and compliance procedures is unlike any payment gateway that may take days to verify and then onboard.&nbsp;

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Here’s a step-by-step guide for a seamless onboarding journey as a primary business owner/director on Skydo’s platform

Once you’re on board, you can explore a host of features that make Skydo your go-to solution for seamless international transactions.

Growing Global

Whats new with Skydo blogs