Tela, your business intelligence partner, uses AI-powered solutions with the aim of making financial management easy for entrepreneurs and freelancers who often face the challenges of money management. Understanding Tela’s features will give you easy control over your business finances.
Business Account.
What It Is: A dedicated business banking account that handles multiple currencies.
How It Benefits You: Tela business account understands the global market allowing you to hold naira, dollars, euros, and pounds without significant losses from conversion fees. This is particularly beneficial for businesses involved in importing and exporting goods, as it eliminates the usual difficulties with currency exchange that can slow down transactions.
Virtual Wallet
What It Is: A digital way to store money, separate from traditional banks.
How It Benefits You: This saves you time and frustration from dealing with bank maintenance fees and minimum balance requirements. Your Tela wallet lets you access your money anytime, without the usual restrictions of banks.
Virtual Card
What It Is: Digital payment cards that connect directly to your Tela wallet.
How It Benefits You: Your Tela virtual card works smoothly for online purchases, subscriptions, and advertising costs. You can easily buy essential business tools and manage different advertising accounts with separate virtual cards, giving you excellent control over your spending.
Multiple Payment Methods.
What It Is: Various options for receiving payments, including QR codes, payment links, escrow services, and gift codes.
How It Benefits You: You can easily cater to your customers' preferred payment methods, ensuring smooth transactions and potentially increasing sales. Whether they prefer to scan a QR code, click a payment link, require the security of escrow, or want to use a gift code, Tela provides the flexibility you need.
Cross-Border Payments
What It Is: An international money transfer system that doesn't have the usual limitations.
How It Benefits You: Turn your business into a global operation without the complications of exchanging currencies. You can pay your suppliers from anywhere without the usual heavy paperwork. Your regular international payments can be set up to happen automatically.
Overdraft Access
What It Is: A short-term loan available when you don't have enough money in your account.
How It Benefits You: Tela helps you avoid disruptions when your account balance is low, allowing you to manage unexpected expenses or short-term cash flow gaps. This prevents missed opportunities or delays in your business operations.
Bill Payments
What It Is: The ability to pay for utilities and services directly within the Tela platform.
How It Benefits You: Instead of using different apps for payments, Tela lets you pay for things like electricity bills, internet services, or satellite TV subscriptions right from your dashboard. This centralizes your payments, saving you time and reducing the stress that business owners often face.
Fund Locking
What It Is: The ability to separate and hold money aside for specific purposes.
How It Benefits You: You can improve your financial planning! Set aside funds for things like taxes, new equipment, or business expansion without being tempted to use them for everyday expenses. This feature helps you save money and stay focused on your financial goals.
Recurring Payments
What It Is: An automated system for scheduling regular, predictable payments.
How It Benefits You: This feature ensures timely payments for expenses such as subscriptions, rent, or loan installments, eliminating the risk of missed deadlines. By automating these transactions, you can maintain positive relationships with suppliers and protect your business reputation.
Dashboard Overview
What It Is: A central screen that shows you important financial information about your business.
How It Benefits You: This allows you to quickly understand how your business is doing without waiting for monthly reports from your accountant. You can see new trends as they happen, which products are suddenly selling well, if your expenses have unexpectedly increased, or if there are potential cash flow problems before they become serious.
Income & Expense Tracking
What It Is: An automatic system that organizes your business's incoming and outgoing money.
How It Benefits You: You'll know exactly where your money is coming from and where it's going without having to enter data manually. You can automatically identify your most profitable products or services, your biggest spending areas, and any seasonal patterns in your business.
Invoicing & Receipts
What It Is: A system for creating and managing professional invoices.
How It Benefits You: You can create professional, customized invoices that represent your business well. This increases your credibility with clients and helps you get paid faster. Businesses that use structured invoicing tend to get paid more quickly than those that don't.
VAT Tracking (TAX)
What It Is: An automatic system for calculating taxes and helping you comply with tax rules.
How It Benefits You: Tela calculates VAT on every transaction that requires it, keeps track of the totals, and prepares you for tax submissions without the usual last-minute rush. This not only saves you money on accountant fees but also reduces the risk of costly tax errors or penalties.
Progressive Invoicing
What It Is: A system for billing projects in stages as you complete different parts.
How It Benefits You: Smaller, regular payments can feel more manageable for clients than one big invoice. You can bill clients after each stage of a project instead of waiting until the very end for a large payment. Businesses like construction companies, software developers, and event planners especially benefit from this feature
Inventory Management
What It Is: A system for tracking and controlling your stock of goods such as raw materials, finished products, or supplies.
How It Benefits You: You'll avoid losing money due to stockouts or excess inventory. The system alerts you when stock levels are low, identifies slow-moving items that are tying up capital. Businesses that sell goods typically reduce their inventory costs and increase sales by maintaining optimal stock levels.