Sasfin has created a completely digital business banking platform, which also enables entrepreneurs to manage administrative tasks like creating and sending quotes, invoices and payslips alongside normal banking activities.
“The way the whole digital business banking platform has been built from beginning to end is based on Sasfin could help small-to-medium enterprises (SMEs) – which is what the bank’s always been passionate about,” says Michael Sassoon, CEO of Sasfin.
Sassoon explains to Business Insider SA that failed small businesses often tend to either neglect or become completely consumed by their finances and admin, so the B\\yond digital business banking platform was built to enable businesses to attend to their finances and admin seamlessly.
Users can generate and send personalised quotes and invoices, with their company name, VAT number and even add a logo directly through internet banking. "The beauty of it is that you could even add the items supplied, quantity and rate then quickly create a quotation," remarks Frank Ferreira, head of product and sales.
The bank has also made it easier to reduce inefficiencies like having to recreate and redo things over and over again by allowing the tweaking of preexisting invoices to add any new information for e.g. repeat customers. The system also allows you to add discounts to invoices and automatically calculates them, inclusive or exclusive of the applicable VAT rate.
Information stays on the system and can be recovered at anytime. Quotes are convert into an invoice at a click of the button.
Another issue with small businesses is that when they start growing, they begin to start employing more workers, which is good for both parties and the economy, but when you start paying them for the first time there is a whole list of contributions you need to sort out like unemployment insurance (UIF), skills development levies (SDL) and income tax (PAYE).
B\\yond gives you the ability to add your employees to a payroll system Sasfin's created that forms part of the business’ banking system. Digital team leader, Andrew Matela, says you could load an unlimited number of workers onto the system including details such as their title, salary, tax number(s), remuneration frequency (e.g. weekly or monthly) and banking details, then pay them all at once with the click of a button.
Matela says normally the business would have to make use of an accounting system (which costs an arm and a leg especially to small businesses) to load all employee details on it to create payslips and then take all of that to manually create beneficiaries in the bank account to pay them. Businesses can now bundle up all the employees’ payslips and send it to each and every one of them at once, including tax certificates like IRP5s and EMP 201s.
A snapshot of how well the business is doing can be quickly pulled up at any time. The burn rate shows how much the business spends on average in three months and is deemed as a good visual indicator of what it costs to run operations or how much revenue you need to generate to stay afloat, says Ferreira.
"We put ourselves in the SME's position and thought about what small business owners have to go through," says Sassoon. Features like the runway ratios tell the business how long it can sustain itself for before running out of cash.
The platform allows you to access data from the day you opened your account.
Any registered business can open a B\\yond digital business account. Access to the platform costs a R100 a month, with a pay-as-you-transact model. Transactions like electronic fund transfers cost about R5 each. Business owners get unlimited airport lounge access at Bidvest lounges.
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