Article provided by Old Mutual
Small business owners in South Africa will be able to upgrade their financial management at no cost thanks to the launch of an innovative digital business tool by 22seven.
22seven Business, which is currently available on desktop, has been specifically designed to help small businesses control and manage their finances better by tracking their cashflow, and creating and monitoring professional quotes and invoices.
Speaking ahead of next week’s Global Entrepreneurship Week, 22seven Managing Director Jikku Joseph said “22seven Business is a natural extension of the popular 22seven money management app for individuals”.
“Our mission has always been to help build a financially strong South Africa. The small business sector in South Africa continues to have the potential to be a powerful ‘engine of growth’. Its success could make a huge and significant contribution to employment and socioeconomic development in South Africa. As a part of the Old Mutual Group, we share their commitment to playing a role in facilitating the success of entrepreneurs.”
“We built 22seven Business with the help of 22seveners who were using our original app and trying to apply it to ease their business admin. Our research showed that what small business owners were primarily looking for was a simple financial overview, better spend tracking and professional invoice management. So these are the challenges we’re addressing first.”
Joseph adds that the impact of COVID-19 accelerated the development of 22seven Business.
“There was a clear need for an innovative solution that would help small businesses navigate this difficult business climate and support our country’s economic recovery.”
With 22seven Business, users can securely link bank accounts and track their business finances in one place. The use of smart machine learning and customised rules ensures that business transactions are classified automatically for easy reporting.
Joseph says the plan is to develop a sustainable ecosystem for small businesses that will generate value for both the business owners and 22seven.
“Our envisaged model will ultimately help small businesses access essential services and solutions required to run a successful business via the platform.”
In partnership with Lulalend, South Africa’s first online automated provider of short-term funding for SMMEs, 22seven Business also gives small businesses access to invoice-backed lending solutions. “These credit facilities are processed within 24 hours to help alleviate cashflow headaches,” Joseph says.
22seven Business adheres to the same secure processes and standards already available in 22seven.