New online banking solution
Banking group FNB is launching a new online software solution developed in collaboration with a group of South African entrepreneurs, and is now offering it to their small and medium-sized customers.
The solution is designed to address administrative and financial control bottlenecks commonly found in small and medium sized businesses, especially delays in producing accurate financial statements. Because of these bottlenecks, financial reporting is often neglected or delayed, however, daily financial control is critical for accurate decision-making within any organisation and a significant factor in business success.
FNB Qwill Instant Accounting solution is unique in that it taps into the bank's infrastructure, with bank statements being fed into the system daily and auto-processed to the customer's own general ledger categories.
"This means that, as transactions flow through the business' bank account, they are updated on the accounting records of the business. By way of example – when an online payment is processed by the bank and debited to the business' bank account, the payment will automatically reflect in the cash book and ledger of the business," says Warren Bond, CEO of Qwill.
"The end result is that the customers can receive their financial statements from the system including their income statement, balance sheet, cash flow statement and VAT returns."
Pilot studies with a few selected FNB business customers indicate that the Qwill service is having a positive impact on how the businesses operate and is improving their efficiencies.
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