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Question of the Day: What's the most interesting small town you've visited in South Africa?
New online banking solution
- Thread starter rpm
- Start date
RVFmal
Expert Member
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+1
Would like to see the costs of the product though and what modules and functionality it has in comparison to established accounting systems.
Also whether it is compatible with other systems in terms of submitting to an accountant.
Good on them to offer this service though. *wonders when Nedbank will develop and implement a similar system*
Lani
New Member
Answer to price & detail query...
FNB Qwill Instant Accounting can cater for both cash and invoice based accounting. It does have a debtors and creditors module, through which the user can capture in purchase and sales invoices.
If the user is applying invoice-based accounting, they can raise the purchase or sales invoice at the time of the transaction and create a matching rule that teaches the system to upon identifying the relevant payment or receipt, to post it automatically to the relevant creditor or debtor.
When applying cash-based accounting principles, the user will create a matching rule that posts the payment or receipt to the relevant expense or income GL category. The system does allow the user to capture in cash entries as well!
In a number of businesses, there are items that don’t actually hit the bank account and the system allows the user to capture these into the system as they would do if they were using another accounting package. The system automates the data capture for items going through the bank account, which is the vast majority of transactions for most businesses.
Similarly, journals can also be entered into the system to complete the financials. It would be reliant on the user to capture in the cash transaction. If they would capture it into another package, they can just as easily capture it into FNB Qwill Instant Accounting to provide the full picture. The extent to which any business passes its transactions through the bank, or not, will determine how much can be automated by the system. It is not a transactional facility so not open to Internet fraud in that sense.
The price ranges from R300 per month for small businesses who require only the Core Module to R795 per month for businesses with an annual turnover in excess of R5 million and who require all five modules. The average price payable by an FNB customer will be between R400 and R500 per month. These prices are subject to change by FNB at any time at its sole and absolute discretion.
FNB Qwill Instant Accounting is ideal for small and start-up businesses. Typical businesses that would find the solution extremely useful are those with an annual turnover of between R50 000 and R5-million. However, the solution could just as easily be used by larger businesses that have less than 1 000 transactions per month going through their FNB bank account.
Qwill Instant Accounting is a world-first innovation from FNB. It is another step in the evolution of banking: just as the credit card was a world-first from Bank of America, and later the ATM was a world-first from CitiBank.
Visit https://www.fnb.co.za/commercial/findsolutions/qwill/qwillfaq.html for more info.
FNB Qwill Instant Accounting can cater for both cash and invoice based accounting. It does have a debtors and creditors module, through which the user can capture in purchase and sales invoices.
If the user is applying invoice-based accounting, they can raise the purchase or sales invoice at the time of the transaction and create a matching rule that teaches the system to upon identifying the relevant payment or receipt, to post it automatically to the relevant creditor or debtor.
When applying cash-based accounting principles, the user will create a matching rule that posts the payment or receipt to the relevant expense or income GL category. The system does allow the user to capture in cash entries as well!
In a number of businesses, there are items that don’t actually hit the bank account and the system allows the user to capture these into the system as they would do if they were using another accounting package. The system automates the data capture for items going through the bank account, which is the vast majority of transactions for most businesses.
Similarly, journals can also be entered into the system to complete the financials. It would be reliant on the user to capture in the cash transaction. If they would capture it into another package, they can just as easily capture it into FNB Qwill Instant Accounting to provide the full picture. The extent to which any business passes its transactions through the bank, or not, will determine how much can be automated by the system. It is not a transactional facility so not open to Internet fraud in that sense.
The price ranges from R300 per month for small businesses who require only the Core Module to R795 per month for businesses with an annual turnover in excess of R5 million and who require all five modules. The average price payable by an FNB customer will be between R400 and R500 per month. These prices are subject to change by FNB at any time at its sole and absolute discretion.
FNB Qwill Instant Accounting is ideal for small and start-up businesses. Typical businesses that would find the solution extremely useful are those with an annual turnover of between R50 000 and R5-million. However, the solution could just as easily be used by larger businesses that have less than 1 000 transactions per month going through their FNB bank account.
Qwill Instant Accounting is a world-first innovation from FNB. It is another step in the evolution of banking: just as the credit card was a world-first from Bank of America, and later the ATM was a world-first from CitiBank.
Visit https://www.fnb.co.za/commercial/findsolutions/qwill/qwillfaq.html for more info.
I asked for a demo ... and am still waiting for the e-mail the woman was supposed to send me ... even after she confirmed the exact spelling (Which i typed in over the internet) of my e-mail account ... still no e-mail.
RVFmal
Expert Member
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Lani
New Member
Reply to RVFmal
Yeah, I was involved in getting the info out to the media and shared some of the concerns mentioned above when I started out gathering the info, but as I found out this was a world-first solution from our very own SA (one of those where you say "why didn't I think of this?), and also realised that there was no transactional / "phishing" risk - also nothing the bank could "do" with your business info, I realised it was a really practical solution for SMEs. As John Fraser of Classic FM Business said to me "nothing an entrepreneur would jump up and down about", but all the same it'd make his life so much easier! Which entrepreneur likes the headache of doing their own books or keeping gazillions of cash slips to hand over to the bookkeeper every two months?
Anyhow, to get to the other query about demo's, I'll get back to you in the morning!
Yeah, I was involved in getting the info out to the media and shared some of the concerns mentioned above when I started out gathering the info, but as I found out this was a world-first solution from our very own SA (one of those where you say "why didn't I think of this?), and also realised that there was no transactional / "phishing" risk - also nothing the bank could "do" with your business info, I realised it was a really practical solution for SMEs. As John Fraser of Classic FM Business said to me "nothing an entrepreneur would jump up and down about", but all the same it'd make his life so much easier! Which entrepreneur likes the headache of doing their own books or keeping gazillions of cash slips to hand over to the bookkeeper every two months?
Anyhow, to get to the other query about demo's, I'll get back to you in the morning!
Lani
New Member
Re: demo's, an overview doc has just been posted onto the website. Look on fnb.co.za commercial page, then the FNB Qwill “More” and there is a place to “click here for a simple product outline”. Hope this helps!
Any idea when an inventory module will be launched?
On a side note, what do you guys think of Nola Pro accounting?
It works off a local server that it installs itself. It open via Internet Explorer ... seems very powerful ... anyone with any experience on it?
On a side note, what do you guys think of Nola Pro accounting?
It works off a local server that it installs itself. It open via Internet Explorer ... seems very powerful ... anyone with any experience on it?
Lani
New Member
A stock module will definitely be released in the future; however, the timing isn’t finalized yet. Please note new updates will appear on the FNB website and in the press. I'll make sure it's mentioned here too.
Charlie.
Well-Known Member
That's really funny. Is this a joke?
F.N.B.'s regular Internet Banking site is so incredibly annoying, I'd hardly even think about moving my small- or medium-sized business onto any product associated with them.
F.N.B.: Try fixing your existing problems before launching new ones.
F.N.B.'s regular Internet Banking site is so incredibly annoying, I'd hardly even think about moving my small- or medium-sized business onto any product associated with them.
F.N.B.: Try fixing your existing problems before launching new ones.