Impact Partner Content - Absa
In a move aimed at transforming the banking experience for businesses, Absa has launched a brand-new transactional account called Business Evolve Zero. Specifically designed for sole proprietors’ businesses, it comes with no monthly account fee.
Many entrepreneurs will have tales about how challenging it is to get a new business up and running. Aside from the usual funding issues, a great deal of business owners might be specialists in their own fields, but may not have the time to acquire the financial management skills needed to become a successful start-up. This is a familiar story; one that Absa is about to “Evolve”.
The Absa Business Evolve Account offers more than just zero monthly fees. At its heart is a business management and accounting solution called the Cashflow Manager. As an-end-to-end digital offering, the Cashflow Manager empowers even novices to take control of their business finances like never before.
Standard features include the ability to create quotes and generate invoices. Invoices will automatically be picked up when they are paid, to deliver reports on outstanding monies for easy tracking. The Cashflow Manager delivers a bird’s eye view of your company’s finances, and even helps proprietors to keep track of their own money versus that of the business. It also offers payroll services, further reducing an SME’s reliance on external resources. Real-time analytics and reporting can be accessed with a few clicks via Absa Online.
Underscoring Absa’s commitment to providing world-class digital solutions, the Business Evolve Zero Account offers entrepreneurs the convenience of online banking, 24/7; with the added peace of mind that a banker is always available if they require personal assistance. Improved analytics and insights provided by the Cashflow Manager enable Absa to better support SMEs, by preemptively offering bespoke transactional, savings and credit solutions for the business.
The Business Evolve Account is a cost-effective pay-as-you-transact solution that offers unlimited free Absa-to-Absa debit orders and Absa-to-Absa inter-account transfers. Fees for EFTs, debit card swipes and external debit orders are low. This digital account comes with a debit card, and a savings pocket called Liquidity Plus.
Designed for sole proprietor businesses with an annual turnover of less than R5 million, the Absa Business Evolve Zero Account also simplifies VAT, allowing entrepreneurs the ability to generate reports to assist with filing returns to the South African Revenue Service.
More Business Evolve Accounts are in the advanced stages of development and are said to be released during the course of 2021. These new accounts will cater for the needs of bigger enterprises, laying the groundwork for businesses to have one account that evolves with their growth – starting from day one.
The Business Evolve Account is available on Absa Online, the Absa Banking App and at selected branches.
