22seven Business, a free digital business management tool that will assist small businesses in SA to operate more efficiently through financial management has officially launched.
It is an extension of the 22seven money management app which aims to track cash flow to monitor and create professional quotes and invoices.
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22seven Business launches to assist small businesses in financial management and cash flow
22seven Business, a wholly-owned subsidiary of Old Mutual, is a platform that is home to a number of innovative business tools that allow small South African business owners to upgrade their financial management with no additional cost.
22seven Business is available on desktop and manages finances, quotes, and invoices, as well as tracking business spending.
In an official press release, Jikku Joseph, Managing Director of 22seven Business, explains the launch to be an extension of the already existing 22seven money management app.
“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.”
The impact of Covid-19 on SMEs
The Covid-19 pandemic drastically impacted small businesses in SA, however, it accelerated the launch of 22seven Business as small businesses urgently required assistance during the economic turndown.
The free business tool aims to support the economic recovery of SA and develop a sustainable ecosystem for small businesses.
How it works
Users are able to link bank accounts safely as well as track their business finances in one place.
22seven Business uses smart machine learning and specified rules to guarantee that business transactions are classified automatically which ensures easy reporting.
Users interested in 22seven Business can register here, free of charge.
Joseph explains that the objective to build a sustainable ecosystem for small businesses will add value for SA 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.”
22seven Business partners with Lulalend, an online South African automated provider of short-term funding for SMMEs, to grant small businesses access to lending solutions supported by invoices.
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