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Save on small business banking costs and tools
All businesses have costs, but there are ways to make it more affordable.
Starting a business is like embarking on an epic journey. As rewarding as it is, it can also be challenging, and there is so much to learn along the way. Keeping costs down is always a big challenge.
Because we’re committed to supporting small-business development, we have several products and tools designed to help you reduce costs when you’re starting out with limited capital.
Getting the right business account
Saving on business costs starts with choosing the right business account. While every company needs a business account to be credible when transacting, the fees must be affordable.
Nedbank has a Startup Bundle that is just right for businesses getting off the ground, suitable for new Nedbank clients who are sole owners of businesses with an annual turnover of less than R3 million. For the first 6 months it offers you the following:
- No monthly account fees.
- The first 20 digital transactions are free.
- No charges for eNotes (SMS notifications).
- 1 free cash withdrawal per month.
On top of that, you get a dedicated relationship banker for your personal and business needs – all at no extra cost.
After the first 6 months of zero fees, normal pay-as-you-use fees will apply, but this account gives you a priceless head-start on your business journey.
With so many start-ups failing due to poor financial management, it’s good business practice to track where your money is going constantly
A business credit card is also a handy tool to help you cover any gaps between expenses going out and payments coming in, not to mention building up a credit history that you can use later. The Nedbank Small Business Credit Card is an ideal solution for start-up businesses. It helps you improve your cash flow, it has flexible payment options and you even earn Greenbacks rewards on business spend. Credit assessments are based on your affordability, giving you the opportunity to split your business and personal spend and build credibility.
Tools to save on accounting costs
Apart from helping to make your business banking cost less, we also offer practical banking and beyond services, such as MoneyTracker, a free money management tool that enables you to track your finances, create budgets and do much more.
With so many start-ups failing due to poor financial management, it’s good business practice to track where your money is going constantly. MoneyTracker helps you to see the bigger picture of your business performance at a glance, enabling you to make informed business decisions about accounts and cash flow, creditor payments and growth and financing. MoneyTracker is available on the Nedbank Money app and Online Banking.
MoneyTracker can help with your accounting needs when you’re starting out but as your business grows, you’ll need to invest in affordable accounting software. Accounting communicates key financial information to different users for decision-making and helps owners, managers, investors and other stakeholders evaluate the financial performance of the business. Accounting can thus make or break a business. We make accounting easy with the help of Xero, an easy-to-use, independent online accounting program that does your business accounting in real time.
As a bank that champions entrepreneurship, Nedbank supports small businesses with cost savings and practical tools
Connect your Nedbank accounts directly to Xero and have your transactional activities automatically updated daily. Xero gives you an accurate view of what’s coming in, what’s going out, and when – which makes reconciling statements and invoicing a breeze. And we help you cut costs again: for the first 4 months, you will pay only 50% of the usual Xero subscription fee.
Get connected with SimplyBiz
Learning about business, advertising and marketing, managing your costs, making sales, and networking within your industry are important when you’re establishing a business. That’s why we back SimplyBiz, a free resource for business owners by business owners.
SimplyBiz provides South Africa’s small-business community with access to tools, information, savings and networking. The platform helps small businesses to get advertising and business leads, explore different funding options, get discounts on general office supplies, connect to others in the marketplace, be inspired by the example of other entrepreneurs, and continuously upgrade their business skills. Simply register on simplybiz.co.za to get access to this dynamic, free platform.
As a bank that champions entrepreneurship, Nedbank supports small businesses with cost savings and practical tools, designed to partner with clients as they build sustainable, profitable companies.
