Standard Bank and Pastel have announced a partnership that will make Pastel's My Business Online solution available to the bank's BizLaunch customers.
According to Standard Bank, BizLaunch customers will get free access to the accounting solution.
Pastel says My Business Online lets small businesses manage customer and supplier invoices, returns and payments. Moreover, the solution helps users manage items purchased, sold and returned, and also allows them to view reports and send customer statements.
Clive Pintusewitz, director of small business and enterprise development at Standard Bank, says poor accounting is one of the major reasons new businesses fail in the first few years. Steven Cohen, MD at Softline Pastel, argues that a strong financial understanding and control of what is happening in a business is crucial to its sustainability. However, he stresses that most entrepreneurs are not accountants.
According to Cohen, My Business Online was developed with the start-up business owner in mind, with simplified accounting functionality and jargon.
“We believed that if we developed a business tool that was simple and intuitive to use, and that also enabled the business owner beyond just debits and credits, they would be more likely to take an interest in their financial management.”
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