Visa partners Sacombank to launch Business Reporting, an SME spend management tool
Visa, the global leader in digital payments, has teamed up with Sacombank to provide small- and medium-sized enterprises (SMEs) in Vietnam with access to an enhanced spend management tool designed to help manage their business expenses more effectively. Visa Business Reporting enables SMEs to track where and how their money is spent, and if they are going beyond budget, making it easier to manage cash flow and compile accurate business expense reports.
Visa and Sacombank are supporting SMEs in rationalising operations
Business cards help SMEs to save time in accounting processes and empower them to control their company expenditure. Visa is collaborating with clients and partners to extend the merchant network for business debit card, assisting Vietnamese SMEs to start and grow their business. Meanwhile, SMEs can "buy now and pay later" using business credit cards. By utilising Visa Business Reporting for business cards, SMEs can safeguard against misuse or poor management of employee expenses to achieve further growth.
“As the digital economy continues to grow rapidly, it is a key priority for businesses to have the ability to make faster and more efficient transactions, which can be achieved through digital payment methods. With Visa Business Reporting, we are providing a powerful expense management and reporting solution that has been designed specifically for small businesses to enable them to operate more effectively,” said Dang Tuyet Dung, Visa country manager for Vietnam and Laos.
Nguyen Tan Cuong, deputy chief corporate banking officer at Sacombank, agreed, saying: “Sacombank is excited about our partnership with Visa because it gives us the opportunity to offer this groundbreaking business management tool to customers and help them manage their finances more efficiently. We believe that by monitoring their cash flow, companies will be able to overcome their financial challenges during this uncertain time. With Visa Business Reporting, SMEs are equipped with the data-driven insights that enable them to better understand and improve their operations.”
As businesses in Vietnam continue to grow at unprecedented rates, recognition of the need to streamline operations to save costs and facilitate expansion is vital. Digitalisation can quickly itemise and categorise expenses to help SME owners easily identify inefficient/costly parts of operations. Visa Business Reporting can improve cash flow management, while providing financial incentives, thus enabling business payment cards to act as a highly efficient tool in terms of planning.
Visa Business Reporting can be accessed via desktop or mobile with near real-time updates of all business-card transactions. Cash transactions can also be added. Expense categories and dashboard can be tailored by each business to provide information that matters to them through daily, weekly, or monthly reports that analyse spending patterns from various perspectives following pre-defined expense categories.
“Visa’s goal is to empower SME owners and entrepreneurs with knowledge, skills, and access to networks and financial services that improve their economic livelihoods. We are committed to supporting the local economy and helping SMEs benefit from a variety of initiatives, including our Practical Business Skills programme which provides free online education to help them get their online business up and running, and the Visa Commercial Offers programme to enhance the efficiency of business processes for SMEs’ sustainable growth,” added Dung.