The small and medium enterprise (SME) sector of India has the power to drive innovation and employment growth in the country.
However, the sector is impeded by a lack of credit as many SMEs do not maintain proper books, leading them to either provide collateral or go for informal credit sources.
According to the latest estimates by IFC Intellecap, over 84% of India’s SMEs rely on informal sources to meet their business credit needs.
ZikZuk, an SME neobank, aims to tackle these challenges faced by Indian SMEs and helps them get hassle free business credit and empowers them to gain financial visibility in their business. Here are some of the reasons why SMEs should choose ZikZuk to manage their business finances better:
- Easy access to business credit
ZikZuk is a completely online SME neobank that helps small businesses get the credit they deserve with minimal documentation and an easy application process.
ZikZuk offers various credit options like term loans, working capital credit line, and more, which can help businesses fund their cash flows and plan for future growth.
- Get visibility into business finances:
For small businesses, gaining visibility into their finances can be a challenge. This also affects the business’s decision-making process as they lack the insights to make their business decisions.
However, ZikZuk’s Business Finance Manager (BFM) platform syncs with the SME’s Tally account to provide a 360-degree view of their finances, providing real-time actionable insights along with deep insights into sales trends that help SMEs make data-backed business decisions.
- Manage cash flows
Cash flow management is one of the most important processes of a business, and not doing it right can be detrimental to its survival.
BFM helps businesses manage their cash flows by providing real time visibility into their business cash flows and representing it in an easy to understand format. Also, BFM enables cash flow forecasting which helps business owners manage future cash flows and predict any difficulties in managing the cash flows.
- Automate collection reminders
Delayed payments can lead to a lot of time & effort of the business being spent on following up with the client for collection and can negatively impact its cash flows.
ZikZuk’s BFM platform helps SMEs ensure consistency in the process via ‘automated collection reminders’ feature which helps the SME owners to send automated collection reminders to clients when the payment is due, helping them to collect payments 20% faster.
- Access Tally data on mobile
Small business owners must always be up to date on the financial performance of the business and must be able to access it anytime & anywhere.
ZikZuk’s BFM helps businesses overcome this challenge by syncing with their Tally account and provides access to Tally data on mobile devices, with morning & evening financial reports, snapshots of key processes like sales, purchases, accounts receivables and more.
- Get analytics on business performance
Data-based business analytics help businesses get valuable insights on improving their business processes.
The BFM platform supports businesses by providing analytics on inventory movement & ageing analysis, customer payment behavior and cash flows, helping businesses make the right data-backed decisions to improve these processes.
- Create Tally entries from anywhere
When the business acquires a new customer from the field salespersons, there is a general delay before invoice generation.
ZikZuk’s BFM platform helps your business avoid these delays by enabling the sales team to generate sales invoice, sales order and customer quotation entries directly in Tally, using their mobile devices.
These are some of the reasons SMEs should choose ZikZuk. By choosing ZikZuk, SMEs can better manage their finances, improve their cash flows and make data-backed business decisions for their growth.
ZikZuk is a leading SME neobank in India with a vision to create a growing and sustainable financial ecosystem for SMEs by helping them address their credit needs & manage their financial processes efficiently.
Reach out to us today to know more about our services!