Creating a budgeting system is one of the most effective ways to keep track of your finances. A new fintech app, Bsavi, hopes to enable individuals and businesses to do just that.
Bsavi is a spend management tool which allows users to track how much they spend on a daily basis, as well as how much they should be spending after accounting for all planned and fixed expenses. Users can also plan a 7-day cash flow forecast using the app, which allows users to adjust for future spending, enabling them to make better financial decisions. An interesting feature of the app is that it also lets individuals to tag people who they have lent money to.
According to Bsavi’s founder and CEO, Tobie Van Zyl, most people get paid on the first of the month and are broke by the 15th, then they rely on mental accounting skills to count the days down until the next paycheck arrives.
“Our money savvy community promotes smarter financial planning and spending decisions, helping you save as opposed to spending more than you need to,” he says.
Organised spending and saving
Business owners with several bank accounts will also find Bsavi helpful as it lets you link all accounts, also providing for a single view of all accounts. The app also has real time daily updates of all transactions.
Another nifty feature for entrepreneurs is the money organiser, which categorises all your spending. This way business owners are able to keep track of how much is being spent in each area of the business.
Connecting the financial ecosystem
Banks and credit providers can also get on Bsavi’s database to enable new customers to open online accounts instantly. Van Zyl says they already have banks and credit providers currently piloting Bsavi’s product. Similarly, e-commerce stores can profile the best products matching their customers’ purchasing preferences, to get further business.
Although the app has just made its footing in South Africa, according to Van Zyl there are plans to launch in over 30 countries around the world.