Managing expenses in a micro, small or medium-sized business is often not given the full attention it requires. Businesses looking to optimize operations, stick to their budgets and save money, need to find ways to accurately keep track of what they are spending on and how much they are spending.
Expenses management can be regarded as an organized method for processing expense reports and approvals, as well as reimbursable expenses by employees. It also defines all of the policies used to manage spending at the same time. It plays a vital role in the company thereby saving time and giving business owners better control over expenses incurred during daily operations. Business owners often try to forgo expenses management because it can be time-consuming, stressful, and frustrating. With flex finance, business owners can say goodbye to the cumbersome and frustrating process of tracking their expenses.
Flex Finance is a simple, accessible mobile platform that allows MSMEs (micro, small and medium-sized enterprises)to manage and track their expenses, with little-to-no financial knowledge required. With their inbuilt artificial intelligence, business owners are also able to receive insights that will help them stop waste, save money and make smarter spending decisions. It was founded by Yemi Olulana in 2019 as a platform that helps small and medium-sized enterprises reconcile expenses in real-time as well provides full visibility into all company spending across all locations and helps businesses close accounting books with 100 percent accuracy.
With the flex app, business owners can also make single or bulk transfers to up to 1000 people in less time than it used to be. Flex finance has developed a simple, smart, and intuitive application that helps owners generate a budget for their business using a menu of set categories (with the ability to customize categories unique to their business), and then track their expenses against that budget.
As such, the application improves business management abilities and habits dramatically. Unlike most business management software, Flex was built for mobile devices first. This means the look and feel, as well as its user experience, are optimized for small and medium-sized business owners, who do not have laptops and depend on pen and paper to document and track. Using pen and paper for record purposes is usually inefficient and leads to reconciliation headaches. With the flex finance application, businesses can now easily take charge of documenting expenses anywhere they are with or without prior accounting knowledge. In December 2021, the startup closed six-figure pre-seed funding round from Gumroad CEO Sahil Lavingia, LoftyInc Capital Management, Berrywood Capital, Paradox Capital, Kairos Angels, Brett Kopf, Julian Shapiro, Maneesh Arora, and others.
The startup has also previously raised US$200,000 in undiluted funding from Accion Venture Lab, the MasterCard Foundation, and Catalyst Fund. These investments will help the startup actualize its goal of freeing business owners and finance teams in Africa from the stress of expenses management by making that aspect of business simple which in turn saves businesses lots of money and time, inadvertently helping them grow and succeed to increase their creditworthiness.
Flex’s automatic spend management technology went live in March 2021 and has now onboarded hundreds of companies to over 1000. Every month, it processes millions of dollars in spending. The funding received has so far helped to expand the company’s manpower, scale their operations, and will also help with the launch of their new product offerings like virtual cards. The flex application can be downloaded from the Google Play Store and the iOS application store.
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