Virgin Money has launched a free, full money management package to support small business customers with their day-to-day financial operations and ensure they have a complete view of their past, current and future financial position.

In partnership with market-leading fintech company, Strands, Virgin Money will be the first UK bank and Mastercard issuer to offer Money Management, aimed at empowering small business owners with under £1m annual turnover to take control of their finances in the most efficient way possible.

Powered by Artificial Intelligence, the new digital platform, Money Management, provides an innovative and personalised banking experience allowing Virgin Money’s Business Current Account customers to make more informed financial decisions through clearer insights and analysis of their financial position via a range of features including:

  • Forecasting through Financial Calendar – Provides a snapshot overview of cash in and out each day to allow customers to plan ahead and for the long-term.
  • Invoice creation & management – Creates sales invoices and tracks to see whether they are unpaid, paid, or overdue to help customers manage payments more effectively.
  • Budgeting – Creates visual budgeting graphs which automatically update with each transaction made to help customers stay on track with their business plan at a glance.
  • Transaction Categorisation – Understands and tracks business spending by filtering transactions by time period, client provider or category. The data can then be automatically presented in graph form enabling easier analysis and reporting.
  • Cashflow Projection – Automatically generated cashflow forecasts so customers can stay on top of cash coming in and out of the business.

The free tool is accessed through the Bank’s online desktop business platform and is underpinned by 24-hour chat support with a dedicated web team, to help customers manage their accounts.

 

Read the full release in Virgin Money’s newsroom