Business Loans

Review: UOB BizSmart

Belinda Wan
March 23, 2022

Time is money: Save time and hassle by adopting digital solutions that enable you to run your business more easily and efficiently. Photo credit: Unsplash


While there are only so many hours in a day to get everything done for your business, here’s some good news.

Firstly, you are not alone and secondly, there are various ways you can get help for those tasks that form part of your daily grind, yet take up a considerable amount of your time.

We previously took a look at how well DBS IDEAL works for SME owners – now let’s check out UOB BizSmart by United Overseas Bank.

The website describes UOB BizSmart as “a suite of digital solutions designed to help your business enjoy greater efficiency and savings” by automating manual processes.


Perks of digitalization

These solutions aim to help you:

●  Make better and faster business decisions – thanks to insight of your business operations gleaned from real-time data

●  Automate tasks that you used to perform manually, and reduce the incidence of duplicated work so you work smarter and more efficiently

● Take your business online so you extend your reach and expand your customer base

Sounds great.

The keyword to take note of here (if you haven’t already guessed) is digital.  


Curated suite of solutions

As expected, UOB BizSmart’s digital solutions are categorized according to their functions. Here are the various solutions offered under each category:

Accounting

Financio: This cloud accounting software makes automations, real-time reports and access to mobile apps possible, helping you to keep track of your business finances and file taxes.

QuickBooks Online: Customize your invoices, track your spending and get reports through QuickBooks’ accounting software.

Enterpryze: This allows you to issue invoices through InvoiceNow so you get paid more quickly, integrate your UOB business account for easier reconciliation, and access real-time business financials.

Xero: Manage your accounts and tax reporting easily by connecting Xero to your UOB business account to update and reconcile your banking transactions to your accounts daily.

Link your UOB corporate account to the abovementioned four accounting solutions for easy integration.

HR and Payroll

HReasily: Manage your employees’ payroll, leave and attendance through this complete online solution that can be accessed via desktop or mobile.

Digital transactions

Weebo: Refresh your point-of-sales (POS) approach with specialized automations and third-party integrations.

Getz: This F&B management solution enables you to set up a contactless ordering service in-store and online so you can manage orders, deliveries, payments and pick-ups with ease.

Shopmatic: This e-commerce platform’s user-friendly interface and web templates help you to showcase your products and services online quickly and easily.

EzyProcure: The name says it all – this procurement platform automates purchase-to-payment processes for buyers and suppliers, and allows buyers to improve their cashflow by getting extended credit terms with consolidated purchase data.

Digital marketing

Skale: This easy-to-use tool is what small businesses can use to create push ads, digital vouchers and personalized messages to drive sales and revenue.

Cybersecurity

Singtel Cybersecurity: Access monthly reports, and protect your network with these cybersecurity solutions that detect, identify and respond to cyberattacks.

Collaboration

Google Workspace: Check your email, work, chat with your colleagues, hold a voice or video call, and stay on top of your documents and tasks – wherever you are.

Point of Sale

Weebo: Streamline your operations, view real-time sales reports, or integrate with other third-party platforms such as accounting, ERP software, or even mall management software through open APIs.

EPOS: Established in 2009, Singapore’s largest POS vendor is on hand to help businesses grow with its suite of product solutions.

One thing to note: Most of these solutions, which each come with their own sign-up pages, offer you a choice of signing up for only BizSmart or the Start Digital Pack.

Sign up for any two solutions under the Start Digital Pack and enjoy the solutions for free for 6 months. Terms and conditions apply.


Other features

BizSmart also comes with the following functions:

PayNow Corporate – With PayNow and SGQR, you can make and receive digital payments instantly. PayNow has been incorporated into SGQR (Singapore Quick Response Code), the unified QR label for Singapore.

All you need to do is link your SGD Corporate Account to your Unique Entity Number (UEN). The sender can make payment using the UEN or by scanning your Quick Response (QR) code.

UOB eAlerts! This email/SMS alert service updates you on your account balance, and sends notifications to your account and trade finance activities.

UOB mCollect – Receive payments easily via PayNow on your mobile phone or opt for cash on delivery.


Verdict

Whether you need to adopt digitalization for your company, or just need an easier way to manage payments, UOB BizSmart’s digital solutions are worth trying – especially if you already have a UOB corporate account.

Balancing and reconciling the accounts will be much simpler once you link any of the three accounting solutions to your UOB account.

If you have not tried out the Start Digital initiative, now would be a good time to start, as many of BizSmart’s digital solutions are also part of the Start Digital Pack.

Apart from accounting, you can take your pick from HR and payroll, digital marketing, digital transactions, cybersecurity, collaboration and POS solutions.

Depending on whether you sign up for a solution via BizSmart or Start Digital, the prices vary greatly but are largely quite affordable – but by no means free.

You are essentially killing two birds with one stone if you want to start digitalizing your operations, while having a tighter grip on your finances through alerts and synced bank feeds.

The PayNow and SGQR feature is a plus – sooner or later, more businesses will be adopting this to simplify their payment processes, so you might as well get on the bandwagon now.

At the same time, apply for a UOB business term loan with Lendingpot. The Temporary Bridging Loan Programme has been extended to 30th September 2022 with a maximum loan quantum of S$1 million per borrower and maximum loan tenor of 5 years. Apply here.


Leading digital loan marketplace Lendingpot connects SMEs to its network of 45 lenders comprising relationship managers from banks, financial institutions, and private and peer-to-peer lenders in Singapore for free. It aims to help SMEs overcome the information asymmetry problem and lack of transparency prevalent in the SME financing sector by offering SMEs financing options such as business term loans, property loans, revenue-based financing, credit lines, working capital loans, bridging loans, invoice financing, and more.


Land the right loan

Get more loan options now. We have 45 lenders onboard our digital business loan marketplace to help you.


Leading digital loan marketplace Lendingpot connects SMEs to its network of 45 lenders comprising relationship managers from banks, financial institutions, and private and peer-to-peer lenders in Singapore. It aims to help SMEs overcome the information asymmetry problem and lack of transparency prevalent in the SME financing sector by offering SMEs financing options such as business term loans, property loans, revenue-based financing, credit lines, working capital loans, bridging loans, invoice financing, and more.

About the author

Belinda loves thinking about random stuff, and collecting useless bits of facts and trivia. She often roots for the underdog, and believes the world needs more happy endings.

Review
UOB
Bizsmart
Digitalization
Financio
QuickBooks Online
Enterpryze
Xero
HReasily
Weebo
Getz
Shopmatic
EzyProcure
Skale
Singtel Cybersecurity
Google Workspace
EPOS
PayNow Corporate
UOB eAlerts!
UOB mCollect

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