These insights were shared by experts from VPBankSME, Finan, and SAPP during the seminar "Cost optimization, proactive cash flow - Comprehensive financial solutions for SMEs" held on 29/7 in Hanoi.

At the event, Nguyen Duc Thai, CEO of SAPP Academy, noted that many SMEs still operate primarily based on personal experience, relationships, and business instincts rather than professional financial principles.

A common mistake among SMEs is the failure to clearly separate personal and company finances. This leads to difficulties in controlling cash flow, expenses, and capital. Many business owners focus excessively on revenue growth while neglecting cost control. This results in high revenue but sustained negative profits due to inflated operating costs.

"The lack of clear policies and procedures, approving expenses through 'likes' on Zalo, keeps managers constantly overwhelmed and creates a huge risk of financial loss," Thai said.

Seminar "Cost optimization, proactive cash flow - Comprehensive financial solutions for SMEs". Photo: VPBank

Seminar "Cost optimization, proactive cash flow - Comprehensive financial solutions for SMEs". Photo: VPBank

Agreeing with this viewpoint, Truong Thanh Trung, Chief Financial Officer of Finan, pointed out that approximately 90% of SMEs still manage financial data using Excel, which doesn't meet the requirements for security, access control, real-time aggregation, and analysis.

A reluctance to embrace transparency also keeps many businesses operating in the "grey zone" to avoid tax obligations. However, Trung believes this is no longer a sustainable solution in the context of increasingly stringent management of electronic invoices and tax declarations. Financial transparency is becoming a mandatory requirement if SMEs want to access capital and achieve long-term development.

To address these bottlenecks, representatives of the businesses presented a comprehensive ecosystem of solutions, combining technology and banking finance. Nguyen Duc Hung, Head of Enterprise Digitization Management at VPBankSME's Center for Digitization and Payment Solutions, stated that the bank is actively providing products to support flexible spending for SMEs, such as credit cards and overdraft loans.

Credit cards serve as both a payment tool and a way for businesses to manage cash flow with an interest-free period of up to 45 days. They also meet tax reporting requirements and come with numerous benefits.

Chu Minh Tuan, Director of VPBankSME's Center for Digital Business and Payment Solutions, added that the bank is implementing an Open Banking strategy to integrate financial services onto partner platforms like Finan. This makes it easier for businesses to open accounts, delegate spending authority, and shorten loan approval times.

At the event, Tuan introduced the VSME10K incentive program specifically for household businesses transitioning to corporate entities or newly established businesses. The support package includes a 1% interest rate reduction, unsecured credit limits up to 500 million VND, secured loans up to 5 billion VND, complimentary sales and accounting software, preferential account numbers, and legal consulting.

In addition to financial solutions from the bank, Finan and SAPP also offer tools to enhance management capacity for SMEs. SAPP supports SMEs through specialized training courses, helping them improve financial management skills and adopt international accounting and financial standards.

Meanwhile, Finan introduced the FinanBook platform, a tool for monitoring and controlling financial status. It synchronizes data across multiple devices with high security, cost savings, and support for businesses seeking bank loans. Businesses connecting FinanBook to their VPBank accounts receive three months of free usage.

Businesses opening VPBank accounts online via eKYC on the FinanBook app receive a year of free NEOBiz/NEOBiz Plus, a preferential account number, and a financial solutions package for new businesses. Customers can also apply for unsecured loans up to 500 million VND with simplified procedures.

Representatives from VPBankSME and Finan stated that they will continue to expand their cooperation in various areas, such as lending and credit card issuance, enabling customers to access VPBankSME's entire financial product ecosystem directly on Finan's digital platform.

(Source: VPBank)