Each business is, and operates, differently. There is no way Marygold can try and predict how each business should manage their finances better then the people in the business as no-one knows your finances better than you.
However, many businesses have similar underlying cash flow management obstacles (e.g. reserving for tax liabilities), so we wanted to create nudges are a simple tool under your control that may help you better manage your business finances.
Nudges can help by:
- Creating reminders to move money at appropriate times
- Making it easy for you to transfer money quickly and seamlessly
- Giving you control to decide whether you want to edit the details any particular time (e.g. you might have some previously unforeseen expenses which means you need to make adjustments any particular month)
We have created different types of nudge for different situations, but they all share two common things. They all have a trigger event, and they all contain a suggested saving amounts (specified by you).
If the trigger event occurs, a notification will be sent to you (via system notification and/or email) with the suggested amount to save, and a me2me payment link to make the transfer super-simple for you.
For example, if you choose a date nudge then the trigger event might be 'remind me on the 1st day of the month'. If you choose a Reserves For Tax nudge then the trigger event might be 'remind when I receive an amount into my current above £1000'. You are always in total control, and you can amend or delete any nudge any time you like.
Each nudge will have a suggested amount of money to move that you also control. This might be a fixed amount (e.g. £100), a calculation (e.g. assume inbound receipts are subject to 20% VAT, and reserve this number) or a variable amount (e.g. save everything left over from the prior month). Again, all controlled by you.
When you receive a notification resulting from a trigger event, then you have 3 options:
- Click 'Pay Now'. If you want to move your money that you previously specified. When clicked you will immediately be redirected to your bank app to authorise the money transfer.
- Click 'Edit'. This is if you want to make a transfer but there is something you wish to change in the amount or payee (e.g. make may wish on this occasion to pay into your Holiday Savings not House Deposit. This journey involves an extra step, but is still very quick.
- Click 'Ignore'. If you want to skip this current payment, no problem.
You are always in control, if the notifications from one nudge become annoying, no worries. Just edit or delete the nudge. Everything is totally up to you.