Commonwealth Bank touts free app for small businesses

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Commonwealth Bank touts free app for small businesses

In the dark about your business's performance? The new Commonwealth Bank-backed app Vonto may be useful.

The Commonwealth Bank is promoting a free app that promises to help small businesses make sense of data from Point of Sale, web analytics, accounting and web store systems.

Called Vonto, the app collects data from multiple well-known small business systems and analyses it to provide 10 “key insights” and suggest actions.

Those insights may be about cash flow outlook, website traffic, social media engagement or product performance, according to an announcement published by the Commonwealth Bank.

Xero is the only accounting software that integrates with Vonto so far. It stated that its users could use Vonto to learn about daily, monthly and yearly financial trends and patterns, anomalies or unexpected behaviour, and relationships between business drivers and outcomes.

It works with Xero, Google Analytics, Shopify, Facebook and Vend, and more integrations are planned. Users don’t need to be Commonwealth Bank customers.

“More than 80 per cent of small businesses are using up to six business apps to run their operation, potentially meaning six logins to six different systems, every day, just to see the status quo,” Vonto Managing Director Elliot Cousins stated.

Vonto is one of the first products resulting from X15 Ventures, a subsidiary of Commonwealth Bank. Microsoft and KPMG High Growth Ventures are also involved with X15 Ventures as partners.

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