The recent news of Bankwest suddenly discontinuing business accounts sent shockwaves through the small business community.
In this guide, we’ll explore the impacts of Bankwest’s closure, why old-guard business account providers fall short, and how Parpera can unlock new levels of efficiency and growth for lean teams.
Understanding The Bankwest Closure
In February 2022, Bankwest announced the impending closure of all of its business products and services. The move forced small businesses to identify alternatives.
While surprising, the closure highlights the shifting priorities of established institutions. Large banks like Commonwealth Bank are focusing on more profitable customers and neglecting niche customers.
But moves like Bankwest's destabilise small business. Integrations break, workflows fracture, and uncertainty abounds.
What Bankwest’s closure signals is that legacy players simply won’t put small business first. Their outdated systems aren’t built for the realities these owners face.
New solutions are stepping in - combining siloed financial components into mobile first, all-in-one money-management platforms made for the underserved small business owner.
And Parpera leads this next-gen wave.
The Old Guard Falls Short
Relying on old-school business account providers increasingly means:
➡️ Outdated experiences - clunky desktop sites, limited mobile apps
➡️ Restrictive requirements - high monthly fees, minimum balances
➡️ Poor integration - disjointed connections to tax, payroll etc.
➡️ Weak support - high wait times, impersonal service
The inertia of institutional incumbents means they continue mistreating their small business customers. But modern alternatives like Parpera now exist to meet the demand for tailored solutions.
What Small Businesses Deserve
As an entrepreneur or solopreneur, you deserve more. You deserve business accounts that:
✅ Meet you where you are - simple, flexible, accessible
✅ Save you time - intuitive, automated, integrated
✅ Help you thrive - responsive features aligned to your needs
✅ Have your back - personalised support from finance experts
Parpera Gets It
Parpera's mission is to address the unmet money management needs of small business owners so they can spend less time on painful financial admin, and more time building their businesses and doing what they love.
Now let’s highlight why switching to Parpera can unlock the next level of simplified productivity and smart growth for your small company.
Parpera's Mission - Liberate Small Business Owners
Daniel Cannizzaro built Parpera based on his family’s own experience trying to manage complex financial administration as small business owners. In fact, Parpera’s members say that they previously spent up to 50% of their time on admin.
After years watching his parents wrestle manual processes late into nights following long days, Daniel knew technology could eliminate this drudgery.
Parpera relieves tedious financial work so small companies can instead fuel customer delight and growth. Parpera’s mobile-first platform handles the heavy lifting so owners can pursue purpose over paperwork.
Intuitive Mobile Experience
Parpera consolidates siloed money management capabilities into one intuitive interface - accessible anywhere via smartphone.
Unlike disjointed legacy systems, it seamlessly synthesises the functions small businesses rely on daily into a single app.
The sleek dashboard allows you to:
💳 Access real-time account balances
📝 Create, manage, and send client invoices
✉️ Get paid faster
🤑 Earn a return on your money
💸 Pay expenses, anywhere, anytime with a fee-free business debit Mastercard
🧾 Automatically track income and expenses
🔎 Generate financial statements with one click
💰 Understand cash flow on-the-fly
Business Accounts Tailored for Modest Companies
Parpera’s adjustable business accounts meet startups and microbusinesses where they are with:
🏦 Streamlined digital account opening without unrealistic requirements
👛 Critical money movement capabilities like payments
🔐 Funds are safeguarded by Wise, a licenced financial institution
Whether you're a solopreneur, sole trader, or company director or microbusiness, Parpera simplifies business account management.
Painless Global Invoicing
Creating, sending and getting paid on invoices requires no tedious spreadsheet tracking with Parpera.
Their streamlined system allows you to quickly customise professional invoices, sync data with accounting tools automatically, and remind clients to pay in seconds through an easy-to-use workflow.
Coming soon, Parpera will also enables small businesses to invoice international customers in multiple currencies, then receive deposits in your preferred currency. This simplifies global business without the typical hassle.
Seamless Accounting Connection
Gaining financial visibility in real-time is now effortless. Parpera has a seamless Xero integration directly into its platform, eliminating struggles to manually export and reconcile transaction information.
Data flows automatically from Parpera into your accounting system so you don't sacrifice hours tying disjointed systems together. This produces an accurate financial snapshot with no tedious work.
Automated Tax Estimates
Quarterly taxes like business activity statements (BAS) are notoriously challenging for small owner-operators. Parpera makes staying compliant far less stressful by automatically generating tax calculations on-the-fly.
As you invoice customers and money comes in, Parpera estimates exactly how much you owe. Your tax reports are ready in seconds during tax time.
Personal Support You Deserve
Subpar customer assistance should never fly, but too often legacy business account providers invest minimally in genuine support.
Not Parpera - their specialised small business customer care team provides comprehensive resources and swift, smiling human help whenever you need it.
It's Time for Something Better
Relying on legacy options means financial frustration for modest business owners without endless accounting resources.
Stop letting archaic tools limit your potential. Now is the time to level up what your financial system looks like with Parpera's unified small business solution.
Parpera lets solopreneurs and microbusiness enterprises:
🔓 Unlock simplified financial oversight
⚡️ Expedite cash flow responsiveness
🧘♀️ Reduce admin headaches
🚀 Reinvest time into doing more of what you love
If you're ready to step into the future of small business financial operations, explore Parpera today.
Learn more about our business account solutions here.
It's time to unlock your potential.