4 reasons to use online banking in your small businessRob Richards
Online banking offers a very welcome change from sitting down for hours to physically balance your cheque books and dealing with the errors that come from hand-written ledgers. It has now become so easy to manage your finances online…
If you want to know how online banking can benefit you and your business, we have put together four reasons to use the Internet to manage your money.
Thanks to the Internet, our society has become incredibly impatient – but really, who wants to find an ATM or a bank or wait in a line to find out their account balance? Online banking is great for those of us who need around the clock access to their funds. Between smart phones, tablets and laptops you can really do your banking anywhere.
2. Monitor your accounts
Online banking allows you to monitor your account balances and transactions in real time. So, if someone forgets to pay up or a deposit hasn’t gone through, you can follow it up with the bank. Since every transaction is recorded, you can go back months or even years and download reports to help you reconcile your financial statements. Cashflow Manager allows you to import all your data from a downloaded bank statement and import that into the month you are doing the bank reconciliation for.
3. Manage Bills
Nobody enjoys paying their bills, but the ability to pay them online takes a bit of the pain out of the process. Setting up a regular online payment schedule will help you avoid late fees and is especially helpful for expenses that you pay regularly that don’t fluctuate in amount. Other bills can be paid just as easily in your own timing.
4. Money transfers
Managing both home and business accounts sometimes leaves small business owners struggling. The money transfer options offered by online banking services make it really easy to send funds where they need to go and quickly at that. If you have multiple savings or checking accounts, you can move money between them as needed.
Using Cashflow Manager in conjunction with online banking will make it easy for you to keep your business accounts up-to-date and balanced, and helps you with your regular bank reconciliations so you can make efficient decisions for your small business.