How You Choose to Manage Your Money Can Have a Big Effect on Your Business
Today’s small-business owners rarely dole out tasks and responsibilities to a team of employees. For many smaller companies, the owner takes an active hand in the business’s day-to-day operations. This participation is not always a choice, but more so a necessity because so many small businesses are run by just one person.
And when one person is handling all (or most) of the business matters, time is a commodity that can’t be wasted. Time management is just one reason why online banking is so essential for small-business owners.
Because good money management is an integral part of building a successful business, business owners need efficient banking methods and more powerful tools for controlling their finances. Here are five reasons why online banking can provide small businesses with the services and results they need most.
With online banking, gone are the days of wasting half a day waiting in line at your bank to make a transaction. You can manage your bank account from anywhere and at any time. You can log in at your office desk to check on a payment or pay a utility bill, or you can use your smartphone to make a deposit or check your balances. If your business requires you to travel often, then you will still be able to make deposits and manage your accounts, even in cities where your bank doesn’t have a branch.
Faster Transaction Speeds
If you need to transfer funds from your savings to your checking in order to secure a last-minute deal on an important purchase, then you can get the funds you need instantly when using online banking. Simply log in and make the transfer, and funds will be available immediately so you can make your purchase and cash in on the deal.
Automatic Bill Payments
One of the most beneficial aspects of online banking is its automatic bill payment feature. By enrolling in automatic bill pay, your essential bills will be paid automatically so you will never miss a payment. This gives you peace of mind knowing that your bills are being paid when they should be, and it takes the added pressure of having to remember due dates off of your shoulders. It can even help improve your business credit because all of your debts are being paid on time.
Easier Account Management
Many banks that offer online banking also offer the ability to link your account information with many of today’s most popular accounting software programs. This compatibility helps you manage all of your business’s accounts and financial data in the program you are most comfortable with. You can view bank statements instantly, and have all of your company’s financial data organized and at your fingertips come tax time.
Multiple Account Management
Many businesses keep multiple bank accounts, such as a primary business checking account, a savings account, a short-term investment savings account, an emergency fund account, and others. With traditional banking, managing multiple accounts can be a time-consuming process with a mountain of paperwork to go along with it.
But when you bank online and have all of your accounts with the same bank, you can link all of the accounts and manage them all under a single login. This gives you instant access to all of your accounts so you can see where they are standing, and what transaction you need to make, if any.
With instant access and account monitoring at the speed of light, online banking simply offers small-business owners with the resources they need when time and money is of the essence.
Photo Credit: Doug Kerr, Flickr.