It doesn’t matter how great your product, your services, or your people – your business can’t be successful unless you have the right operating systems and frameworks in place.
Ensuring that you have the right financial management systems is one of the most important things you can do to support the development of a sustainable business.
Your financial management systems don’t have to be overly complex, they just need to be effective and robust – providing you with the information and oversight that you need to monitor performance and inform your decision-making.
Effectively using online banking for your business is one of the easiest steps to take, and one of the first areas that you should focus on.
Here are four key benefits to business banking online:
1. It’s convenient. You can access your accounts when it suits you. You can pay bills, pay salaries, or track invoice payments at any time of the day or night.
2. It’s secure. Most online business banking systems now use a two-step log-on process to ensure that only authorised users are able to access your accounts. Industry figures demonstrate that incidences of fraud are much lower for online business banking compared to other banking channels.
3. Retain payee information. Your online banking enables you to save the account details and reference information for suppliers that you make regular payments to. This saves you time and ensures a consistent account reference for tracking purposes.
4. Create reports. Through your online banking you can easily export the detail of your transactions (from your online account statements) and then use them to analyse your expenditure patterns or quantify how much you are spending with specific suppliers.
Of course, online business banking also has quite a lot of benefits for banks and financial services providers – you are helping them to reduce their cost base by completing self-service transactions, and you are reducing the demands on their branch and call centre networks.
By using online banking, you are also helping your bank know more about you and your business. That will help them tailor services and products to better suit your needs and assist them in selling you things that you’re more likely to need. According to research from MISYS Banking Systems, banks are generating 25% of their sales volume via digital channels such as online banking, so it’s clear that banks are going to be keen to encourage more businesses to switch across to online business banking.
It’s time to embrace the technology – log on and help your business grow.
Tags: Business, Business Ideas, economy, financial planning, money, Online Banking
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12:42 am • 
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