10 ways small business owners can leverage digital banking
Monday, 22 July 2019
Small business owners can wear a lot of hats: chief executive, chief operating officer, chief financial officer, human resources manager and more.
And while technology can help automate and streamline many essential business functions, not all small businesses have the cash to invest in sophisticated software solutions.
Today, many small business checking and savings accounts include robust digital tools small business owners can leverage to improve efficiency, reduce costs, generate essential business data and automate daily financial management. Here are 10 of them:
1. Automate Bill Payment
With online bill pay, you can automate recurring monthly bills which ensures payments are made on time and help you avoid late fees. And, of course, when you automate, you save on labor costs, too.
2. Deposit checks remotely
Online deposit means fewer trips to the bank. Plus, many remote deposit services offer extended daily deposit deadlines and give you digital tools that help streamline your deposit reconciliation process.
3. Stay alert
Customized account alerts will make sure you always know what's going on with your accounts — balances, deposits, suspicious transactions and more.
4. Create and monitor budgets
These days you can do so much more than just transfer funds and check balances in online banking. Many online banking platforms, including BBVA online banking, offer customers advanced budgeting capabilities, expense monitoring and detailed reporting.
5. Automate payroll
BBVA offers small business customers feature-rich payroll services you manage through online banking. The platform gives employees self-service access to their payroll forms and data, and calculates and pays local, state and federal payroll taxes.
6. Download data
Most online banking platforms make it easy for you to download financial data into money management programs and compile data for accounting and bookkeeping professionals.
7. Track expenses and manage employee spending
Business credit cards now include online management tools that let you control and track employee spending, categorize expenses and download historical spending data.
8. Bank from just about anywhere
Mobile banking allows you to access and manage your business accounts via smartphone or tablet while traveling or in the field. If you have internet access, you can bank.
9. Accept payments and a whole lot more
Merchant services have come a long way. Today, you can deploy sleek, streamlined payment solutions that include payment processing, inventory control, sales tracking.
10. Use digital treasury management services
Smart, intuitive treasury management services make it easy for you to manage cash, make and receive ACH payments and wire transfers, detect and prevent fraud and stop payments.
Banks and other financial institutions understand that small business customers need more than just a checking account, a loan and some credit cards. Many financial institutions are offering their small business customers a whole range of simple yet powerful digital services. And as fintech becomes even more capable and dynamic, small business customers can look forward to their banks providing the financial and technological support they need to grow.
The content provided is for informational purposes only. Neither BBVA USA, nor any of its affiliates, is providing legal, tax, or investment advice. You should consult your legal, tax, or financial consultant about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA USA or any of its affiliates.
Links to third party sites are provided for your convenience and do not constitute an endorsement. BBVA USA does not provide, is not responsible for, and does not guarantee the products, services or overall content available at third party sites. These sites may not have the same privacy, security or accessibility standards. Consult your legal counsel for advice concerning your specific business activities.
You may also be interested in:
Commercial billing FAQs for business owners
Commercial Billing Service offers business owners steady cash flow with fewer headaches. Here's how it works.
Your small business is growing. What's next?
A growing business is something to celebrate, but for most entrepreneurs, it's only the beginning. Here are ideas for your next steps.