If you’re still using traditional banking methods for your small business, its time to make the change toward online banking.
There are many advantages to using an online banking system for your small business. It will save you countless hours of accounting work and not to mention trips to and from the bank. Online banks can be managed on-the go and offer extremely secure banking methods. Here are some key features to look for in an online bank.
Online Invoicing and Unlimited Transfers
As a small business you want to be as frugal as possible with your free cash. That means you need to be resourceful and efficient in all aspects of your business. Online invoicing can turn any accounting nightmare into a breeze.
When you’re able to get paid online using invoices, you will have virtually no paperwork. Less paperwork means time and money saved.
In the early stages of any business, its quite hard to predict anything. Unlimited transfers gives you the freedom to make payments and move money at any time without worrying about extra fees or penalties.
Payroll and Taxes
The sooner you implement a solid payroll system the better. This may not seem necessary for a 5-10 employee business, but hopefully your goal is to scale. When you’ve got 300 employees under your belt, you’ll be glad you set up your payroll early. Most good payroll solutions offer recurring payments that automatically bill. This will save you tons of time so you can focus on more important aspects of your business.
Taxes are always a pain in the you know what. In a situation where an online banking system offers payroll, odds are it has tax compliance as well. If not, you chose the wrong bank. If you can automate your payroll and taxes early, it will surely save you time and money.
Digital Wallet
The modern world is moving away from paper and card transactions. Online payments are becoming increasingly popular as companies are shifting towards a digital economy.
A digital wallet serves as an eBank where you can send and receive money from. As digital wallet’s become increasingly popular, more transactions will be made from the wallet as oppose to the actual bank account. This is a much more efficient way to pay and get paid since technically the “funds” aren’t actually being transferred. A ledger is simply being updated that credits one account with the transfer.
When looking for an online banking solution for your small business, there’s lots to consider. With so many options, you probably won’t be able to find an 100% perfect solution. However, by having these key features you’ll have a solid banking foundation for your business.
