When freelancing or running a small business, it can be a nightmare to streamline business finances. In fact, managing a business budget is one of the biggest challenges freelancers have when working. It’s even worse when you think about how a freelancer’s income varies from month to month.
Fortunately, you can make business finances easier by streamlining them. More specifically, you can streamline them with ePaymens. As we previously discussed on the blog, ePayments is simply using the internet to manage payments electronically by allowing you to bypass third-party apps like PayPal.
ePayments can help you streamline business finances by simplifying the process and getting rid of the middle man. Here are some of the ways you can use ePayments to streamline your business.
Eliminate additional fees.
One way in which ePayments can help streamline business finances is by eliminating additional fees. Due, for example, allows you to make business to business payments through their platform without charging fees.
What that means is if you’re being paid for a service you won’t have fees taken out of the transaction.
This makes it easier to streamline business finances because those payment processing fees can be a real pain to track down and organize come tax time.
Pay your vendors automatically.
Another way ePayments allows you to streamline business finances is by paying vendors and contractors automatically. This can be as simple as paying your people automatically with a credit card.
Rather than messing with checks and automatic withdrawals from my business account, I simply pay for everything automatically with the business credit card and then pay the card in full once a month.
This helps streamline business finances in a couple of ways. Paying things beforehand allows operations to continue. Second, putting it on a credit card gives you a 21 to 30-day cushion to make a payment.
The reason the last one is so important is because freelancers don’t always get paid at the same time. You may not have enough money in your business checking account on a specific day because a client payment is late, it’s a weekend, you’re traveling or whatever other reason. By paying with a credit card, I make sure I don’t overdraft and everything continues to run without interruption.
ePayments are going the way of mobile thanks to thins like Apple Pay, Square and digital wallets. That’s why it’s not a bad idea to start incorporating this into your business so you can streamline finances.
For example, I always have a few copies of my book on me in case I meet someone who wants to buy it. I’ve sold books at restaurants, my coworking space and while waiting for the bus. I simply use my mobile payment app (in my case Square) to accept payment and I’m done. No need to deal with cash.
Just like you’re encouraged to streamline and automate your personal finances, you should also streamline business finances.