With online banking, businesses can save time and resources while keeping track of their expenses in a convenient and economical way. Gone are the days when a company representative had to go to the bank in person to deposit a check or withdraw money for a salary, as all of these transactions can now be done almost exclusively online.
Small business owners especially stand to gain by using their bank’s online services to generate value and save time that can instead be spent on growing the organization. To help business owners better navigate the world of online financial operations, we asked nine members of the Forbes Finance Council to give their thoughts on some of the key benefits of online banking that entrepreneurs tend to overlook. .
1. Seamless synchronization with accounting
Accounting is one of the biggest pains for business owners. Online banking and accounting systems make it easier than ever to synchronize all your transactions with your accounting system without having to spend hours manually adding transactions. This saves business owners time and money and makes it easier to get up-to-date financial reports. – Brian HayesNOW CFO
2. Improved Security
At some point, you may need other people to manage your books. Online banking allows small businesses to customize employee access. Since not all employees need access to all accounts, online banking allows features to share certain content with certain employee logins. The online account can be configured as needed and thus improves the overall financial security of your business. – Jared WeitzUnited Capital Source Inc.
3. Better organization
A big overlooked benefit of online banking is how it helps you organize your finances. The convenience of having your account at your fingertips combines with the ability to view all your transactions in one easy place. You can monitor where your money is going, stay on top of your bills, and even set up recurring payments. This is a benefit that is definitely overlooked. – Greg HerleanHorizon Trust
4. Global Access
The days of having to call your bank or wait for a paper statement to check your balance or see what has already cleared are over. Now you can log in from almost anywhere in the world to check account balances, verify payment, or confirm that a check has been cashed. The sheer level of convenience alone makes it worth learning to use online banking for business. – Danielle Kunkle RobertsBenefits for Baby Boomers
5. No branches, no paperwork
Done right, online small business banking has the potential to dramatically improve the productivity of a company’s back office. The impact can be huge. No more queues at agencies. No fax forms. No expectation of customer service. Be careful though! Many banks have created online banking portals that still attract business owners to branches or keep them on hold. Look for native digital offerings instead. – Eytan BensoussanNordOne
6. Fraud Alerts
Online banking allows you to see your transactions in real time, and if anything seems off, your bank will alert you. If your bank sees a debit card transaction history from one location, then suddenly a Match.com purchase on the other side of the country appears, which will raise a red flag. This kind of security is invaluable. – Jeff PittHealth insurance plan search
7. Easy tracking
Online banking gives you an easy-to-follow audit trail. When you choose to use bill payment in online banking, tracking your income and outgoings is effortless. I love online banking at tax time for not only retrieving business expense details, but also tracking personal expenses for tax preparation. – Justin GoodbreadWealth investors
8. Mobile Check Deposit
One of my favorite features is mobile check deposit. In the beginning, mobile banking was great because you could quickly view your account balance, statements, message center, order checks, apply for a loan, order a replacement card, and more. You can even activate and deactivate your debit cards on demand for Security. Now you can take a picture of your check and deposit it through your bank’s mobile app. – David HassElite Insurance Partners, LLC
9. Easier Supplier Payments
One overlooked feature is business bill paying. Why waste time writing and sending a check? Who has time for that anyway when you’re always on the go. A simple setup in your bank’s bill payment and a check is sent directly to your supplier, and as a bonus, the check is certified in funds. Alternatively, you can ACH the payment if it’s an ongoing relationship – even businesses like direct deposit. – Vlad Rusz, Vlad Corp. United States