If you’re like most small business owners, on any given day you have to-do list as long as your arm. Taking care of the bottom line and getting your banking right is a top priority, but with so many demands on your time, the last thing you want to do is spend hours in your local branch. The banking products and services available to small businesses today have come a long way in the last few years, and it’s worth keeping abreast of new developments. In 2013, you can automate or streamline almost all of your daily banking tasks, saving yourself precious time and money. Here are some of the newest and best technologies and tips we’ve found to make the most of modern small business banking:
1. Utilize online banking’s newest features
You may already use your bank’s online services to keep an eye on your balances, but these days some banks offer small business banking account holders the option to set multiple users with different security levels. Customizing the level of access to your account information means that you can securely delegate and let others help you manage your money.
2. Set up Alerts
Let the information come to you: you can ask to be notified when a specific check clears your small business checking account. You can also be alerted to an unexpectedly low or high balance so that you can move money around exactly when and where you need it.
3. Mobile Banking
Some of the biggest changes in small business banking are tied to the rise of the smart phone. You can access your account and see what’s going on wherever you are, and on a busy day, that could be just about anywhere!
4. Mobile Deposit
With new mobile deposit apps, you can deposit your checks without stepping foot in a bank. Just snap a photo of your check with your phone’s camera and upload it to your account in seconds!
5. Mobile credit card payments
Brand new apps allow you to take credit cards payments with your phone, meaning you or your employee can swipe credit cards wherever you may be, even at your customer’s home.
6. Make the most of existing banking relationships
Consider bundling all your banking services at one bank. Keeping your business and personal accounts all at one bank not only makes things more convenient, it may allow you to leverage the relationship for the best value. This can e especially valuable if you’re looking into sba loans or other small business loans in the near future.
7. Consider Account Reconciliation and other services
Instead of paying a full time bookkeeper, look into the Account Reconciliation services offered by your bank. Some banks also offer QuickBooks exports of your live account information.
8. Arrange ACH debits and payments
Any recurring payments from regular customers can be automated through ACH, saving you time issuing and chasing down invoices. You can also allow your vendors to debit your small business checking account, avoiding the possibility of late fees.
9. Use Bill Pay
Simplify your outgoings by setting up automated Bill Pay. You’ll save time (and stamps!) and it’s one more way to make sure you don’t get incur any late fees.
This sponsored content was written by Holly Wolf, the Chief Marketing Officer of Conestoga Bank. Conestoga Bank provides both consumer and business banking services, including online banking, mobile banking and mobile deposit. Their branches are located across Philadelphia and Southeast Pennsylvania.