If you are a small business owner, chances are you are very busy trying to run a company or companies, balance your family and personal life, and have some time for leisure and relaxation. In order to be able to accomplish all of this without getting overworked and overwhelmed, you must be smart with you approach you finances.
Use Bill Pay: If you are not using online banking tools like bill pay, you are missing a primary opportunity to save time and money. Two basic types of bill pay are available. First, you can pay bills through your business checking or savings account through your bank, or you can pay through your utilities and services providers (i.e. mortgage company, heating, power, & light company).
Usually, these services can be automated, so you do not need to worry about missing your bill payments. This will save you time and will potentially save you money because you do not have to mail in payments. Another advantage of using bill pay is that it cuts late fees because your payments are always on time.
Caution: When using bill pay, make sure that it is working properly during the first couple of months. Also, make sure that your service providers or bank are billing you correctly and are not charging you fees for the billing service.
Consolidate Banking Accounts: Simplify your life by consolidating your bank accounts. Instead of trying to juggle multiple accounts, research and find out which bank or credit union can best meet your needs for your business, investments, and personal banking. This will allow you to take more control of your finances and avoid unnecessary time and money spent that is associated with trying to run accounts with multiple bank.
It is very important that you make an informed decision when selecting a bank for your various needs. Understand the rewards and fees associated with different financial accounts, as there can be a lot of variance in services and charges offered.
Use Remote Deposit: Remote deposit is a service offered by most banks and credit unions for businesses. Once you sign up with the financial institution, you receive a scanner, which allows you to scan customer checks and deposit them into you banking account. This can be done from the convenience of you office or home.
The advantage of this is that you save time, money, and gain convenience, since you can deposit check from your offices or home. Also, since this is all done online, your company will have access to all records online. This will help as you run reports to and answer customer service inquiries about payments. Some financial institutions have developed apps for smartphones like the iphone, which enable you to scan and deposit checks anywhere by simply taking a picture of the check and processing it through smartphone app.
Think Smart by Using the Free Tools Available.
As you look to simplify your schedule and banking related duties, take advantage of the many free tools that are available. The list above is just a sample of numerous opportunities, and it is up to you to explore them, and take action.