Can digital banking increase productivity in my small business?
If you’re running a small business, the chances are that you are continually looking for ways in which you can increase efficiency and effectiveness without unnecessary additional expense. Advances in technology, and specifically digital banking, could provide the solution for companies looking for ways to increase productivity.
Offering a convenient and straightforward method to manage finances, it is easy to see why more and more businesses are turning to digital banking.
Perhaps one of the most obvious ways in which digital banking can help you to increase productivity is simply the fact that it can be done from anywhere, at any time. Provided that you have an internet connection and a computer or mobile device, it’s possible to log on whenever you need and view your business accounts online, or carry out any necessary banking tasks.
You’ll no longer have to wait in line at a high street branch or be restricted to doing your banking during standard office hours. This means that you’ll have more time to concentrate on running your business, content in the knowledge that your banking facilities are fully accessible whenever you need them.
Automation can offer reassurance
Another advantage of digital banking in the context of increased productivity is the ability to set up automatic payments. Often used for payroll and supplier payment purposes, digital banking allows you to set up automated payments so that you can streamline your payments and be sure that bills will be paid on time, every time.
With the ability to set up tasks such as payroll and bill payments to be run automatically at a date of your choosing, digital banking can save you valuable time each month. You can check and amend details easily at the click of a button, safe in the knowledge that you don’t have to invest valuable time on repetitive tasks. You can save money too by removing the wastage of posting out cheques or facing late-payment fees or surcharges.
The array of digital banking options now available means it is possible to increase productivity still further by simplifying your entire financial and accounting processes. With previously labour-intensive jobs such as record-keeping and expenses management now managed online, it’s possible to save a great deal of time on financial administration which can be put to better use running and growing your business.
There is a wide range of digital solutions available to help you manage your company finances efficiently. Many of these tools can be linked together, offering bespoke solutions to financial and accounting management. The ability to correlate information such as sales revenue with expenses and information from other payment platforms such as Soldo’s expense management solutions can provide businesses with a comprehensive dashboard from which to identify trends, notice potential problems and plan accurately for the future.
In recent years there has been some concern over the security of digital banking. However, there is no doubting that digital methods are here to stay, and banks and technology companies are continuing to invest heavily in developing increasingly sophisticated techniques to keep our information – and money – safe.
You will need to take the appropriate security measures internally to reduce the risk of your company falling victim to cyber-crime. These include creating strong passwords, restricting who has access to them, and avoiding accessing your accounts over public Wi-Fi. You can then feel confident that your financial information will remain confidential and secure.
Streamlined connectivity can improve productivity
We have already looked at the many advantages that digital banking can bring to your business. No doubt embracing these technologies can save you time, effort and money, all valuable assets which you can put to better use in increasing your productivity.
But the improvement to productivity needn’t just be seen as an individual benefit for the person who would otherwise be trekking to and from a traditional bank, or sitting behind a desk crunching numbers and checking expense accounts. While, of course, the time saved doing these important but mundane tasks is a bonus, it’s essential to look at the bigger picture too. Can digital banking have a broader impact on the productivity of your business?
Indeed, the potential for digital banking solutions to connect with other database software suggests that it can. Businesses could benefit from the improved workflow created by effective processes which sit across the different strands of the firm. Using cost-effective software to manage processes effectively alongside digital banking means that your business could reap substantial benefits through improved visibility and insight gleaned from a far deeper and broader view of operations.