With online banking services, companies can save both time and resources while also keeping track of their expenses in a convenient and cost-efficient way. Gone are the days when a company representative had to go to the bank in-person to deposit a check or withdraw cash for wages, as all of these operations can now be done almost exclusively online.
Small business owners especially stand to gain a lot from using their bank’s online services to generate value and save time — time that can be dedicated to growing the organization instead. To help business owners better navigate the world of online financial operations, we asked nine members of Forbes Finance Council for their opinions on some of the key benefits of online banking that entrepreneurs tend to overlook.
1. Seamless Syncing With Accounting
Accounting is one of the biggest pains for business owners. Online banking and online accounting systems have made it easier than ever to make sure you have all of your transactions synced with your accounting system without needing to spend hours manually adding transactions. This saves business owners time and money and makes it easier to have up-to-date financial reports. – Brian Hayes, NOW CFO
2. Improved Security
At some point, you may need others to manage your books. Online banking allows small businesses to customize employee access. Since not all employees need access to all accounts, online banking enables features to share certain content with select employee logins. The online account can be set up on a need-to-know basis and thus improves your overall company financial security. – Jared Weitz, United Capital Source Inc.
3. Better Organization
A great overlooked benefit to online banking is how it helps you organize your finances. The convenience of having your account at your fingertips pairs with the opportunity to view all your transactions in one easy place. You can monitor where your money goes, stay on top of bills and even set up recurring payments. It’s a perk that is definitely overlooked. – Greg Herlean, Horizon Trust
4. Worldwide Access
The days of having to call your bank or wait for a paper statement in order to check your balance or see what has cleared already are gone. You can now just log in from almost anywhere in the world to check account balances, verify payment or confirm a check has cleared. The sheer level of convenience of this alone makes it well worth learning how to use online banking for business. – Danielle Kunkle Roberts, Boomer Benefits
5. No Branches, No Paperwork
Done right, online small business banking has the potential to vastly improve business back-office productivity. The impact can be tremendous. No more waiting in line at branches. No faxing forms. No customer service hold. Watch out though! Many banks have created online banking portals that still pull business owners into branches or keep them on hold. Look for native digital offerings instead. – Eytan Bensoussan, NorthOne
6. Fraud Alerts
Online banking allows you to see your transactions in real-time, and if something seems off, your bank will alert you. If your bank sees a history of debit card transactions from one location, then all of a sudden a Match.com purchase from halfway across the country pops up, that will trigger a red flag. That kind of security is invaluable. – Jeff Pitta, Medicare Plan Finder
7. Easy Tracking
Online banking offers you an easy-to-follow audit trail. When you opt to use bill pay in online banking, tracking your incomes and outflows is effortless. I love online banking at tax time for recovering not only business expense details, but also tracking down personal expenses for tax preparation. – Justin Goodbread, Heritage Investors
8. Mobile Check Deposit
One of my favorite features is the mobile check deposit. At first, mobile banking was great because you could quickly see your account balance, statements, message center, order checks, apply for a loan, order a replacement card, etc. You can even turn your debit cards on and off on-demand for security. Now, you can take a picture of your check and deposit it through your bank’s mobile app. – David Haass, Elite Insurance Partners, LLC
9. Easier Vendor Payments
One overlooked feature is business bill pay. Why waste time writing and mailing a check? Who has time for that anyway when you are always on the go. A simple setup in your bank’s bill pay and a check is mailed directly to your vendor, and as an added bonus, the check is certified funds. Alternatively, you can ACH the payment if it’s an ongoing relationship — even businesses like direct deposit. – Vlad Rusz, Vlad Corp. USA