5 Ways to Save Time Managing Small Business Finances

Running a business often means balancing customer service, operations, payroll and finances—all at the same time. The systems and services you rely on can make a big difference in how efficiently you're able to manage money, track expenses and handle day-to-day transactions. With that in mind, we're sharing five of our favorite financial management solutions that help business owners save time, stay organized and simplify banking tasks.

Skip extra trips to the bank

If your business accepts payment by check, remote deposit tools can make depositing funds into your account faster and more convenient by saving you a trip to the bank. Whether you make occasional deposits or have a higher volume of checks, there are solutions that make quick work of a previously time-consuming task. Depending on check volume, you could use your smartphone or a remote deposit capture device. This solution also comes in handy if your business has multiple locations by allowing you to manage deposits more efficiently and potentially access funds sooner. 

Want more on remote solutions? Read our blog 4 Tools to Manage Key Business Transactions Remotely or explore our Business Online Banking solutions.

Stay on top of accounts payable 

Between vendor invoices, utility bills, equipment leases and other business expenses, keeping track of outgoing payments can take a lot of time and attention. Digital bill payment can help streamline the process by allowing you to schedule recurring payments, make one-time payments and track payment history from one place. Having a centralized view of your payables can also improve visibility into cash flow as well as help reduce the risk of missed due dates and possible late fees.

Want more ways to simplify day-to-day cash management? Learn more about Business Bill Pay and other Business Online Banking tools.

Separate your business and personal spending

From office supplies and software subscriptions to employee travel and meals with clients, business expenses can add up quickly. A business credit card helps keep company spending separate from personal purchases, making bookkeeping and tax prep easier throughout the year. 

Modern business credit cards should also offer spending controls, allowing you to set limits for each employee who has a company card so you can manage their spending while maintaining better visibility into expenses. Depending on the card, you may also be able to earn rewards or cash back. Anytime you can generate potential savings, it’s worth considering.

Looking for ways to simplify expense management? Explore our Business Credit Cards.

Save time with all-in-one payment processing tools

Many business owners assume payment processing solutions only facilitate card payments. But today’s options have evolved to include all-in-one platforms that combine payment acceptance with features that help you manage and market your business. In addition to virtual, handheld and mobile payment options, solutions often also offer digital invoicing, inventory management, customer communications and reporting—all from one platform. These tools can be especially useful for retailers, restaurants, salons and other businesses that regularly process customer payments. 

If your business needs a card processing solution, take a look at your options. It might serve to choose one that does more than the basics.

Want to learn more? Explore our Genius Business Operating System.

Spend less time chasing payments 

Creating invoices and following up on unpaid balances can take valuable time away from running your business. Some all-in-one payment processing tools mentioned above also include automated invoicing tools. I recommend Banner’s Biller Genie solution as it is a great resource to assist with delivering invoices automatically, sending payment reminders and supporting recurring billing for repeat customers.

Many solutions like this also include secure online payment options and reporting tools that provide better visibility into outstanding receivables, helping businesses reduce manual follow-up and potentially get paid faster. Choosing payment platforms so you can do several different tasks is a great way to maximize the ROI on these tools while saving you time and possibly money.

Learn more about the all-in-one card platform we offer that offers invoicing and payment solutions.

Conclusion

When you equip your business with the right tools, you free up time to spend on what matters most to you. Not sure what you need? Start by identifying the financial tasks that take you the most time or create the most friction. Or talk to your banker for expert guidance. You can also explore our MoneyWise for Business hub for timely business tips and resources.