Business owners have plenty of tasks to juggle without spending time and energy worrying about banking. If you’re not taking advantage of all the business benefits of digital banking over traditional in-person banking, now is the time to consider making the switch!
Digital business banking lets you do your business banking at your convenience – your minutes, your way. It also helps you keep a closer eye on your cash flow. Meaning, you can spend less time banking and more time running your business. Take a look at these major benefits of online banking for businesses:
Save Time
Few businesses can afford to waste time. Online and mobile banking is convenient, freeing owners or employees from having to make trips to the bank (so no standing in line or sitting in traffic jams). The time saved can be spent on more productive tasks that boost the bottom line.
With online and mobile banking, businesses can access their accounts at any hour of the day, including holidays, and from almost anywhere. Check account balances, create a budget, view statements, manage loans, make stop payment or fund transfer and more. With tools like mobile and remote deposit capture, you no longer need a deposit slip and you could get faster access to your funds.
Simplifies Payments to Vendors
Send one-time payments to vendors and suppliers or set up automatic payments for recurring expenses. Online payments help ensure you will never forget to pay a bill that could affect business operations, such as the delivery of supplies or internet access.
You can also make wire transfers and set up Automated Clearing House (ACH) debits and deposits to pay vendors, offer employees the option of having their wages deposited directly into their bank accounts, or make it easier for customers to pay you. Even better, these electronic fund transfers can reduce the cost of making payments.
Makes It Easier to Monitor Account Activities
Monitor accounts securely. Businesses tend to have large numbers of transactions daily. Having the ability to manage all business accounts in one place, approve checks before they get processed and include added FDIC protection – provides greater peace of mind.
Complements Your Accounting System
Accounting is a pain point for most companies, particularly small businesses. Online banking enables businesses to better organize their finances by allowing them to sync their bank accounts to their accounting software. For example, QuickBooks allows users to securely organize and manage business accounts and integrates with many business checking accounts – saving time and hassle of manually inputting the data. You’ll have a digital record of your income and expenses, as well as up-to-date financial reports. So, when tax time rolls around, you have easy access to your company’s financial records…and your accountant will thank you!
Digital Business Banking Solutions
At First United Bank & Trust, our Digital Banking solutions are designed with businesses in mind. We cover these major benefits to help make your business thrive. Perform a wide range of banking tasks from payments and processing, remote deposit capture, to creating a sweep account. All within a secure environment and from the convenience of anywhere.
Explore our Business Banking solutions today and find the options that work best for your business. If you can’t find what you are looking for, one of our local associates would also be happy to help.