As a business owner, you know that finances are critical to the sustained success of your company. Here are four easy ways to simplify your finances so you can focus on what you do best – grow your business.
1. Go Paperless
Have invoices e-mailed to you and access your bank statements online and file them on your computer. If you don’t have a back-up system, invest in one or use a secure cloud service to protect your files in case of a computer crash.
2. Set up Electronic Funds Transfer Solutions (EFT)
Electronic Funds Transfer (EFT) are transactions that take place over an electronic payment network, either among accounts at the same bank or among accounts at participant banks. EFTs may include direct-debit transactions, direct credits and other store and online banking initiated transactions. This would now be a preferred option to use automated or self-serve capability to send, transfer or receive funds for business in a more efficient, user friendly and secure way.
RBC BusinessPay is now available in Cayman Islands for Business and Corporate clients. RBC BusinessPay allows you to make payments to vendors, suppliers and regularly pay your employees. The new RBC BusinessPay will increase control over your cash flow and reduce your costs.
How can Electronic Funds Transfer (EFT) Improve Your Business?
– Save time by integrating payments electronically
– Stop processing labour-intensive cheques and save money
– Immediately know when debits are made to your account for better reconciliation
– Enable approval workflows for enhanced internal controls
– Submit payments using an EFT system with enhanced security features
3. Invest in Business Software
To manage your books, select a good accounting software program. There are many to choose from and some offer the added benefits of invoicing, time tracking, and expense management. With some online versions you can even sync directly with your bank account to further simplify accounting. Also, in today’s digital world, the ability to take payments online can help your business stay competitive. Talk to your branch about the digital banking options available.
How can RBC BusinessPay improve your business?
Reduce your costs and increase controls by making payments to vendors and suppliers and regularly paying your employees with RBC BusinessPay.
It’s also a good idea to introduce yourself to the managers at your local branch or your relationship managers and learn more about the services offered by your bank. Even if you don’t need a line of credit, business loan or other financing now, it makes sense to get to know bank personnel in case you want to expand your business and need these services in the future.
4. Separate Your Accounts
Opening a business bank account will allow you to keep your company finances separate from your personal ones. Apply for a business credit card to make it easier to track company expenses. Most major banks provide several options that offer points, cashback, and other benefits so you won’t miss out on any rewards.
On a final note, be sure to log in to your business accounts weekly or monthly to review them for any unauthorized transactions, just as you would with your personal accounts, to protect your growing business.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.