As an entrepreneur, you’re managing the cash coming in and out of your business all day. From the smallest transaction to your monthly storefront rent payment, it’s important to your financial success to have a good handle on your cash flow and financial transactions. But for many small business owners (we’re looking at you, sole proprietors!), this process can be tedious and time-consuming. Thankfully there are tools and tips that can cut stress and time out of the process.
Online banking is available and open for business anywhere and anytime. So if you want to check your transactions while lounging in your bathrobe at night, by all means! Many financial institutions have special features available in their online banking portals specifically for small businesses. For example, you can view both your personal and business accounts with a single login.
Online features like e-transfers are a fast and secure way to transfer money to your clients and vendors without exchanging bank account numbers. All you need is an email address and name of the business or person receiving the money.
You can pay your payroll deduction taxes, PST, GST or corporation tax through online banking. You can even authorize selected staff to perform assigned activities on the account and approve, reject, and keep track of transactions with ease. It makes being a boss so much easier.
Cash Deposit Services
Depending on your business, you might have to handle lots of cash. For safety and ease of tracking your cash flow try your best to deposit these funds as soon as possible.
With cash deposit services can put your funds into ATMs 24/7. That means there’s no need to hold onto cash while you wait for the branch to open. It gives you the freedom to quickly pop by an ATM before you drop the kids off at school or after the kids are in bed. And the service only allows deposits, so you can confidently allow your employees to deposit cash on your behalf knowing that they can’t view or transfer funds in the account.
Just keep in mind that the service is only accessible at ATMs with a cash depository slot and requires a special card. Talk to your financial institution for more information.
Automated Fund Transfers
Automated fund transfers allow you to switch from cheques and mailed invoices to electronic processing and management of payables and receivables. You can also set up recurring payments or bills, or one-off transactions for a future date.
If you pay several suppliers on a regular basis, regularly receive payments from the same source, or regularly process payroll deductions for employees, this service will become your new best friend.
Use Your Money to Make Money
If you find yourself holding onto excess cash and won’t need it for at least six months, consider putting it in a locked-in investment like a term deposit or a GIC. If you need a hand picking an investment solution that’s best for you, give our Business Banking Team a shout.
Written by Nicole Gervais, Payments & Cash Management with Coast Capital Savings
Nicole Gervais has worked for Coast Capital for over 13 years. She’s passionate about helping people navigate the (sometimes) daunting world of finances while having fun in the process. She’s a born and raised Vancouver Islander who can often be found beach combing or hiking with her two children.