If your business cash can singularly determine whether your business is doing fine or not, your banking services play a major role in letting your cash flow situation be.
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Business bank accounts are the pillars of effective cash flow management and hence it is important to know which part of your banking services bouquet you can tap into when you need that excess cash to help your business grow.
Here are 5 banking services that you will really find useful:
Let your bank deposits pay your banking fees:
Your money is parked in your business accounts and needless to say, it generates interest while parked there. Using your accounts on analysis features, you could enable your credit earned through interest on cash deposits pay for the banking fees. You may have to talk to your bank manager to find out if you can do it but if you can, it takes your hands off making needless petty cash expenses to your bank.
Use Online liability accounts, payroll services and zero-balance accounts:
By making sure your employees sign-up for zero-balance accounts that most banks provide for their business or corporate customers, you could eliminate the need to pay for banking services. Further, you could use corporate liability accounts to manage your payrolls, allow better interest rates bulk burrowing for growth, and also allowing your employees to benefit from your relationship with the bank (think zero balances, better interest rates on loans, etc).
Go Online; use Internet Banking:
Strictly from cash flow point of view, managing your business funds online helps you manage your funds daily rather than monthly or weekly (which doesn't give you the actual picture). You can not only make it easy on yourself to control and manage your funds but you will also be able to keep a stern eye on the cash flow and take corrective steps immediately.
Deploy E-commerce through merchant accounts with your bank:
If you don't have it yet, deploy e-commerce to sell your products on services. Your cash flow situation improves drastically just by doing this one thing since online shopping creates instant cash for you to bank on. Also, if you link it to a merchant account with your bank, you could have cash present all the time to help you grow seamlessly.
Remote Disbursement Services, funds parking, etc:
Some corporate customers are also given an opportunity to benefit from the 'floating revenues' – the time it takes for the banks to process cheques received from customers for your products/services to actual credit in the bank. Some banks also allow you to park your funds in temporary investment vehicles over the weekends, holidays, etc. to allow your excess cash make more money for you.