Entrepreneurs running small businesses wear many hats, especially during their startup years. As the main marketer, they promote the business through a variety of channels. As the primary sales representative, they make sure that customers or clients are taken care of. As the finance officer, they oversee the business’s finances, making sure that financial decisions are based on sound figures and not on estimates and vague assumptions.
With so many roles and responsibilities to fulfill, it can get overwhelming and challenging for entrepreneurs, such as yourself, to manage your business. That’s why it’s vital to find more convenient and efficient ways to operate and grow your small enterprise.
When it comes to banking, you can take advantage of new fintech or financial technology solutions to make wearing your finance officer hat so much easier. Here are just a few suggestions:
Utilize Online Banking Technology
Just a few decades ago, going to the bank entailed a lot of wasted time waiting in line to see a teller. Even with ATMs at every corner, depositing a check or remitting larger cash sales required entrepreneurs to transact with a human bank teller.
With technology permeating every part of our lives, including banking, transactions are made easier. In fact, you won’t even need to go out of the house or office with business banking at the tip of your fingers.
Whether you're checking balances, transferring funds, or paying bills, online banking offers unparalleled convenience. Moreover, you can take advantage of features like account alerts and secure messaging to stay informed of real-time transactions.
Open a Digital Business Banking Account
Traditional brick-and-mortar commercial bank branches are no longer the only option for small businesses. Digital banks or neobanks are rising in popularity and are now offering alternative banking products like the Maya Business Deposit account.
Some of the more prominent features of Maya Business Deposit that are proving to be essential for small businesses are its generous interest rate on saved funds, zero maintaining balance, and free transfers via PESONet and InstaPay.
What’s more, your Maya Business Deposit account can serve as your primary settlement account, being the bank account connected to all the other Maya Business banking, payment, and disbursement solutions you use.
Make Use of Online Banking Tools
These days, online banking tools are indispensable for small business owners and everyone who owns a bank account, for that matter. Whether you have a bank account with a traditional commercial bank or an account with a digital bank, nearly every bank has its own mobile banking app or online banking tool to make online business banking so much easier on the go. For example, our online dashboard, Maya Business Manager, gives you total control not only over your banking tasks, but also your payment, disbursements, and cash flow situations.
Automate Recurring Payments
Save time and eliminate the hassle of manually paying for your bills, supplies, and workers’ salaries by automating recurring payments.
Maya Disbursements, for example, lets you automatically disburse employee salaries, incentives, and cash advances, making it an effective recurring payment solution for payroll management. Other similar automatic payment solutions may allow you to automate payments for other recurring expenses, including rent, loan, and bills payments.
Through these automation solutions, you can avoid penalties and improve employee satisfaction. Best of all, you can avoid potential disruptions to your business operations.
Invest in an Account Reconciliation Software
Account reconciliation is an important accounting process, wherein you match your financial records with the records from the bank or financial institution. This process is crucial for verifying the accuracy and completeness of financial transactions and identifying any discrepancies or errors that may exist between the two sets of records.
Reconciling your financial records is no easy task, and that’s why it’s best to invest in an account reconciliation software that can streamline this process and ensure accuracy in your financial records.
Take Advantage of Digital Business Loans
When it comes to securing financing for your small business, traditional banks aren't your only option. Digital lending platforms and digital banks offer fast, convenient access to business loans with minimal paperwork and hassle.
If you happen to need funds for expansion, inventory, or cash flow management, credit lines like the Maya Flexi Loan can provide the capital you need fast, allowing you to seize opportunities, navigate through challenging times, or propel your business toward greater success
Efficient banking practices are essential for the success of any small business. Gain better efficiency by taking your business banking online and relying on other innovative solutions to streamline your banking tasks.
Achieve Better Agility with the Right Business Solutions
Sign up for Maya Business today to take advantage of convenient and efficient small business banking tools. With Maya Business, you can open a dedicated Maya Business Deposit account that you can use as your settlement account for your physical store as well as your e-commerce business. This digital bank account comes with a generous 2.5% annual interest rate. To put this into perspective, you can earn PHP 25,000 a year on a PHP 1 million deposit. What’s more, you can simplify and streamline your banking transactions by using the same Maya Business Deposit account to send money to your business partners and suppliers for free via InstaPay and PESONet.
By signing up, you also qualify for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. Use this fund to expand your business and to hit new milestones. To ensure the best loan offer, simply use Maya Business as your primary payment processor for all your e-wallet and card payments. The more you use Maya Business solutions, the greater your chance of better loan offers.
Take advantage of Maya Business solutions today and reap the benefits of a more efficient and convenient business banking experience.
