Online banking has made banking much faster, easier, and more efficient. Small businesses especially should be taking advantage of all the benefits that come with banking online – such as cost-savings, more time to put into the business, better financial organization and tracking, added security, and more.
Here are some of the key advantages to using online banking to enhance your small business operations.
Integrate with your accounting system
Before online banking, business owners used to have to manually add all their financial transactions with their bank into their accounting system – a time-consuming and cumbersome process. Now, you can sync up your online banking and online accounting system automatically and have a real-time, holistic view of your finances.
Business bill pay
If you are still writing and mailing vendors a check every month, you are missing one of the best features of online banking – automatic bill pay. Utilizing your bank’s app or online platform, it is simple to set up, add your vendors, and pay them with the click of a button. You can even set up recurring payments, so you’ll never miss a payment or pay a late fee again.
Mobile check deposit
Depositing checks used to require a run to the bank or ATM, but now, you can deposit those checks in seconds, just by taking a picture of them through your bank’s app.
Easy tracking and access
Online banking gives you an easy way to track all your income and expenses, which is especially helpful at tax time. You’ll also always be able to access your accounts – at any time, from any location in the world.
With online banking, you can grant customized access to your accounts to multiple users. This allows you to designate different roles and tasks to different employees, without the security risks inherent with sharing a single password/user account or granting everyone complete access. Additionally, if anything irregular pops up in your online bank account (such as a debit for a purchase you did not make in a location you were not at), you’ll instantly receive a fraud alert and can take action.
Online banking with Valley
Valley’s online banking platform was designed to provide powerful features and financial tools that help our commercial customers easily perform all their banking in the most convenient and secure way possible. To learn more about how Valley’s online banking platform can help take your small business to the next level, visit valley.com or reach out to one of our friendly representatives to help you get started.