Business Banking Features

Author: Williamson Accounting |

Blog by Williamson Accounting

When using a business banking account (s), there are several features you will want to consider to support your business operations more smoothly, and to save you time and money. Here are a few things to consider which can make your life easier.

Quick Access to Banking
With the help of technology and the Internet, online banking has become a mandatory feature. You will want to be able to quickly access your account (s) from anywhere in the world, day or night.  You will want to confirm their security features so you can protect your assets.

Looking Up Account Balances
The most often used feature is looking up your account balance, and being able to search your account history. In the event there should be a question about when you paid an Invoice, you can log in and find the information in a matter of seconds. And if it should be necessary, you can print out a copy for your records and provide a copy as proof of payment.

Using Several Accounts
After providing an account where deposits can be made, most businesses have other accounts which help organize activities and transactions by type (i.e. accounts for receivables, payables and investments). In this case, being able to quickly transfer funds between accounts and then organize them into groups is vitally important.

Making Online Payments
The cheque is dying! the ability to set up, make and receive online payments and handle direct deposits can be necessary to ensure the smooth operation of your business, saving time and money.

Online bill payment streamlines your operations by allowing you to set the date on which a recurring payment is to be made. This feature can help you avoid late fees and overdrafts if set up properly, and once in place you can quit worrying about whether you will forget to pay a bill before it is late. 

Bank Reconciliation
Another time saving feature that your business account should have is the ability to download the transaction history. This makes reconciliations between your bookkeeping accounts and bank accounts a lot easier.

Other accounts can also be considered such as an investment account. Finding out about these and how they can interact with your other bank accounts can further streamline your business banking needs. Having the right type of accounts and features for your company can make your bookkeeping much easier.