Simplify Your Financial Life: How Online Financial Platforms Can Save Time For Your Business
In today’s digital world, it is hard to imagine a business that doesn’t use online financial platforms.
Even if we are talking about a local business that doesn’t have international transactions, the ability to pay invoices, manage your costs, and save time by using online financial platforms is a real game-changer.
But what makes these online financial platforms so special and why are they fundamental for businesses, especially start-ups?
Well, through digitalization businesses can open the doors to the global market, and on top of that save money through lower fees. Last but not least, online financial platforms also give you full analytics of your income and costs allowing you to properly manage your funds.
But the most important thing? – Time. Time is money in the world of business, and the option to save time through using online financial platforms can be beneficial for businesses. Instead of going to the bank a few times a week, you can do it from your office, and such platforms offer their services any time of the day.
In today’s article, we will go through some of the benefits of using online financial platforms for businesses, and how these small things can save you a lot of time and trouble.
One of the major advantages of online banking platforms is their ease. Small company owners, or any business owners, may access their account information via a mobile app or online, eliminating the need to visit a bank office in person.
How much time?
Well, let’s say that you have to go to the bank twice a week, and the bank is in the centre of a high-crowded city. You have to find parking, or use a taxi to get there, face heavy traffic, and on top of that, wait in line to do your business.
I’d say that a trip to the bank will cost you at least 1.5-3 hours, depending on where your bank is located. If we take the average of 2 hours, you can save 16 hours per month or 192 hours per year which is 8 days or 24 working days! Going to the bank will cost you more time than your entire vacation days.
By using online financial platforms like genome.eu, you can eliminate the trouble of going to a physical bank and doing all your business from your office. Real-time access to manage and shift money as you see fit gives you control over your finances, which may be important for small company owners.
Scheduling Payments and Automation
Paying bills online allows small company owners to save the payee’s information for future payments. When bill amounts change over time, company owners may log in and change the details of the individual they are paying.
Similarly, recurrent invoices of the same amount can be planned, ensuring that they are paid on time without the need for ongoing supervision. If you have recurring expenses every month, instead of visiting the bank for each item, you may set up scheduled and automatic payments with these online banking services.
With online banking, they can easily schedule recurring payments for each month, ensuring that they are paid on time without any manual intervention.
It is all about automation!
Instant Access All the Time
If you are someone who travels a lot, and you don’t have a way to visit your local bank since you are out of the country, if you are not using online financial platforms, you have to give someone credentials to go to the bank in your name.
However, with online financial platforms, you have instant access through an app anywhere in the world. You can easily manage your finances, pay invoices, and track costs with a few taps on your phone.
This is where businesses can save a lot of time. If you go with traditional banking, you have to manually record each transaction from your business in an Excel table and track your revenue and costs.
This is a huge operation that requires a lot of time and a bunch of people must be involved to accurately process every financial record from the business. Not to mention that your financial records will be a subject of error since each transaction is manually entered into your tracking system.
On the other hand, most online financial platforms provide automated analytics and will give you regular automated financial reports without you lifting a finger. These reports can be scheduled for different times, and most of them include all the details the business needs to make the perfect budgeting strategy.
Additionally, since these reports are generated by the software, they are usually more accurate compared to reports entered manually by employees.
As you can see, technology is crucial for streamlining business operations and online financial software falls perfectly in this category. It will not only save you time, but also lower your costs, make your business financial operations seamless, and help you automate your financial sector.