More Australians are embracing online accounts as part of their banking routine. So can a better understanding of online business banking improve your office and business day?
According to the Australian Bureau of Statistics, more than 75 per cent of the country’s eight million-plus internet users engage in online banking. It’s more popular than Facebook chat and comes in just under emailing for home users (91 per cent) and general browsing (86 per cent). Mobile phone banking also now accounts for approximately 10 per cent of all monthly online transactions with many Australian banks.
However, HLB Mann Judd business performance improvement manager Kate Blecich says many businesses are still not harnessing the breakthrough benefits of online banking.
“The latest technology lets you log on from anywhere in the world and see your business accounting with all the tools you need hosted in the cloud [an internet-based server]. There’s a whole area of computer software that allows businesses to sync their online business accounts with cloud-based accounting programs.”
This type of proactive online banking also allows accounting to be tackled with a forward-thinking approach.
“Historically you would organise your accounting information at the end of the year and be asking questions about things that might have happened seven months ago. By having instant access to reporting online, you can have any questions at the front of your mind and ask them now. It means you get more value out of your accounting process and your accountant can be involved in your business decisions as they happen.”
Even for individuals, online reporting can now automatically build a picture of expenses and incoming funds and profits made on shares. At the same time you can better schedule any share trading and property management to maximise your performance and tax breaks.
Rather than shying away from new technology, individuals and SMEs are often the first to embrace these new ideas.
“Small businesses are much savvier because they don’t have the bureaucracy where changes need to go through multiple departments. There’s a wave of people in small business leading the way and showing their own accountants what can be achieved online. As a small business owner you wear many hats and you can be juggling the roles of bookkeeper, sales rep and receptionist at any one time. Getting online means your accounting processes never stop – even when you do.”
Five online business banking strengths
1. Greater clarity: Know the true cash position of your business in real time.
2. Fewer queries on transactions after the event: Ask questions as they occur rather than at statement time.
3. GST and BAS commitments: Automate them and know where you stand cash-wise each month.
4. No more cashbooks: Link everything to an accounting system and minimise book work.
5. Finalised returns sooner: Always be looking forward rather than sorting out the past.
If you expect a high-performance workplace then you want your business dollars to be working harder. An online business account could be the first step to seeing your cash flow accomplishing more.