As you get your business up and running you start getting income from your sales or services. You’re also paying bills, paying rent, and purchasing supplies for your business.

When you’re busy running your business, it can be hard to find the time to check whether money is received from your customers or to make payments for bills and supplies. 

With online banking you can quickly check if your customer has paid you. With some banks, you can set it up so you get notifications whenever money is deposited or withdrawn.

You can pay for bills, rent, and supplies online anytime. You can setup regular payments and deductions with your bank to pay a certain amount on a certain day to a particular recipient every week, fortnight or month. Then you can check the transaction online whenever you need to. 

It’s recommended to have a few separate business accounts such as a sales account, expenses account, and savings account. This way, you have a clear view of your transactions and it’s a lot easier for you to manage your budget. With online banking, it’s a lot quicker and easier to transfer money between your accounts.

Some banks have the ability to connect your accounts with your accounting software.

Talk to your bank to find out what they can offer your business to help save time and make your accounting easier.