Owning and running a small business comes with a lot of moving parts, and keeping your finances in check is a big one. Fortunately, there are some simple and often overlooked tools that can help you manage your business’s money a whole lot easier. From online banking to convenient deposit options, a few small changes can save time, reduce stress, and help things run more smoothly.
One of the most effective and underutilized ways to manage business finances is by enrolling in online banking and eStatements. These digital tools give business owners the ability to monitor account activity anytime and anywhere, making it easier to track balances, identify errors or suspicious activity quickly, and reduce paperwork. It’s a foundational step toward streamlining financial management.
At Saco & Biddeford Savings (SBSI), our Business Online Banking platform goes a step further by offering a direct connection to popular accounting software like QuickBooks and Quicken. With our “Direct Connect” feature, transactions can be automatically downloaded into your accounting system, saving time and significantly simplifying monthly and year-end reporting.
In addition to online banking, businesses can take advantage of deposit services that offer added flexibility and convenience. Mobile Deposit, for example, lets you deposit checks by simply taking a photo with your smartphone, so you don’t need to visit a branch. For businesses that process a high volume of checks, Remote Deposit Capture (RDC) is another excellent option. With RDC, a check scanner is installed at your office, allowing you to scan and submit deposits directly to the Bank from your desk.
For those who still prefer to make deposits in person, requesting a night drop key can be a game-changer. These services are especially helpful for busy small business owners who find themselves racing to the Bank before closing time.
At SBSI, we also offer daytime deposit drop-offs, providing even more flexibility. Utilizing tools like Mobile Deposit, RDC, and night drop access can help reduce stress and keep your operations running smoothly.
Another best practice is to provide your banking information to vendors as early as possible.
This small step can eliminate the hassle of writing and mailing checks, speed up payment processing, and create a more seamless, professional relationship. Setting up electronic payments not only saves time but also helps prevent errors and delays.
Finally, when opening a business account or receiving a new debit card, it’s important to check with your bank about spending limits. If you plan to make large purchases, whether for inventory, equipment, or services, knowing your daily card limit in advance can help you avoid declined transactions and unexpected disruptions. Being proactive about this ensures smoother operations and better financial control.
