One of the best ways to handle your cash flow—what comes in vs. what comes out––is to set up a business checking account so you can handle all your business expenses from one easy place. Some of the best business checking accounts come with integrated bill pay tools that help you track, manage, and pay your bills, saving you time and headaches in the process.
Here are five effective ways to streamline your bill payments so you can focus on what’s important to you, like growing your business.
1. Use an online bill payment platform
Instead of paying all your bills on different websites or mailing checks to different locations, online bill pay is a great way to manage all your bills from one place. Most bill pay platforms let you manage bills on the go from your laptop or phone. Easily establish a payment schedule for each bill, set up auto payments, and even pay some of your vendors using a credit card so you can free up cash flow and have more time to pay off the expense.
When you set up online bill payments, you can usually send money via wire transfer, ACH, or check. Some bill pay platforms may even send check payments on your behalf for a small fee.
2. Manage all your bills from one place
When you set up all your bills on a single platform, it gives you full visibility of your financial obligations and scheduled payments, so you’re less likely to miss a payment. As we mentioned, the best business checking accounts will come with bill pay tools that integrate seamlessly with your account, making bill payments quick and painless.
3. Connect to your accounting software
Regardless of the industry you work in, it’s crucial to have accounting software that helps you keep track of all your bills and receipts. The right accounting tools can help reduce manual errors and set you up for success come tax season.
Managing your bills is even easier when you can connect your business checking account to your accounting software. This way, you can automatically sync your bill information and categories between platforms, and give your accountant everything they need to reconcile your finances and close out your books when it’s time.
4. Delegate business bill management
One of the best ways to save time is to share the workload. Luckily, some business checking accounts offer secure account access features. This lets you add authorized users to your account so you can split bill pay responsibilities, and you can even invite your accountant to access your bills and balances with their own dedicated login. By sharing the responsibility of organizing and paying your business bills, you can free yourself up to focus on other business tasks.
5. Set up automated payment workflows
When you set your bills on auto-pilot, you can save even more time and never worry about a missed payment. Effective bill pay platforms will let you set up approval workflows so, if another team member is responsible for making and scheduling payments, you can require all payments to be routed through you for approval.
In the end, time is one of the most valuable assets you have as a business owner. The more time you have to work on your products and services, marketing and branding, as well as customer service, the more successful your business can be. By using these time-saving tips, you can get your bills paid faster and focus on your big-picture goals.
