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If you are a company operator, you will be familiar with applying your business enterprise account to make fiscal transactions for your organization these types of as having to pay for small business charges and examining your regular e-statements.
Having said that, if you only use your business enterprise account to make financial transactions, you are not scratching further than the surface for all the abilities at your disposal. Opening a small business account is not just to assist you organise your company transactions and safekeep your income, but also to support you run very well digitally and increase your business.
Starting up my possess entrepreneurship journey additional than 5 yrs ago to operate a financial media start off-up in DollarsAndSense, enable me share a tiny about how we do a lot more with our organization banking account – which will come with a suite of powerful instruments and services, from cashflow administration to payroll and e-invoicing.
Currently, DollarsAndSense works by using OCBC Company Account to assistance us in all our banking-similar specifications. Via OCBC Velocity, which is OCBC Bank’s Electronic Small business Banking system, we can obtain added options to assistance us in our day-to-day business operations.
#1 Your Bank Account Comes With E-Invoicing (For No cost)
If like us, you are a organization-to-organization (B2B) set-up, then you will be familiar with the mundane plan of possessing to mail out invoices every month to your clientele, and monitoring and chasing for payments.
Having said that, you can make improvements to this approach by adopting electronic invoicing, or e-invoicing.
Stated by IMDA, e-invoicing is the automatic development, trade and processing of B2B or Company To Authorities (B2G) payment requests amongst suppliers and buyers applying a structured digital format. It allows corporations to strengthen its efficiency, lessen fees, and get paid out speedier.
While you may well consider that e-invoicing could be high-priced and challenging to implement, this is not real. In actuality, through your banking institutions this sort of as OCBC Bank, enterprises can adopt an e-invoicing method (by way of Invoice Now) for totally free.
If your business enterprise has nonetheless to adopt e-invoicing, you never automatically require to shell out a subscription price to get started. Simply just leverage your present company banking account to get started.
#2 Your Lender Account Can Help You Control Your Money Move
In general, most enterprise owners retain monitor of their cashflow employing spreadsheets these types of as Excel. Fewer enterprise entrepreneurs may well realise is that you also have the possibility of taking care of your cash move digitally by using your organization account.
By way of OCBC Velocity, we can get pleasure from absolutely free obtain to Organization Economic Administration options that chart a summary of our regular monthly hard cash inflow and outflow. This permits us to have – at a glance – an overview of how our company has executed over the previous year.
These would also contain handy details such as the e-invoices we have made, bill standing, automatic reconciliation and also assortment reminders in circumstance your clientele forget to pay back you. If you have many lender accounts, you can also pool the information together.
What is much more? This attribute also permits you to peek into the future, dependent on cash inflow and outflow, to realise if there will be a shortfall or squeeze in any interval. This functions as an early signal for you to just take motion in advance.
#3 Get Payment Assortment Alternatives From Your Bank
If you believe the only solutions for amassing payments from your customers are by using dollars, cheques or financial institution transfers, it is good to say that you are not presenting extensive payment alternatives to your buyers.
For case in point, PayNow for enterprises permits companies in Singapore to shell out and acquire Singapore greenback money immediately by tagging on to the existing PayNow community, which presently has far more than 2.8 million buyers in Singapore.
To sign up for PayNow for companies, you can simply sign up on the net by means of your business enterprise banking account. Basically paste the QR sticker label at your retail merchants or mail clients an bill with the QR code. Clients can scan the QR code to pay out you by way of PayNow.
OCBC OneCollect is yet another payment remedy provided by OCBC Electronic Business Banking that lets customer-dealing with corporations to method PayNow QR transactions and SGQR. This is great for companies in retail, F&B, clinics, gyms and even on-the-go businesses this sort of as handyman, residence tutors and roadshow booths.
#4 Obtain Your Digital Company Dashboard
One more nifty software OCBC Financial institution gives to its organization banking customers is a customisable electronic company dashboard. As enterprise entrepreneurs, we can join our company’s digital enterprise dashboard to different functions of our enterprise. As a electronic media firm, property that are critical to our functions consist of our Facebook page, the site targeted visitors and EDM subscribers.
Relatively than have to go to every of these platforms (i.e. Facebook, Google Analytics and Mailchimp) to review the details I have to have each and every working day, I can seize a fowl eye’s check out on all our assets at as soon as by way of the digital small business dashboard. This was particularly beneficial through the circuit breaker in 2020, when I did not meet my colleagues each day but nevertheless required to remain on top of the key regions of our small business. And it continues to be important as our firm has a common perform-from-residence arrangement.
The effortless element is that you really don’t have to have to separately login to the specific belongings to obtain the digital organization dashboard. So anytime you obtain OCBC Velocity to assessment your transactions, you can also consider a rapid look at other aspects of your business enterprise.
With a digital enterprise dashboard, your OCBC Business Account is no extended just a place to check your cash inflow and outflow. It also acts as a control station for your business – where by you can observe other crucial facets of your functions.
#5 Use Your Bank Account To Apply For Enterprise Subscriptions You Require
We always feel of our bank accounts as sites for monetary transactions. But couple of individuals realise that we can also use for business enterprise subscriptions we may perhaps will need by using our small business banking accounts.
As portion of the Start off Digital programme, supported by Company Singapore (ESG) and IMDA, regional SMEs can acquire a $500 rebate by paying for any subscription package deal below the Start out Digital Programme. For illustration, as a result of OCBC you can get an Accounting + HR bundle that arrives with Xero (totally free for the initially 12 months) and Talenox (cost-free for the first 6 months).
You can locate out a lot more about the numerous company membership packages available right here.
To utilize, login to OCBC Velocity and verify your small business registration facts.
Accessibility Banking Methods On The Go, Without Compromising On Stability
Huge or smaller, there is no doubt a small business account is vital for nearly all businesses in Singapore to perform. After all, we need a position to safekeep our cash, acquire revenue from our clients and pay back for company bills.
That said, we can (and really should) anticipate a lot a lot more from our business account in today’s electronic-enabled planet. And this is particularly what the OCBC Enterprise Account delivers us. As explained before, there are varied organization providers, be it economic or operational, that the account can also guidance you in.
Whether it’s to give us a birds-eye perspective of our company by way of the Digital Small business Dashboard or simply just to examine on our financial institution account balance, by way of the OCBC Organization Cell Banking app, we can generally accessibility the details we will need on the go. So decide on to consider your business ahead right now with the OCBC Small business Account and maximise all the strong features and applications that can grow your enterprise a lot more proficiently.
The ideal component: all of your information and facts are retained secured with the typical higher requirements that we can assume from a Singapore financial institution.
For enterprise proprietors in Singapore, you can make entire use of the expert services available earlier mentioned by applying for an OCBC Small business Account.
Read through Also: Is Your Business Account Just An additional Frequent Working Account? Here’s Why Business owners Need to Assume Far more From Their Enterprise Account Over and above Just Regular Banking Companies