Banking
Business banking (also known as commercial banking) refers to a company’s financial dealings with the institutions which maintain their credit, savings and checking accounts. These institutions typically also provide business loans and other financial services essential to the proper management of a company. Business banking is typically done by institutions who also offer retail and investment banking, meaning that many business owners hold their company accounts and personal accounts with the same bank. What do business banks do? In addition to managing savings and checking accounts, business banks typically offer
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Transform or improve the efficiency of your processes with smart technology-enabled automation strategies.
Track, analyse and improve the performance of your process, employees or your entire business.
Gain insight from experienced business advisors to manage and mitigate business risks.
Steer your business in the right direction for short and long-term growth.
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Get advice on choosing the right structure for your business model or how to restructure your business.
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Improve efficiency and remove bottlenecks in your organisational structure, process, systems and workflow.
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Get advice in all areas of business to support business growth
Review and develop a plan of action to achieve your long-term business goals.
Maximise your time and increase productivity levels across your business.
Analyse and improve your cash flow management with clever and strategic advice.
Streamline and manage your financial reporting to comply with industry standards.
What to do when you don't accept credit but a customer only pays by credit?
What are our options?
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Am I better off borrowing with the same bank or should I cultivate relationships with several banking institutions?
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It depends on what you are trying to achieve. With an ongoing business relationship, your bank may be able to assist you in different ways. However be careful of cross-collateralisation. On the other hand, with borrowing with different banks you may be seen more about the numbers.
I have used it for one of my companies and ... expand
Hi Anna,
If you are a small business owner, and just want to collect payments, have a look at both PayPal and Stripe. Neither of them have monthly charges, just a set percentage of the transaction, and both are easy to integrate into a website, especially if you use Wordpress to build your website, which you should do. :-)
All Australian banks charge a setup fee, plus a monthly fee regardless whether you actually make any sales or not, so I strongly recommend looking at Stripe in particular, but you may already have a PayPal account, and it is easy and free to upgrade it to a business account.
