Mélanie Larouche | Journalist
Time is money--especially when you run your own business! Anything that saves you time and gives you peace of mind can make a difference.
Here are 6 ways that technology can help entrepreneurs:
1. Payment solutions
These days, hardly anyone uses cash--it's been replaced by Interac direct payments, credit card payments, mobile solutions and more. The wide variety of payment options available makes things easier for both you and your clients. Plus, these payment solutions give your business a modern touch, help you reach your growth targets and lower your operating costs!
2. Online management of accounts receivable
If you collect multiple payments from your clients, you can save time with direct withdrawals--it's a lot more efficient than getting cheques in the mail. You get your payments sooner and your clients don't have to worry about missing a deadline--it's win-win!
Check out our tip sheet: Good accounts receivable management practices
3. Online payment of bills and accounts payable
This can help you better manage your accounts payable and reduce cheque issuance costs. And with a detailed transaction history, you can rest assured that your bills have been paid. By scheduling these operations ahead of time, you can avoid late payments and penalties and simplify your day-to-day operations.
4. Payroll management
Payroll management is a time-consuming task--you have to take into account so many regulatory requirements and other factors. You can improve your productivity and gain peace of mind by outsourcing this task so you can focus on more profitable ones!
5. Government remittances
Running your own business comes with a number of fiscal and tax requirements. Some great tools are available to manage these requirements efficiently. The advantages include data security and confidentiality, peace of mind knowing your payments will be made on time, quicker reimbursements and ease of use.
6. Management of cash and financial transactions
Cash and financial transaction management tools that are available from your computer or mobile device are your friends: they help you see the big picture. You can use them to verify your accounts and transactions, pay your suppliers, make government remittances and claims, sign up for virtual statements and view key information about your business operations. Plus, they're available in a flexible, secure environment.
Other features are also available online:
- Account and credit card statements
- Search of transactions posted to your account
- Management report
- Dual transaction authorization
- Delegation of access rights to other users
- Cheque reconciliation
- Stop payment
- International transfers
- Inter-currency transfers
- And more