When you are looking to do business, you tend to find a soft spot in almost everything. You would wish to get the supplier with minimal quality problems and reasonable rates. You also invest in good employees and assure that you get value for money. Similarly, there are other business processes where you can do good and attain appropriate results. At the start, all the companies look towards saving money and one of the aspects which are costing your business a decent amount is banking transactions.
There are many businesses that don’t even realize the amount of money they lose to bank transactions. Particularly, the variable rates for different transactions are taking a good chunk of money from your cash flow, and it seems as if you are unable to do anything about it. However, it is not completely true and if you make a few smart decisions, you can actually enjoy a decent transaction rate.
Negotiating with banks
Start by talking to the banks where you are opening your business accounts. There are various banks in the market that provide you numerous perks if you open a merchant or business account with them. While things may seem to lure at first sight, you need to go in deep detail to understand whether it will help you in saving money or will it end up taking more than you may actually have to pay. There can be hidden charges and transaction limitations which will certainly affect your business. Therefore, be sure to sit down with bank representatives and talk in detail about how things will proceed.
Consult accounting firms
Accountants can come in very handy, and they are of great help when it comes to saving money in different ways. On one side, you are able to smooth the flow of functions that take place within your business. Then, they also assist you in saving money outside of your business with your banks and taxation. So, consulting a good accountant can be of great help. In fact, there are some accounting firms that deal with particular banks and their affiliation can help you to a great extent as they will take care of your accounting and banking at the same time. However, their service charges and the cost is something that may hinder you from opting for such firms.
Implement software like Biztory
So, you can go for a cheaper solution for accounting that can help you with your banking processes as well. There is accounting software such as Biztory in the market that provides you a complete financial package. You are able to get rid of your accounting and auditing process as well as take care of the taxation problems, and just like it is with accounting firms, there are solution providers that have affiliation with banks (but they are only a few). For instance, Biztory has an affiliation with the Hong Leong Bank, HLB, that gives the customers a flat rate for the transaction. So, if you are a Biztory user and HLB customer, you will be able to go through the cheap transaction as the HLB offers you a flat rate.