How Best To Keep Track Of Your Finances As A Small Business

Cash flow is the lifeblood of every small business and can be the difference between businesses that survive and businesses that thrive. All businesses, no matter how big or small, face cash flow challenges – so it’s no surprise that long-term success and business growth can be linked to the ability to meet short term expense needs. It can also be hard to track incomings when you’re accepting payments in multiple forms — cash, credit and online.

Even an established business can have issues and decreased productivity when cash flow doesn’t add up. Consider Lia Hairdressing, a company that was experiencing issues balancing the books at the end of the day, as final figures did not always match their receivables. This resulted in headaches for the business’ bookkeeper and owners, with time spent on accounting that should have been a quick and easy process.

The answer for their company was to consolidate their transactional banking and merchant provider so that end of day takings could be easily matched. Bankwest Merchant Solutions allowed their business to do just that. Bankwest Business Merchant Solutions allows businesses to receive numerous forms of payments with one account. With the ability to accept payments in-store with Eftpos and Paypass, on-the-go with Eftpos Mobile, as well as online or over the phone using E-commerce facilities and products.

Since switching to mobile Eftpos terminals with everyday settlement, Lia Hairdressing has had no issues with end-of-day figures. Settlement figures now match what is received in their business account, reducing work for the bookkeeper and allowing easy access to funds for outgoings.

What’s more, the ability to see everything in one place can help get a clearer picture of your businesses financial health. Allowing more time to be spent running the business, instead of managing banking.

Suitable for a range of businesses, from cafes to hairdressers, hotels and theme parks, Bankwest’s Business Merchant Solutions have a range of options to suit your business needs.

Find out more about how Bankwest Business Merchant Solutions can help your business.

Important things you should know: Fees and charges apply. Terms and conditions apply and are available on request. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation or needs. You should consider the Product Disclosure Statement (PDS) and whether the product is right for you. A PDS is available from bankwest.com.au or by calling 13 7000. Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945.