5 Secrets to Boost Your Small Business Cash Flow

June 8, 2021
by
NextPay Editorial Team

The challenges of MSMEs in the Philippines

Did you know that MSMEs serve as the backbone of our nation’s economy? The Department of Trade and Industry has recently reported that MSMEs comprise 99.5% of the total number of enterprises operating locally, it’s no wonder that most Filipinos you meet are inclined to start their own business. Yet why do these small businesses seem to draw the shorter end of the stick in terms of financial assistance and management? Despite the advancement of worldwide technology, there are few alternatives for small businesses to control cash flow and opt for online banking features here in the Philippines— which are all the more important in today’s business landscape. 

Here’s where we come in. With NextPay, you can focus on growing your business instead of worrying about the hassle of managing your business’ finances. Enjoy more efficient business cash management easily via our fully digital solution at an affordable pay-per-use model.

There’s no denying that managing cash flow effectively spells the difference between business success and failure. For small business owners, it is a huge challenge to maintain a positive accounting ledger without the right tools in place. So instead of troubling yourself with the headaches of risks and inconveniences of traditional banking, various financial management features and tools are available for you in one place to help you maximize your cash flow.

Here’s how we can help small businesses right away after you set up an account: 

1. Set prompt payments

Person setting prompt payments for small business banking

Everyone who receives billing statements knows how it feels like to stress over unpaid dues and incurred interests due to late payments. The same goes when running a business. That is unless you have the right business bank partner.

NextPay’s platform allows you to schedule payments and strategically allocate deductions from your assigned accounts without hassle so you won’t have to worry about settling payments for your utilities, partners, suppliers, or employees. You and your stakeholders have the convenience of choosing multiple payments by batches or preferred receiving methods and channels. 

2. Track your cash flow

We know that no company wants to suffer accumulating interest rates from bank loans or ruin business relationships due to delayed payments. Our tracking tools combined with our scheduler can develop a high level of trust between you and your partners, avoiding awkward emails that we all don’t want any part of!

To prevent oversights in payments and transactions, our platform utilizes an efficient tracking method in real-time once you’ve set up your scheduled payments or disbursements. This allows you to strategize your company finances more methodically and with better insights from NextPay’s periodic analytics and reports, which you can also show your suppliers and partners for transparency aside from official receipts and invoices.

3. Manage money matters in one integrated platform

Person managing financials in one integrated platform for small business banking

Even small businesses are not spared from dealing with many financial aspects to manage their cash flow. With NextPay, you get to centralize your control over your entire cash flow. From online banking transactions to making payments via credit card, you can easily manage everything via your dedicated dashboard.

We also developed easy-to-use interface tools so you won’t have a hard time finding the items you need to perform accounting tasks!

And one of the most important concerns that companies have when it comes to fintech solutions is security. We’re talking about money after all. NextPay adopts a higher level of security via a set of internal rules and automated processes in the review and approval of bills and payments through our built-in maker-checker flow tool. Aside from doing away with catastrophic human errors on your financial spreadsheets, our platform follows a strict approval workflow for a more efficient and highly secure small business cash management.     

4. Enjoy the perks of online convenience

Thanks (or no thanks) to the COVID-19 pandemic, more small businesses have discovered the advantages of digital solutions from online business banks like NextPay. Whether you are dealing with business-to-business (B2B) or business-to-customer (B2C) transactions, our online banking features create a cashless, real-time, and fully digital payment flow from your customers. 

5. Have the right financial management partner behind you

People working on financial management for small business banking

Currently, NextPay has won the trust of more than  100 companies in the country that need small business cash management and banking solutions. Our platform is specifically designed for that– to help micro, small, and medium enterprises who cannot afford complex online banking features for their operations. 

Moving forward, we continue to be the game-changer that our small businesses need by their side so they can grow and scale their business amidst today’s competitive industry. 

Know more about how NextPay can provide you the banking solutions you need now!

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