Top 5 Ways Your Small Business Can Achieve Growth

August 11, 2021
NextPay Editorial Team

The key to making it big, in the big leagues

Every new business has the potential to make it big. With the country’s startup and freelancer ecosystems continuing to thrive thanks to modern tech,  you can achieve business growth in no time. However, it often depends on which tech partner you choose to go with for your various business processes, especially when it comes to your finances.

While there are still some micro, small to medium enterprises (MSMEs) who may be quick to call out expense and security as the main factors keeping them away from doing their business banking via third-party vendors, you can also find integrated platforms that make financial management easier through digital tools. This helps you get rid of problems that lead to delayed payments, penalties, and wasted work hours.

With fintech becoming more essential in today’s business regardless of scale, here’s a list of how the technology can help your small business take off by addressing your most pressing banking needs.

1. Ease of tracking payments and collections

People tracking payments for small business growth

Small business payments can get a bit too toxic when you are handling them manually. With bills and dues from vendors, distributors, service providers, and employees coming in from all directions, you’ll need a platform that will allow you and your business partners to rest easy when it comes to getting payments on time and without hitches.    

Be it for renting, contractual payments, and advertising budgets, today’s small business banking platforms can now help you track every cent that goes in and out of your business. Being able to manage corresponding invoices effectively to make your auditing tasks a walk in the park.    

2. Smoother payment processes

Ensuring your customers get a smooth payment experience helps with Small Business Growth

Handling payments manually can be a nightmare for most small businesses. Oftentimes, late payments can occur due to the lack of available manpower to go to and from the bank for deposits and withdrawals, not to mention the entailing costs to carry them out. You also run the risk of losing or unintentionally crumpling cheques. Those are just a few of the many ways you can waste time and money by handling your payments manually.

Thanks to modern banking platforms for small businesses that are more intuitive, you enjoy a smoother transaction flow without asking anyone to run to the bank and queue in line. We at NextPay can guide you in setting up your assigned rules on authorization, scheduling, and disbursement. We help ensure you send accurate invoices so you don’t get hassled by payment errors or delays.

3. A more streamlined accounts payable workflow

Streamlining your payments can help you with Small Business Growth

We know practice makes perfect but if you have never mixed up your numbers while doing some manual accounting then cheers to you! Balancing ledgers can oftentimes lead to a couple of missing ‘ones’ and ‘zeros’ that you’ll have to do everything all over again (which is kind of exasperating especially if you are running late for your date night with the SO).

When you switch to today’s digital channels, you can ensure that your accounts are secure and always accessible. While online banking platforms improve your payment approval workflows and payment cycles, you can be sure that you’re on top of your finances with the right tracking tools, logs, and schedules that help you avoid the most common business banking hurdles.

Our platform ensures swift payment processing to cut down on your manual processing time and those tedious back and forths on emails, phone calls, and paperwork, just so your payments get through on time. You can rely on our systems to carry out the necessary processes that do away with potential manual error. These solid workflows show a streamlined team behind your company, and it ups your credibility that strengthens your partnerships. Once you log on to our platform, expect to focus on more important and productive business matters, and leave the efficient cash workflows to us.      

4. Better checks and balances

Having checks and balances helps with small business growth

We understand how some of your payment processes may require certain rules before authorization, so we can imagine how it can be a bit problematic when a signing officer is on leave as you’re finalizing the payroll.

Our platform carefully reviews your invoices, billings, and other accounts payable requirements before executing the proper solution for every transaction. We monitor your upcoming payments and lock in your assigned payment roles and cash limits that may require further approval in a fully automated manner.    

In short, what you get is a straightforward payment approval system that deals with your specific needs and keeps your rules in effect all the time.  

5. More accurate small business money management

Having accurate records ensures your small business grows

Have you ever seen a manual accounting and business cash flow chart? Don’t be too enamored by all the colorful boxes when you see one as they represent all the work load your team has to do to be more accurate on your money management.

From getting all the numbers in from your multiple accounts, to balancing your receivables and payables, to going through the stages of disbursement, allocation, and whatnot– doing your finances manually can leave more room for errors than streamline your workflow.

Because our platform is intuitive with your specific small business growth goals, setting up your payment approval processes can be done within a few minutes after you log in to your dashboards. Assigning authorization rules, specifying payment ceilings, and managing or validating various invoices are countered with specific solutions that make your money management safer and more convenient.

The perfect banking solution for small businesses

You’ll no longer need numerous accounts, apps, or processes as everything essential is already built-in for a more accurate financial platform (and soon complemented with an integrated HRIS system, and many more!). You can transact seamlessly while also gaining insights through our analytics that generate everything--from payslips, confirmations, and other financial reports you may need for bookkeeping or when tax season comes around.

We know that handling money matters manually is tough even for small businesses and we certainly have your back for a smoother financial flow that rides the wave with you towards a more significant business growth.

Get in touch with us and know more about how you can make your small business online banking safer, faster, and more efficient.

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