Cloud and remote technologies are improving businesses around the world and as a consequence, businesses are even more likely to succeed globally. But have you thought about whether your business is taking full advantage of online banking?
Most of us have familiarised ourselves with online banking by now, if not, where have you been? Online banking use has nearly doubled since 2007, and as mobile platforms become increasingly important, the convenience is clearly catching on. But that doesn’t mean you’ve thought about the full potential for business benefits through online systems.
Dangers and drawbacks of online banking systems
Online banking systems have made headlines in the news recently for technical failures including crashes, and what appear to be security issues. The trouble with going digital is it does leave businesses open to hacks. However, if one is diligent in checking the credentials of their online banking system, and is secure about their password and details, they should not come up against too many problems.
One important thing to remember when using online banking or any cloud based financial software is that you should ensure you are on a secure network. A poll by an online security company revealed that nearly a quarter of Brits with online banking check their accounts with no security software to protect them. If you’re using an open network in your local coffee shop to take care of business you are leaving yourself all the more open to attacks.
Global business = currency and charges
One area in which online banking has pushed forward is that of multicurrency accounts. Businesses are often charged extortionate amounts in international transfers by big banks. This has left a gap in the market for more boutique banks to step in and help lower international overheads.
A few companies have acknowledged this market gap and created online banking systems that try cut down on currency exchange overheads. Some are also reporting daily on exchange rates to help businesses make transactions at the smartest times.
Should your accounts be on cloud 9?
If you’re safe and secure about your information then online banking and accounts can be an incredible tool in making quick, efficient business decisions. If this is the avenue your business is taking it is also wise to have instant access to a whole range of account information. Many accountancy firms have moved into the realms of cloud accounting software, with some claiming that its full potential is not yet being reached.
For maximum business efficiency and for the most informed decision making maintaining one’s accounts and banking systems online. As long as security measures are taken actively and diligently, it can certainly save you money.
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