Digital banking offers many benefits, such as the convenience of transacting from anywhere. Apparently, digital banking can also support business growth. As a business owner, let's find out what digital banking can do for your business.
3 Ways Digital Banking Supports Your Business Growth
1. Budgeting becomes practical
There are many needs that must be met when running a business. If you rent a building, you have to pay the rent. If you hire employees, you have to pay their salaries. You also need to save some of the profit for business expansion.
Of course, so that all needs can be met properly, you need to budget. You may end up having no money to pay employee salaries because you forget to create a budget for it, for example.
While managing finances through manual budgeting takes a lot of time and energy, convenience and practicality are offered by digital banks such as Bank Jago. Through the Jago application, you can manage money without any hassle. The Business Pocket feature can be used to manage business needs and separate business needs from personal needs.
You can create a number of Business Pockets for your needs that require you to spend money, such as paying monthly bills and employee salaries. Likewise for saving needs such as saving money for future expansion.
Then how to allocate money into each Pocket? You can move money from the Main Pocket or GoBiz Pocket, which is usually the source of funds. You can also move money between Pockets if needed.
You can also easily monitor expenses in the Jago application. Transaction history is updated in real time by Jago once you complete a transaction through the Jago application. You can access transaction history anytime you want. Monitoring expenses is important to ensure they stick to the budget.
2. Separating business and personal finances made easy
In addition to budgeting, to accelerate business growth, it is also important to separate business and personal finances. In addition to simplifying tax calculations, separating business and personal finances has many benefits.
You can find out exactly how much net profit your business generates. You can also more easily provide the right amount of funds needed to run your business.
Business decisions such as whether it's time to open a branch elsewhere can also be made more precisely after you analyze the business finances. This will be difficult to do if you mix business finances and personal finances.
3. Various features that make business operations more efficient
Do you still visit the bank just to print a passbook? Then, do you also still pay bills by making transfers one by one manually? All of these activities make business operations less efficient.
But by switching to digital banking, you can enjoy more efficient business operations. Various features are designed by digital banks so that you can do all your activities online. This means you no longer need to spend time stopping by a bank branch or doing banking activities manually.
With Jago, you can download e-Statements from the Jago application, which can be directly saved on your phone. There is also the Plan Ahead feature that allows you to schedule recurring transactions and pay bills or make transfers automatically. You can schedule every bill that needs to be paid for, so Jago can help pay it at the time you have specified.
Nice isn’t it? Many of the hassles go away once you switch to digital banking. Be sure to make the most of the various features in the Jago application.
Don't have the Jago application yet? You can download the Jago application here.