Small business owners wear many hats. Many manage operations in addition to administrative tasks like paying bills, sending out invoices, and basic accounting and/or bookkeeping.
Unfortunately, you can’t add hours to the day—but there are ways to save time if you have the right business checking account. By using software integrations and automation to simplify redundant, manual tasks, you can make daily banking a breeze and free up time for bigger projects and responsibilities.
What is software integration?
Software integration is the method of linking software applications, usually via their application programming interfaces (APIs). The most widely used integrated software suite is Microsoft Office, which consists of several widely used programs for businesses and individuals. Another example is Salesforce, which enables customers to integrate Zapier to connect customer relationship management (CRM) data with several apps, like Gmail and Trello.
Accounting and bookkeeping software integrations
Connecting your business checking account with your existing accounting software is a great idea. The first step is to select a business checking account with top-notch online banking services. The best business checking accounts offer easy software integrations with financial apps like QuickBooks Online, Xero, Wave, and Expensify.
Once your business checking account is integrated with your accounting software, you can sync banking transactions. In turn, it becomes easier to reconcile accounts and categorize expenses. Connecting your checking account to your accounting software also lets you automatically import and categorize your transactions. This eliminates the need to enter the data manually, which saves you and your team time and energy.
Payment processing software integrations
With the right software integrations, you can also simplify your money management for more than just taxes and expenses. For example, if your business accepts online payments, choosing a business account that integrates with popular payment processing apps and software such as Wise, Venmo, CashApp, and Square is an important option. The integration makes it easier to receive and reconcile online payments, reducing time and effort.
Operations software integrations
In addition, connecting to tools like Gusto can make payroll management easier from your business checking account. Gusto’s payroll software was developed to automate and simplify the payroll process for small to medium-sized businesses. The software helps business owners reduce time and errors while acting in accordance with tax rules and regulations.
Keep all your business banking in one place
Some companies maintain several checking accounts at different banks for a few reasons. For example, a company may want separate business accounts for different types of funds, such as sales, expenses, taxes, or savings for specific long-term capital spending projects. A business person may also desire a second checking account as a backup in an emergency situation. The second account could provide access to funds for critical corporate needs in a difficult time.
However, keeping all your funds in one account simplifies your operations. If managing your money and finances is challenging, multiple accounts to keep track of could be overwhelming. You’ll need to monitor multiple balances and cash flow, and avoid bank fees and overdrafting on several accounts. Transfering funds from one account to another will require additional time, too.
If you have the right business checking account, you can do everything you need with one account. Software integrations help you simplify your accounting, payment processing, and payroll management.
Plus, some business checking accounts offer built-in bill pay platforms that enable you to manage and pay bills in just a few clicks—from the same dashboard you manage your checking account. Instead of keeping money in separate accounts for different purposes, you can also take advantage of sub-accounts if your account offers them. With sub-accounts, you can divvy up funds for things like taxes, payroll, and emergencies, while keeping your money under one main account.
The only business checking account you need, with high-yield interest, software integrations, and a built-in accounts payable solution.
