For years, business owners have been able to log onto their online banking service to check their cash position, any time of the day or night. But how complete is the information you see on your screen?
“Unfortunately, most online banking systems take a day or more to process transactions and update your balance”, says Gary Roach, General Manager of Cash Management Services at the Commonwealth Bank. “That makes it hard to get an accurate view of your cash flow situation. Especially on weekends and holidays, which are the busiest days for many businesses.”
Unless, of course, you’re using CommBiz, the Commonwealth Bank’s premium online business banking service. CommBiz gives you real-time control of your cash flow, making it easier to understand your cash flow position.
CommBiz also features sophisticated controls that let you decide exactly what each authorised person in your business can do. “We know that even quite small businesses often want book-keepers or admin staff to process bills, pay staff or run reports,” says Mr. Roach. “But they don’t want to give them unrestricted access.
“With CommBiz, you control exactly what each user can do. For example, you might let them make a payment up to a certain limit, or initiate a payment for your approval.”
CommBiz offers analytical reports that give a unique insight into how your business is performing. “Because we have more customers than any other Australian bank, we have more data to draw on,” says Mr. Roach. “We use that advantage to give our business clients a snapshot of how their industry is performing and how they compare to averages across the industry.
“When we built CommBiz, we started by going out into the marketplace and asking our clients what they needed from their online bank,” he adds. “Then we designed a system around their needs.
“Even now, we continue to add new features and enhancements every few months, based on feedback from our clients. So when you use CommBiz, you’re not only giving your business a competitive edge — you can be confident you’ll keep that edge in the future.”
Watch the video to discover how CommBiz could help your business succeed.