The promising companies know how important financial management is for the sustainability of a commercial activity, some have learned the hard way. Indeed, managing a business account can be confusing and intimidating when you don’t know how to do it.
This is why many businesses are turning to virtual banking services to manage their accounts, pay their bills and keep an eye on their business expenses. Here are some innovative ways to save money on your business account.
Reduce bank charges
Bank charges are a significant part of cash flow. It is therefore essential to control these costs so that the company’s finances are not affected. Indeed, a company is exposed to various costs which can very quickly engulf it in an economic abyss.
For a perfect control of these costs, a first solution is to subscribe to the professional offers of the new banks. These very flexible offers allow each company to benefit from services adapted to its needs. In addition, it is possible to create free online accounts for efficient management of the flow of Treasury and to benefit from attractive fees and rates.
Gamble on insurance contracts
They don’t look like it, but insurance contracts can constitute economic losses if they are not well supervised. From professional and civil liability to legal protection, insurance is indeed a major source of expenditure. The insurance contracts should therefore be optimized. It is therefore important to compare, renegotiate and reassess insurance offers before subscribing. This makes it possible to obtain better guarantees while achieving substantial savings.
Moreover, the new banks are to be favored today with regard to insurance contracts. These banks offer competitive contracts that cover a wide range of insurance.
Work with external collaborators
External collaborators are reliable partners on which a company must rely to stabilize its economic situation. The reason is that it can be difficult to manage several employees or trainees while rationally exploiting their skills professionals. On the basis of contracts or mandates, the company can then operate with external collaborators.
This approach allows the company to have a remuneration method that is both affordable and flexible. It should be noted that companies that are in their first year of operation are those that benefit most from this type of collaboration.
Hire staff based on potential, not experience
Many companies make the mistake of recruiting staff based on experience. To hire staff, the company must assess above all the abilities of the applicants and the added value that they will be able to bring for the company’s influence. However, by recruiting according to skills, the company must always think about saving money.
A good way to do this is to employ interns. This is a method already used by various companies and which has proven to be effective.
Professional experience can be an asset for new hires, but not always. It is therefore preferable to bet on the skills professionals. In addition, new graduates looking for experience make up a large part of the job market. It will undoubtedly be beneficial for the company to take advantage of this profusion of offers.
Automate administrative processes
Performing manual administrative tasks within a business not only takes time, requires intellectual and physical effort, but also costs the business money. To reduce these expenses and stabilize its economy, the company must think about automate these tasks.
The advent of new technologies has enabled the creation of numerous systems making it possible to manage numerous administrative processes (sorting supplier accounts, sending letters, managing payslips, etc.). For example, an automatic system will allow the company to pay its invoices, thus avoiding financial penalties for late payment.