02 Dec Banking technology improving business productivity
Businesses are often on the lookout for strategies that can increase productivity and limit needless expenses. A recent report says these companies need only turn to their own existing bank partners to discover ways to improve business productivity.
Sharon Dore, an executive with Michigan's First State Bank, told Smart Business Online that many businesses have been able to simplify their financial and accounting tasks, such as depositing, record keeping and electronic payments, by utilizing the tools and technologies their banking partners currently provide.
Automated Clearing House (ACH) payments are one of the most notable ways of increasing business productivity. Typically used for direct deposit payroll purposes, banks are also making ACH payment options available for commercial clients, streamlining bill cycles by cutting down on delays and saving money.
Similar bank provisions – including remote deposit capture and anti-fraud measures – can improve productivity in other areas. The largest benefit of relying on these tools may be that they often require no additional investment on the part of the business, Dore told the source.
At the same time, by turning to an existing partner to save money on these tasks and responsibilities, companies may be able to consider other areas of the business that could benefit from the improved workflow provided by strategies such as custom application development.
Effective database software can slide into a company's internal framework to simplify its other processes, which may include payroll, inventory or accounting. Cost-effective database software has been used by businesses in a number of industries to create a more streamlined workplace.
As a result, companies that combine the best of both worlds – reliable productivity-improving services from an existing partner and custom application development from a trusted provider – may enjoy the most significant time and money savings.