Posts Tagged ‘Banking’

Online Banking, Offline Contingency

Thursday, March 5th, 2009
Anywhere, Anytime

Anywhere, Anytime

An excellent posting on Forbes highlights the benefits of online banking: ease of business recordkeeping and, for one entrepreneur, a time savings of one work day each month in writing checks and reconciling statements. The service can help you to reduce late fees by scheduling advance and recurring payments, while managing your cash flow. There is another benefit, however, not mentioned in this post: the ability to conduct your financial affairs from a remote location. This can be helpful to you in a more pleasant circumstance, such as a scheduled vacation away from the office, or a more stressful one, such as a disaster that temporarily displaces you. You can collect electronic payments from your customers while meeting your obligations, such as payroll, online. The latter is critically important, not only to minimize the stress on your employees, but to protect your business. Laws vary from state to state, but typically you must pay employees within two weeks of the time period when they performed their work. Failure to do so is one of the few offenses in which a corporate shield, protecting you from personal liability, can be pierced. Online banking is not only a great convenience, it can save your business.