Even if you’re not making decisions based on your immediate cash flow, staying on top of your financial situation is important. Harnessing the vast amount of data that comes through your business – and turning it into actionable insights – can provide significant value to your day-to-day operations.
If you’re still using manual processes such as spreadsheets to track daily receipts and expenses, you’re not alone. Only 20% of businesses in Australia have completely digitised their accounting processes and 2/3 don’t use any automated software at all.
It’s easy to get tied up in the day-to-day operations of your business. Keeping the lights on is your primary mission. Harnessing the data in your business can help you easily find opportunities for growth based on customer demographics and spending habits.
Tools such as Business Cash Flow View1 in the CommBank app2 can help you make faster business decisions, comparing your cash flow for up to 12 months so you can spot trends and pivot on-the-go. Daily IQ3 can provide personalised and actionable business insights to help you optimise cash flow and enhance performance through data on your customers’ demographics, spending behaviours and much more.
Making more funds readily available
Just because you haven’t been paid doesn’t mean you can’t access the cash early. There are options available, such as Stream Working Capital4 that unlocks the value of your funds tied up in unpaid invoices. “You can use your healthy invoices as lending collateral,” said Elizabeth Huxley, General Manager for Working Capital. At CommBank’s SmallBiz Week, Elizabeth highlighted how the demand for financing has driven enquires up about 20% in recent months.
Quickly converting work to cash is essential for any business. “The shift to real-time payments – getting paid faster – is great for small business,” said CommBank’s Executive General Manager for Payments, Ethan Teas. “To receive payment immediately is transformational. It removes risk for small business because you have the security of funds right away.”
Ethan discussed how the new ways to pay both reduce the risk of scams and fraud and also provide a better, lower-cost experience for everyone. “At CommBank, we are embracing an ecosystem approach to the end-to-end payment experience for customers, businesses and retailers.”
CommBank is proud to partner with businesses at every stage of their journey, from starting, running or growing your business. CommBank provides insights, tools and services on a range of business needs, meaning you don’t have to go it alone.
