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. 

Learn more about CommBank’s SmallBiz Week

Looking for more resources to help your business?

Things you should know

  • 1 Business cash flow is a tool for general information only and should not be solely relied on to make business, accounting, financial, tax decisions or to reconcile your accounts. While we try to present accurate information, we can’t guarantee the accuracy or completeness of the information. Your preferences regarding transactions and accounts will be handled in accordance with our Group Privacy Statement.

    The CommBank app is free to download however your mobile network provider charges you for accessing data on your phone. The CommBank app is available on Android operating systems 6.0+ and iOS operating system 12.0+. Terms and conditions for the CommBank app are available on the app. NetBank access with NetCode SMS is required.

    3 Daily IQ is available to business customers with a CommBank Business Transaction Account. The Industry Sales Comparison, Busiest Times, Total Card Sales, Loyalty, Demographics and Location tools are only available to clients who have a CommBank merchant facility settling into a CommBank settlement account. Contact the NetBank Help Desk on 13 2221, or the CommBiz Help Desk on 13 2339 to find out if you are eligible.

    4 Credit provided by the Commonwealth Bank of Australia. This product is only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. The minimum value of nominated invoices is $15,000 per month. A minimum facility limit of $50,000 or more applies to Stream Working Capital. We will require your consent to access your accounting software to assess your application and manage your account going forward. Full terms and conditions, interest rate, establishment fee and line fee are included in the Loan Offer, you should consider these before making any decisions about these products. Bank fees and charges may apply. 

    To use Stream Working Capital you'll need to open or switch to a Stream Working Capital Transaction Account if your application is approved. Fees and charges for this account are in addition to those associated with any existing business transaction product. For the Stream Working Capital Transaction Account view our CommBank Business Savings and Transaction Accounts Terms and Conditions, Financial Services Guide (PDF), the Electronic Banking Terms and Conditions (PDF) and the Target Market Determination, you should consider these before making any decisions about these products. Bank fees and charges may apply. View our current interest rates.

    The target market for these products will be found within the product’s Target Market Determination, available here.

    This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information. The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this article.

    Commonwealth Bank of Australia ABN 48 123 123 124. AFSL and Australian Credit Licence 234945.