Digital payment and debt management for business: how they help each other

Managing a business’ finances is a necessary, if sometimes annoying, aspect of managing a business. Even the richest people in the world need their finances managed properly (indeed, the skill of efficient financial management is probably why so many are rich in the first place.) Technology has made financial management easier; both monitoring and paying have become highly streamlined.

In the first instance, mobile payment apps make it very easy to handle all aspects of finance. Here we can track our current bank status, see in real time what happens to our finances and have a better handle on what is being truly reflected in our current accounts. This is particularly important for payments.

This means no matter where we are, we have full control – via having full knowledge – of what’s happening with our finances. If, for example, an unauthorised payment occurs, we can immediately contact our bank to alert them to their error or invasion.

Efficiency also matters in term of obtaining money, too; after all, managing finances is all about managing how much we have versus how much we need to spend.

This means it is important to have highly efficient methods of managing debit orders. This helps us keep a handle on receiving finances, too. Digicash’s debit order collections service insures your payments from clients are properly managed, with full control of reports, bulk importing of data, and real time collecting and costing.

Progress in technology has meant progress in terms of safety. The move toward digital management has resulted in instant updates and notifications, giving us a clear and controlled focus on our finances. Considering that it’s mere numbers on a screen as opposed to green paper in vaults, we have had our hands forced in terms of developing tools for management.

Businesses benefit from using tools and services like NAEDO, which is like any debit order except it makes certain there is sufficient funds in the account before running. More tools and mechanisms are being developed. Businesses benefit from researching all options and using those which work for them.

(Image credit: Blake Patterson / Flickr)