Every business owner must be able to track payments…

The dream of every business owner is to expand their business and own multiple branches across various locations. And why not? It allows them to reach more people and record more profits.

But what happens when it is difficult to track and balance all payments received from customers in the different business outlets? This could prevent business owners from maximising their profits and planning their finances accordingly.

In this article, we’ll take a deep dive into why tracking and reconciling payments is one of the most important growth strategies for businesses, whether you have one or more business branches.

What are the immediate and long-term benefits of tracking payments?

Diligent payment tracking has numerous benefits for your business, especially when you’re trying to accurately plan your saving and spending budget over specific periods of the year.

Some of the most important benefits of effectively tracking and balancing payments across your business branches include:

• Adequate funds management

• Realistic financial projection

• Accurate tax calculation

• Fair employee compensation and rewards

Let’s elaborate on these benefits of tracking payments.

Adequate funds management

For any business to grow and flourish, there must be excellent management of fund inflow and outflow. By tracking your expenses across various business locations, you will be able to strategically plan towards any financial obligations without overspending.

This will allow you to curtail unnecessary expenses that can derail your business goals while giving you total control over your profits.

Ultimately, dedicated payment monitoring in every business branch will allow you to easily focus on expanding your business and making further investment decisions.

Realistic financial projections

Having full knowledge of the inflow and outflow across your business locations is a great way to make realistic projections for your finances over certain periods.

By effectively tracking and reconciling payments in your branches, you will have an idea about your business growth potential and will be able to make accurate financial forecasts for future purposes. This clear understanding of your financial position and your profit potential will also be useful when seeking to attract potential investors to invest in your business.

Accurate tax calculation

Many business owners have fallen victim to heavy penalties by tax authorities because they unintentionally failed to file and pay accurate taxes.

Timely payment tracking in all your business branches saves you the headache of incorrectly filing for taxes, as you will be able to have access to a detailed record of your expenses.

Also, when preparing your tax, ensure to include all tax-deductible expenses to avoid inaccurate calculation and filing.

Fair employee compensation and rewards

The joy of every staff is to receive juicy financial compensation and rewards for their hard work.

By prioritising employee compensation for hard and productive work through bonuses or retreats, you will be able to motivate them to become more productive and loyal to your business.

One effective way to adequately measure rewards such as end-of-year bonuses for your employees is by having accurate accounting records of payment inflow and outflow for the business year.

This is only possible when you can track and reconcile all payments and determine profits in every branch in real-time.

How can we help you to track payments?

By using our unique virtual accounts to collect payments from your customers, you will be able to track and reconcile all payments received across different branches in a single dashboard and in real-time.

You will also be able to allow your staff to confirm payments instantly with our unique payment notification system. This will significantly ease the stress and time-wasting that are synonymous with your sales reps calling you to confirm payment receipts.

Reach out to our success team at Bani to find out more about how our virtual accounts can help you to collect and track payments in your branches better.