Keeping on top of your cash outflows is important for running a successful business. This is much easier if you have an account with Maya Business, as the Maya Business Manager dashboard provides a complete set of analytics and options for controlling your cash flow. But apart from using Maya Business Manager, there are several other ways you can manage the cash leaving your business. Here are just some of the things you can do to ensure you’re always on top of your business’s expenses:
1) Keep Your Personal and Business Finances Separate
Your business banking account and business credit cards should only ever be used for their intended purpose. Using them for personal expenses will quickly blur the line between personal and business finances, resulting in a loss of financial transparency, auditing red flags, and potential legal issues.
If you have a small-to-medium enterprise (SME), you’ll want to choose a business savings product that’s designed for SME business banking needs, rather than a personal savings account. Maya Business Deposit has become the preferred online business banking product for Philippine-based SMEs. It can be accessed anywhere through your Maya Business Manager account to give you full transparency over your inflows and expenses, making it the most convenient solution for small business banking online available to Philippine-based entrepreneurs.
2) Choose a Bank with High Interest Rates and Low Transfer Fees
High interest rates and low transfer fees are especially important for small business banking, as SMEs tend to have more limited budgets and fewer safe options for credit compared to large businesses. With an interest rate of 2.5% per annum, Maya Business Deposit offers the best rates for entrepreneurs in the Philippines. It also offers free transfers via PesoNet and InstaPay and zero maintaining balance, removing two serious financial burdens on Philippine SMEs.
3) Set a Clearly Defined Expense Management Strategy
Prioritizing your expenses and developing systems for keeping them manageable is a key part of running a successful business. Having a go-to approach will not only make your expense management more consistent but it should also help your business become more resilient to sudden interruptions in its cash flow.
4) Send Immediate Invoices
The sooner you bill your clients, the sooner they can pay. Sending invoices promptly helps stabilize your cash flow and reduces the amount of receivables on your books. Timely invoicing also helps reduce the associated collection costs and other expenses involved in sending notices and invoices to clients. If you primarily interact with online clients, you can use Maya Invoice Payments to give them a full range of payment options.
5) Automate Regular Payments
Salaries, allowances, and payments to key suppliers are generally very predictable, which makes them automatable. A lot of new entrepreneurs don’t feel like setting up payment automation because it could be a hassle, but doing this can actually save you a significant amount of money by preventing costly delays and human errors.
To automate payments to parties with online bank accounts or digital wallets, you can explore their preferred business banking on line solutions. If you’re a Maya Business account owner, you can enable Maya Disbursements to set up automatic bulk payments in minutes.
6) Build Good Relationships with Your Suppliers
Paying on time or even a little early is always appreciated, particularly for suppliers who rely on your business. This goodwill is extremely valuable as it can help you get discounts and other considerations that help further reduce your business’s expenses.
7) Don’t Cut Spending in Critical Areas
It makes poor business sense to cut spending in areas that contribute to your business’s long-term viability and growth. For instance, if you run a software development company, reducing spending on research and development (R&D) or customer support could hinder your prospects for earning and further growth. Likewise, a reduction on spending on employee benefits can make it difficult to attract and keep top performers, effectively limiting your business’s growth.
8) Look Out for Good Deals on Your Insurance
Insurance is a necessity, but the premiums can be a huge burden on smaller businesses that still struggle to maintain a good cash flow. Fortunately, the Philippine insurance industry has gotten a lot better at addressing the needs of startups and SMEs. Don’t just take the first options on the table and always shop around to find the best deals.
Maya Business Deposit Helps You Stay On Top of Your SME’s Challenges
Through Maya Business Deposit, Maya offers the kind of business banking Philippines’ startups and SMEs need to grow sustainably. Opening a Maya Business Deposit savings account gives you an interest rate of 2.5% per annum and free transfers via PesoNet and InstaPay, helping your business’s cash flow. To make things even better, there’s no maintaining balance, letting you quickly save up for the next step in your SME’s growth. Create a Maya Business Manager account to enjoy better savings with Maya Business Deposit as your settlement account.
Creating a Maya Business Manager account gives you more than just better business banking online, it also lets you enjoy exclusive offers like the Maya 1-2-3 Grow bundle. The Maya 1-2-3 Grow bundle lets you have a 1% merchant discount rate (MDR) for QR Ph sales, giving you PHP 14,600 in transaction fee savings for every PHP 1 million in QR Ph sales for 3 months after signing. You can also earn a 2.5% p.a. interest on your Maya Business Deposit account, which translates to PHP 25,000 per year if you have PHP 1 million in your account. It gets even better. The 1-2-3 Grow bundle also gives you new ways to grow by qualifying you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months—enough to expand your business or cover temporary cash flow interruptions. Sign up with Maya Business today to open your Maya Business Deposit account and enjoy the Maya 1-2-3 bundle.
