For most businesses, growth comes down to a balance of two main factors. The first is concerned with growing a client base in order to generate more revenue, while the second revolves around cutting costs so that the company is able to have financial gains through this avenue as well. While marketing and promotion can be a major factor in the first consideration, the second aspect of growth may include a number of overlooked tactics.
Both small businesses and larger companies that are focused on growth can often find that administrative tasks can be a part of finding this balance. However, making changes in routine business function can also increase efficiency, which may further cut down on operating costs.
One way that many enterprises will incorporate effective operations and cost management is through the use of automated clearing houses (ACH), which can be integrated with payroll and other administrative functions. The result is that fund transfers are handled automatically and are even processed in real time, which can reduce holds and lag time in the banking process.
For bookkeeping and other accounting tasks, this streamlines the process and also gives companies a regular budget for this part of operations. With payments and billing being taken care of through a secure network that is linked to the accounting, it can also eliminate a number of concerns that may be present with traditional administrative functions.
• Reduction of late payments to vendors • Regular billing of clients • Security of electronic fund transfers • Ability to move capital in real time • Supported networks for insurance on transfers • Electronic records for billing and payments
These benefits can help to keep a business running smoothly, but can also facilitate overall growth. The use of ACH is easily applicable to small and larger companies, and can be a practical consideration for businesses that have goals of expansion over time.