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Humanising Finance
October 2016
3 tips to help business owners increase productivity
     

3 Tips To Help Business Owners Increase Productivity

'Innovation' and 'productivity' are two buzzwords that are often mentioned nowadays. Many business owners often relate innovation with heavy capital investments into new systems, machinery or costly consultation fees to improve business processes. What are some of the other ways that companies, especially Small and Medium Enterprises (SMEs) can explore, in order to become more efficient, innovate business processes and lower operating costs?
 
 
1. Leverage on mobile technology
With usage of mobile devices rising exponentially, more companies and consumers alike are finding new ways to take advantage of smartphone technology to make their daily life simpler.

One of the ways you can apply this to your business is to use Mobile Point of Sale (mPOS), which is a portable payment device that can be plugged into a smartphone, to accept card payments anytime, anywhere.

For example, mPOS is useful for businesses with delivery services, where delivery staff no longer need to collect cash payment and count and reconcile the amount with the orders. Payment transactions are digitally captured thus providing more effective use of manpower and time.
 
 
 
2. Simplify payroll management
Employee salary payments can be administratively time consuming, especially if your company is issuing cheques or drawing cash for this purpose.

Instead, you can rely on banks which offer payroll solutions and automate the salary payments. Such payroll solutions can also be integrated with your accounting or payroll software, which removes the hassle of preparing accounting entries, issuing cheques or withdrawing cash for salary payments.

For example, Maybank's business current accounts currently offer subscription-free Business Internet Banking, which provides a payroll service that is integrated with MYOB (accounting software).
 
 
 
3. Transact via e-services
With the rise of e-commerce and more e-services being made available by various government agencies, you can look at more business transactions online.

For example, you can use your business credit card for easy and quick online payment of road tax via Land Transport Authority's website. Besides saving time, you can also earn credit card incentives, which can be used as rebates to defray operating costs.

With e-commerce merchant services, you can now easily issue invoices electronically to your customers, who can then make payment online using their credit cards. This makes it more convenient for your business to collect payments promptly. In addition, an email alert will be sent to you whenever the payment is successfully processed. Such services are readily available to customers who sign up for the Maybank Merchant Services.

You can also turn to online banking for your business banking needs to save time. For example, funds consolidation is easier and cheaper now for Maybank Business Internet Banking customers who can conduct Inward Funds Transfer with a single login. This avoids the need for multiple logins to different bank accounts to execute transfers. Another useful feature is you can speedily stop the payment of cheques via online banking, instead of spending time calling or visiting the bank.
 
 
 
We recognise that running a business is not easy. It can be helpful to speak with someone who can advise you on the solutions that are available to you in your business journey. Maybank has a dedicated team of Business Development Managers to help you understand your business banking needs. To speak to one of our managers, you can get in touch via our Business Banking hotline 1800-777 0022 or request a call back via this form on our website.
 
Always wanted to find out more about a finance-related issue? Email us at: corporateaffairs@maybank.com.sg
 
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