The Commonwealth Bank has introduced a Real-time Alerts feature for their Business Transaction Accounts following a new study that revealed small businesses spend more 10 days a year managing finances.
According to the survey of over 500 small business decision makers, 75 per cent of the time spent included tasks such as chasing payments, scheduling payments and forecasting cash flow.
With respondents reporting that 40 per cent of this time could be saved if they had automated notifications of payment movements and 65 per cent reporting that they would reinvest this time into generating growth, Real-time Alerts gives small businesses a snapshot of their cash flow on-the-go.
Clive van Horen, Executive General Manager, Small Business at Commonwealth Bank said, “they can see important payments coming in and out of their business accounts as they happen. By providing customers with updates that fit seamlessly into their working routine, it gives them the freedom to spend more time managing and growing their business, and less time monitoring their accounts.
“We know one of the biggest pain points for small businesses is the time they spend each day chasing payments and checking their accounts. Over the course of a year, this time adds up at the expense of other areas of their business,” said Mr van Horen