Can Mobile Banking Help Small Businesses Succeed?

Millions of Americans use mobile and online banking platforms in their everyday lives as a means of keeping up with their finances as best they can, and now a large and growing number of small businesses seem to be doing the same.

Bank of America recently announced that it now has more than 1 million small business users for its mobile app, which may indicate a shift for owners and executives at these companies in the ways in which they are involved in their day-to-day operations, according to a report from the banking giant. For these reasons, and for the ease and flexibility such offerings can provide, it's likely that more companies will be run using these types of tools in the future, as people are increasingly on the go as they try to grow their enterprises.

"Today's small business owners aren't behind desks all day, and many don't even have a desk," Mary Bintz, Small Business Sales executive at Bank of America, told the site. "They are in their cars and trucks, on factory floors, shopping for supplies and visiting clients on-site. Bank of America's Mobile App has kept pace with their demanding schedules by offering full access to their finances right in the palm of their hand."

Mobile banking these days isn't about just being able to check balances and transfer funds from one account to another, the report said. Small business users can also utilize a dedicated app to set up automated bill payments every month and even make deposits simply by taking pictures of the front and back of the check itself. Companies can also use the app to verify exactly when a payment made to a supplier, so that there is no confusion or ambiguity going forward about the ways in which their finances are working at any given time.

Of course, independent company owners can also help to shore up their finances by trying to find more affordable small business insurance options going forward. Cutting company costs for workers' compensation and general liability insurance policies can free up as much as a few thousand dollars a year, which can than be allocated to potentially more pressing needs they may be facing. This may also give them added flexibility in handling any potential emergency issues that can often arise.