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The rough guide to online banking

Online banking has been a major Internet success story, and has proved particularly useful for small businesses looking to save time and resources. But before you take the plunge, it’s worth considering where to base your account and what to look for in an online bank.

Many banks now boast that half their business customers bank online. While there were initial teething problems with security at some banks, these appear to have been resolved, and customers report high satisfaction levels with online services.

The major advantages to small businesses of online banking are the time savings involved in not having to queue at branches, the ability to keep a close eye on cash flow and switch money between accounts to maximise returns and reduce overdrafts, and being able to incorporate account information into spreadsheets and accounts systems.

The British Bankers Association’s website has a useful Business Account Finder section which allows companies to easily compare account features from all UK banks and choose the right place to host their account.

Shop around when you choose which online bank to use – don’t just use your existing bank. Many banks offer smaller charges to online business customers. If possible, try out the software for a while before you commit.

Consider all the charges and account features when you choose a bank. Look into what sort of information you can view online, how well it is presented and how labour-intensive it is to perform the sort of tasks you’ll be carrying out regularly. If you’re using software to manage your accounts internally, can it be configured to work with your bank’s online offering?

Use common-sense rules when banking online, just as you would offline. Don’t give anyone unauthorised access to your Web account, and don’t do your banking anywhere people might be able to see your details. Many banks allow you to specify different levels of access for different users, so you should be able to restrict junior staff to viewing information and only allow transactions to be carried out by more senior employees.