Bank of America has introduced new digital tools to make managing small businesses easier and profitable. The bank developed Business Advantage 360 so that entrepreneurs could be in total control of their business finances. The banking feature is a digital dashboard that gives businessmen a whole view of their business cash-flow as well has access to real-time expertise.
The functionality of Business Advantage 360 will not only provide entrepreneurs with a complete financial picture of their business, it will also help them save time and money. According to head of small business at Bank of America, Sharon Miller, “this new feature is easily accessible on mobile devices, and will allow our clients to focus on the reasons they opened their business in the first place.”
With Business Advantage 360, entrepreneurs will be able to –
- Manage major transactions, key expenses as well as financial credits and debits
- Use scheduled transactions to project automatic cash-flows
- Employ new data such as sales to modify cash-flow projections
- Set thresholds for cash-flows
- Connect with business bankers for guidance and mentorship
Miller stated that future updates to the business tool will enable entrepreneurs to analyze deeper cash-flow, access measurable market research and analysis, empower clients to control human and payroll services, payments and invoices, tax accouting, and business forecasts.
Business Advantage 360 is directly integrated into the online and mobile banking platforms of the Bank of America. It will be available and accessible to all the bank’s customers before the end of this month. It is free to use and accessible via several links on the bank’s website for small business customers.
Although Bank of America just launched Business Advantage 360, the bank also has the Business Advantage Relationship Rewards – a rewards program for small businesses, and mobile lending services for entrepreneurs.
The bank has about 66 million customers in the United States, precisely 16,300 ATMs across the country, about 4,300 business retail centres, and approximately 1,800 lending centres among others. The bank undertakes wealth management, corporate and investing banking as well as productive financial products for individuals, corporate organizations and government institutions.
